Singapore is emerging as a favourite southeast Asian destination for global cosmetic players, according to market analyst RNCOS in a new report. “Rising beauty concerns among both men and women are fuelling growth in the Singapore cosmetics industry,” said the company. “In addition, the entry of new cosmetics brands coupled with product launches is creating an exceptionally bright future for the cosmetics sector in the country.”
In its report, entitled Singapore Cosmetic Market Forecast to 2017, RNCOS said that the cosmetic products market in the country has been witnessing significant growth, with the rising influence of international brands offering innovative cosmetic products. It also predicts a compound annual growth rate of around 4% until 2017.
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