Beauty & Personal Care - Turkey

Turkey

Turkey's Beauty & Personal Care market is projected to generate a revenue of US$7.64bn in 2024.
With an annual growth rate of 5.04% (CAGR 2024-2029), the market is expected to expand steadily.
The largest segment within this market is Personal Care, which is estimated to have a market volume of US$3.19bn in 2024.
In comparison to other countries, in the United States leads in revenue generation, with an estimated total of US$101bn in 2024.
When considering the population, the per person revenue in 2024 is projected to be US$88.56.
In terms of sales channels, online sales are expected to contribute 30.7% of the total revenue in the Beauty & Personal Care market by 2024.
Turkey's beauty and personal care market is booming, driven by a growing middle class and increasing demand for natural and organic products.

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

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Analyst Opinion

The Beauty & Personal Care market in Turkey has seen minimal growth recently, influenced by factors such as economic challenges, shifting consumer preferences towards natural products, and increased competition from both local and international brands impacting overall market dynamics.

Customer preferences: Consumers in Turkey are increasingly prioritizing sustainable and ethically sourced beauty products, reflecting a cultural shift towards environmental consciousness. This trend is further fueled by the rise of social media influencers advocating for clean beauty and transparency in ingredient sourcing. Additionally, younger demographics are gravitating towards personalized skincare solutions tailored to individual needs, driven by the desire for unique and effective products. As wellness becomes a lifestyle, holistic beauty approaches that incorporate mental and emotional well-being are gaining traction, reshaping the market landscape.

Trends in the market: In Turkey, the Beauty & Personal Care market is experiencing a notable shift towards clean and sustainable products, with consumers increasingly valuing transparency in ingredient sourcing. This trend is amplified by social media influencers who promote ethical beauty practices, leading to heightened awareness and demand. Additionally, younger consumers are leaning towards personalized skincare solutions, emphasizing the importance of unique formulations. The rise of holistic beauty approaches integrates mental well-being, reshaping consumer expectations and presenting significant opportunities for brands to innovate and align with evolving values.

Local special circumstances: In Turkey, the Beauty & Personal Care market is shaped by a rich cultural heritage that values traditional beauty practices, such as the use of natural oils and herbal remedies. The country's unique geographical diversity offers a wealth of local ingredients, fostering a preference for products that reflect this authenticity. Additionally, regulatory frameworks are increasingly emphasizing the importance of cruelty-free and eco-friendly certifications, aligning with global sustainability trends. This blend of cultural appreciation and regulatory support creates a distinct market dynamic focused on ethical and locally sourced beauty solutions.

Underlying macroeconomic factors: The Beauty & Personal Care market in Turkey is significantly influenced by macroeconomic factors such as national economic stability, consumer spending patterns, and global trade dynamics. A growing middle class and rising disposable incomes have led to increased demand for premium beauty products, while fluctuating currency rates affect import costs and pricing strategies. Additionally, government policies promoting local production and sustainability initiatives are shaping market trends, encouraging brands to innovate with natural ingredients. Furthermore, heightened awareness of global beauty standards and the rise of e-commerce are driving market expansion, reflecting both local preferences and international influences.

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.