London, 7 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the beauty and personal care market in Russia 2015-2019, which is expected to grow at a CAGR of 7.62% during the forecast period of 2014-2019.
Source: Technavio Research
Russia’s increasing purchasing power parity (PPP) and GDP are the major factors that augment growth in this market. Growing interest in personal grooming and appearance among the population results in the adoption of new products and techniques that enhance a person’s overall appearance. Also, the growing demand for premium and organic products facilitates growth in the beauty and personal care market.
“Despite the slow growth of the Russian economy, premium products in the beauty and personal care products market registered the most positive performance. The factors supporting this trend are growing consumer interest in premium beauty and personal care products, strong promotions, and the expansion of the network of retailers in this segment,” says Faisal Ghaus, Vice President of Technavio.
“Consumers in Russia are generally rational and non-impusive in their approach to shopping; they focus on the effectiveness and functionality of the product. This has been especially evident after the global economic recession and the Eurozone debt crisis.”
Key Market Drivers:
- Aging Population of Women.
- Demand for Male Toiletries.
- Economic Development.
- Increased Marketing and Promotions.
Key Market Trends:
- Rising Demand for Organic Products.
- Product Innovation.
- Shift in Demand from Mass to Premium Products.
- Growth of Online Shopping for Cosmetics.
- Growing Popularity of Contract Manufacturing.
Key Market Vendors:
- Avon Products Inc.
- Concern Kalina OAO
- L’Oréal SA
- Nevskaya Kosmetika OAO
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
