Natural and organic skin creams are the new entrants in the Myanmar market and have been trending among consumers for the past few years.
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, Feb. 28, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled “Myanmar Skin care Products Market by Product Type, Demographics , Age Group, and Sales Channel: Country Opportunity Analysis and Industry Forecast, 2021-2027”, Myanmar skin care products market size was valued at $272.3 million in 2019 and is projected to reach $501.6 million by 2027, registering a CAGR of 8.6% from 2021 to 2027. The cream segment leads in terms of market share and is expected to maintain its dominance throughout the forecast period.
With approximately 54 million inhabitants, the young population represents a fair share, creating a dynamic and ambitious consumer base. In addition, according to internal analysis, consumers in the middle income group are expected to double by the end of 2020. The country has seen rapid infrastructure development, including but not limited to regulation, communication and transport.
The Myanmar skin care products market remains quite competitive with the presence of international and domestic brands. National brands offer a unique value proposition to compete with international skincare. For example, Skin District 9 was launched in 2016 and offers handmade natural beauty and cosmetic products. Such a unique value proposition entices consumers to try natural products. Moreover, Burmese consumers are strongly influenced by the discounts offered and hence prefer high-end products with discounts.
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Halal cosmetics and personal care products are gaining popularity in the country. Consumers in the country prefer skin care products, which are not formulated from alcohol and animal slaughter. Also, various promotional activities are carried out in the country to promote Halal cosmetics.
The skin care products industry in Myanmar remains very competitive with the presence of established brands such as Dove, Neutrogena and Pantene. High-end consumer brands are gaining traction among expats, elite communities and the upper middle class.
The Myanmar skin care products market analysis is diverse by product type, demographics, age group, and sales channel. By product type, the market is categorized into cream, lotion, and others. By demography, it is bifurcated into male and female. On the basis of age group, it is analyzed across Generation X, Millennials and Generation Z. According to sales channel, it is categorized into Supermarket/Hypermarket, Specialty Stores, Department Stores, Beauty Salons, pharmacies and pharmacies and online sales. channel.
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Main results of the study
By product type, the cream segment was leading in terms of market share, in 2019; however, other segments are expected to gain market share in the coming years
In demographic terms, the female segment accounted for more than two-thirds of the market in 2019; however, the male segment is poised to grow at the highest CAGR during the forecast period of the Myanmar skin care products market.
By age group, the Gen Z segment is expected to gain market share in the coming years and is expected to grow at a CAGR of 8.8% during the forecast period of the skin care products market in Myanmar.
By distribution channel, the supermarket/hypermarket segment is leading in terms of skin care products market share in Myanmar, however, the online sales channel segment is poised to grow with the CAGR le higher during the forecast period.
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Key players analyzed in Myanmar Skin Care Products Market report are L’Oreal SA, Kao Corporation, Estee Lauder, Revlon Inc., Unilever Group, Shiseido Company Limited, Procter & Gamble, Frenzo Myanmar Company Limited, Beiersdorf AG and Shwe Pyi Nann.
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