Russia Beauty And Personal Care Market Size

Russia Cosmetics Market Analysis

The Russia Beauty And Personal Care Market size is expected to grow from USD 9.25 billion in 2023 to USD 10.70 billion by 2028, at a CAGR of 2.96% during the forecast period (2023-2028).

• High disposable income of high and mid-income Russians, an inclination to spend on appearance, a large section of the world's teens growing older and younger, a large section of the country's population is older and aging, a union of skin-benefiting and beautifying aspects in new makeup products through research into the use of natural products. For instance, according to the Russian Federal State Statistics Service, around 3.3 million men and 5.3 million women were above the age of 65 in Russia in 2022.
• The continuation of research on breakthrough technologies for premium and other products and the introduction of a range of new product classes (DD and EE creams, etc.) are some of the drivers of this market. Key players in the Russian beauty and personal care market are mainly focusing on product innovation and expansion.
• For instance, in March 2022, Shiseido expanded its clean beauty portfolio by introducing a new skincare brand. This strategic move was part of the company's plan to further develop its skin beauty segment, with the goal of increasing its contribution to total sales to 75% by the end of 2022. By adding this new brand to its portfolio, Shiseido aimed to capture a larger market share and cater to consumers' evolving preferences seeking clean and sustainable skincare options.
• Natural personal care product demand is rising due to rising consumer health consciousness. Consumer preference for organic personal care products is likely to expand throughout the forecast period due to the rising demand for organic ingredients. Another element contributing to the expansion of this industry is the growing consciousness about the perils of using chemical and synthetic materials. Market expansion can be attributed to the preference of customers for natural or organic labels.
• In addition, companies are reaching out to customers in various ways, including the Internet and other media. For instance, in May 2022, L'Oréal Paris, an international cosmetics company, introduced a cutting-edge and unique cosmetic tool in Israel for consumers as it continued to further its digital transformation. The business said that one could "measure" their hair color virtually at any time using the virtual ry On (VTO) tool, which is available on the L'Oréal website. According to the statement, 70% of all visitors to the L'Oréal Paris website have used the digital tool since it went live.