Turkey Wants to Become a Production Center in Cosmetics! Market Size Reached 3 Billion Dollars. The current market size of the cosmetics industry, which grows by an average of 10 percent every year in terms of turnover, has reached approximately 3 billion dollars. In 2012, the sector made the most exports to Iraq, Russian Federation, Iran, Ukraine, Germany, Azerbaijan, Libya, United Arab Emirates, Poland and Romania. The sector, which has strong brands especially in the Russian market, is assertive in product groups such as make-up products called colored cosmetics, soap and personal cleaning materials, and hair care products.
STRENGTHENING WITH INNOVATION
Although the cosmetics industry has increased its exports significantly in recent years, its share in world cosmetics imports is still at low levels. The most important factors that increase the competitiveness of the sector are R&D and innovation. Manufacturers, who have largely completed their modernization investments, produce at the quality of world giants. Istanbul Chemicals and Products Exporters' Association (İKMİB) continues its promotional activities in order to make the sector a worldwide production center for shampoo and soap.
The sector aims to increase cosmetics exports to 5 billion dollars in 2,5 years. The target for 2023 is to reach an export of 4 billion dollars. Emphasizing that Turkish cosmetics companies are promising in terms of export potential, İKMİB Chairman of the Board Murat Akyüz said, “Our companies attract great attention with their products almost all over the world. The national participation fair organizations we organize and the commercial delegations that discover new markets have a high impact on this development.”
Source : capital