Turkey’s cosmetics market is growing about 10 percent annually, providing opportunities for business growth.
Deniz Kabaagac, managing partner at BKP Research & Consulting, said revenue in the beauty care segment in Turkey is projected to reach $265.7 million this year.
“(The) number of people who are using cosmetics and beauty products is 18 percent and expected to reach 23 percent by 2025. This number is much lower than other European countries and this tells us the market is expected to grow not only today or tomorrow, but in the coming years,” he said during the general membership meeting of the Chamber of Cosmetics Industry of the Philippines Inc.
Kabaagac said that shaving and deodorant products and beauty/make-up products have the highest share with 24 percent in cosmetics sector exports.
He said Turkey is one of the biggest economies in the world supported with a large young population, boosting cosmetics consumption.
“Turkey is a rather easy place to do business and things have been improving on many fronts,” he added.
Kabaagac said his company is helping exporters find potential buyers or distributors in Turkey, Middle East and North African countries, and Central and Eastern Europe regions in various sectors such as the beauty sector.
He said there are about 5,000 companies working directly on cosmetics, and Turkey is also a big exporter.
“The export level is 1.1 billion US dollars and this tells us that the Turkish market is not only a market itself but it may be a business sourcing place for some of the products that might be an interesting opportunity,” he added.