Russia Beauty and Personal Care Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Russia Beauty and Personal Care Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Russia's beauty and personal care products market is forecasted to grow at a CAGR of 5.09% during the forecast period 2022-2027.

A major issue faced by the manufacturers during the COVID-19 situation was the disrupted supply chains, especially for cosmetics, for during the lockdown, countries closed their borders or raised trade barriers. As a result, manufacturers and exporters faced high competition to export their goods. Furthermore, the on-premise sales through supermarkets and convenience stores witnessed a decline due to the subsequent lockdowns and the closure of retail stores, as individuals have been practicing social distancing measures and avoiding gatherings and outings. However, the sales through online retail channels majorly supported the market penetration.

High disposable income of high and mid-income Russians, an inclination to spend on appearance, a large section of the world's teens growing older and younger, a large section of the country's population is older and aging, a union of for skin-benefiting and beautifying aspects in new makeup products through research into the use of natural products, the continuation of research on breakthrough technologies for premium and other products, introduction of a range of new product classes (DD and EE creams, etc.) are some of the drivers of this market.

Key Market TrendsDemand for Organic Cosmetic Products

The popularity boost for natural products containing ingredients such as minerals, proteins, and herbs from traditional Russian medicine has been attributed to numerous factors. These include; the rising GDP per capita (PPP), fall in the unemployment rates, increase in disposable incomes, growing awareness, and rise in the number of distribution channels for organic products. Other factors to aid the forecasted growth include the growing aging female population’s demand for anti-aging products, such as moisturizers, creams, and anti-hair loss products. Meanwhile, the rising spending power of females aged over 25 is also helping sales.

Consumers Prefer Branded Hair Care Products Over Private Labels

Haircare brands like Avon, L’Oreal, and P&G dominated the Russian hair care market. The rising inclination of consumers toward branded products is making Russia a lucrative market for multinationals. Owing to the rising demand for branded products, companies are expanding their product portfolio and manufacturing facilities in the country. However, companies like Loreal S.A. have put in place measures to improve their environmental performance, particularly concerning sustainable water management, along with expanding its hair care plant in Russia.

Competitive Landscape

Distribution is pervasive through exclusive stores of personal care and beauty products in malls or standalone, while e-commerce is emerging as a competitor to direct sales for all mass and premium brands. Hence, major players are seeking to make a presence in all forms of distributing channels. Also, the scope of innovation in the beauty and cosmetics range is high. The leading players in the Russian beauty and personal care market are L'Oreal Group, Procter & Gamble, Beiersdorf AG, Avon Products Inc., Unilever, The Estée Lauder Companies Inc., Shiseido Company Limited, Oriflame Cosmetics SA, Revlon, Fructis, etc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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