Beauty & Personal Care - Bhutan

Bhutan

The revenue generated in the Beauty & Personal Care market in Bhutan is estimated to be US$59.92m in 2024.
It is projected to experience an annual growth rate of 4.03% (CAGR 2024-2029).
The largest segment in this market is Personal Care, which is expected to have a market volume of US$28.04m in 2024.
When compared globally, in the United States generates the highest revenue in this market, with an estimated amount of US$101bn in 2024.
In terms of per capita revenue, in Bhutan is expected to generate US$75.62 per person in 2024.
The online sales channel is forecasted to contribute 31.4% of the total revenue in the Beauty & Personal Care market by 2024.
In Bhutan, the beauty and personal care market is witnessing a growing demand for natural and organic products due to the country's focus on environmental sustainability and well-being.

Key regions: United States, Worldwide, India, Indonesia, Canada

Market

Region

Region comparison

Currency

Analyst Opinion

The Beauty & Personal Care market in Bhutan is witnessing slow growth, influenced by limited access to diverse products, cultural preferences, and economic factors. However, increasing interest in personal grooming and wellness presents opportunities for gradual market expansion.

Customer preferences: Consumers in Bhutan are increasingly gravitating towards natural and organic beauty products, reflecting a growing awareness of health and environmental sustainability. This shift is influenced by cultural values that prioritize holistic well-being and traditional remedies. Additionally, younger demographics, particularly millennials and Gen Z, are embracing global beauty trends while seeking products that resonate with their cultural identity. Social media is playing a pivotal role in shaping these preferences, fostering a community keen on personal grooming and self-expression, thus driving gradual market growth.

Trends in the market: In Bhutan, the Beauty & Personal Care market is experiencing a notable shift towards natural and organic products, driven by a heightened awareness of health and environmental sustainability. Consumers are increasingly seeking items that align with their cultural values and holistic well-being. Younger generations, particularly millennials and Gen Z, are not only embracing global beauty trends but also prioritizing products that reflect their cultural identity. This evolution is significantly influenced by social media, which fosters a community focused on personal grooming and self-expression, indicating potential growth opportunities for brands that cater to these emerging preferences.

Local special circumstances: In Bhutan, the Beauty & Personal Care market is uniquely shaped by its rich cultural heritage and geographical isolation. The country's emphasis on Gross National Happiness promotes a holistic approach to well-being, encouraging consumers to prioritize products that are not only effective but also environmentally friendly. Local regulations favor the use of indigenous ingredients, creating a niche for homegrown brands that resonate with cultural identity. Additionally, the limited access to international brands fosters a strong demand for locally sourced, natural alternatives, enhancing community support and sustainability.

Underlying macroeconomic factors: The Beauty & Personal Care market in Bhutan is significantly influenced by macroeconomic factors such as national economic stability, consumer spending power, and global sustainability trends. Bhutan's focus on Gross National Happiness fosters a consumer preference for ethical and eco-friendly products, aligning with global shifts toward sustainability. Economic growth, albeit gradual, enhances disposable income, enabling greater expenditure on personal care items. Additionally, government policies promoting local industries and the use of indigenous resources bolster the market for homegrown brands, while international economic fluctuations can impact the availability and pricing of imported goods, influencing consumer choices.

Methodology

Data coverage:

The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.