Business opportunities available on the Russian beauty & cosmetics market
Russia has long been a fruitful market area for the beauty industry. Despite the Russian economic crisis, the beauty sector, including cosmetics, makeup, and professional beauty treatments, has proven to be recession-proof. Russian consumers’ attitudes towards cosmetics and their curiosity for new products and technologies have created beauty into a lucrative business area, that rewards foreign companies investing time and resources in Russia.
Today, Russia remains to be the 4th largest beauty market in Europe. Market experts estimate that Russia is now entering a new stage, and predict a 6-8% rise in the beauty sector by 2018. The main growth in the sector is generated from skin care, hair care, makeup and perfumery. The Russian beauty market value is currently estimated at USD 14,6 bln and predicted to grow by 6-12% annually. Over the course of past 5 years, the market has grown 73,6%.
The positive consumer climate and encouraging future outlooks offer great business opportunities for Finnish companies to enter and grow their business in Russia. Opportunities are available for Finnish companies offering products in the following product categories:
- skin care
- hair care
- eco and organic beauty products
- hygiene products
- baby care products
If you are a Finnish lifestyle company and interested in this business opportunity, please contact us for further information.