Turkish Cosmetic Market
Global cosmetics market size is estimated to be 300 Billion Euros whereas Turkey cosmetics market size is around 5.5 Billion Euros. Researches state that even during the periods of economic crisis, the demand for cosmetics products do not decrease in fact it continues to increase despite the crisis.
This situation is a valuable indicator to demonstrate the growth potential of the market. Turkey creates a bridge between European companies that have powerful market shares, Asia and Pacific companies that have strong growth rate and Middle East countries that have a high demand for cosmetics and personal care products.
Looking at the developments in the cosmetics sector, especially in the last 10 years Turkish cosmetics market is growing rapidly by nearly %10 annually. Also, Turkish companies continue to extend their product ranges and varieties as well as increase their investments nationally and internationally. There are many factors that can be attributed to the growth of Turkish cosmetics market, primarily due to Turkey becoming a center of attraction for global cosmetics market with huge investments coming in.
One reason is that Turkey being the youngest and 2nd largest population of Europe with 29 age average and 80 million respectively resulting in rapid increase of cosmetics consumption alongside with increased demand for organic and herbal products and increasing number of tourists who come to Istanbul and Mediterranean cities for shopping attracts cosmetics companies worldwide to enter the Turkish market.