Domestic and international manufacturers aid Iranian skin care market growth: Study

Iran’s skin care market has been growing with the expanded presence of international and domestic skin care product manufacturers in the country, according to a study by Euromonitor.

In 2010, the Iranian skin care market posted a 24% growth and reached the mark of IRR3.2bn ($3m), which was primarily because of the international and domestic skin care players targeting pharmacologists and dermatologists, promoting consumer awareness among the populace who were not habituated to specific skin care regimes, reported skininc.com.

According to the study, the nourishing/anti-aging products have posted the strongest growth, expanding by 26% in 2010 to reach a total of IRR195m( $15,906.6), a rate that is expected to be seen till 2015.

Euromonitor beauty and personal care research head Irina Barbalova felt that the growth was primarily driven by women who are becoming increasingly aware of facial care products.

The study has shown that mass products are dominating the country’s market, accounting for 62% of total sales.

The premium products are gaining ground, particularly in the facial care category, where women are more likely to opt for better quality products basing on their pricing.

At present, the market is dominated by domestic player Shekofa Kish, which gained an 18% share in 2010, while Nivea remained as the single most popular brand.

Other brands such as ACT Cosmetics and Poober gained 8% share each in 2010.

Going ahead, Barbalova forecasts that a growing youth population and changes in consumer patterns in Iran are likely to boost market growth till 2015.

The study estimates a 7% compound annual growth rate, which could reach IRR4.6bn ($375.2m) by 2015 in the skin care category.