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Skincare market in Bangladesh to reach $2.12b by 2027, study says

| Updated: March 31, 2021 17:12:52


Skincare market in Bangladesh to reach $2.12b by 2027, study says

The market of skincare products in Bangladesh is expected to hit $2.12 billion by 2027, registering a compound annual growth rate (CAGR) of 8.1 per cent from 2021 to 2027, according to the report published by Allied Market Research.

According to the report. the market size in Bangladesh was estimated at $1.23 billion in 2020, reports Yahoo Finance.

The report has provided an in-depth analysis of the top investment pockets, top winning strategies, drivers and opportunities, market size and estimations, competitive scenario, and wavering market trends.

Rise in awareness regarding the benefits of self-care among consumers drives the growth of the Bangladesh skincare products market. On the other hand, growing penetration of counterfeit products impede the growth to some extent.

However, constant improvements in sales channels and marketing activities are expected to create lucrative opportunities for the key players in the industry.

Bangladesh skincare products market is analysed across type, demographics, age group, and sales channel. Based on product type, the cream segment contributed to nearly half of the total market share in 2019, and is expected to rule the roost by 2027. The lotion segment, on the other hand, would garner the fastest CAGR of 8.4 per cent from 2021 to 2027.

Based on demographics, the female segment accounted for more than three-fifths of the total market revenue in 2019 and is anticipated to retain its dominance by the end of 2027. Simultaneously, the male segment would exhibit the CAGR of 8.5 per cent until 2027.

Based on age-group, the millennial segment held the major share in 2019, generating nearly half of the total market. At the same time, the generation Z segment would garner the fastest CAGR of 8.6 per cent by 2027.

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