Beauty and personal care players continued to adjust to shifting consumer habits and fluctuations in the economy in 2023 by launching smaller pack sizes and low-cost alternatives to fight inflation, marketing initiatives including price discounts, and personal selling/livestreaming and celebrity endorsements to drive demand. There are brands which faded away due to increasing operational costs and decreasing consumer demand while others remained resilient to the negative external environment.
Mass beauty and personal care brands sales strengthened their position in 2023 as consumers looked for affordable products that would allow them to maintain their beauty and skin care routines despite prevailing economic pressures. Nonetheless, ongoing political unrest and an economic downturn in the market continued to negatively impact demand towards beauty and personal care products, especially those which are seen as less essential such as colour cosmetics and fragrances, among others.
The Myanmar civil war continues at the time of writing in 2024 with millions of people being displaced within the country as a result of the hostilities which began following the military coup in 2021. The number of people living below the international poverty line soared as a result of the military coup and resulting civil war with it being estimated that around a third of the population now requires humanitarian aid.
Average annual inflation was 15% in 2023, which although remaining high was a drop from the 18% rate seen in the previous year. Inflation is expected to drop further in 2024.
Prolonged border trade closures due to regionalised conflicts between the Myanmar military and revolutionary forces delayed cross-border transport during 2023 and resulted in supply chain disruptions and shipping delays, which created stock shortages. Fuel shortages led to an increase fuel prices and prolonged power shortages which also negatively impacted the operating costs of businesses leading to an increase in retail prices, including within beauty and personal care.
Given the ongoing civil war and political deadlock in Myanmar and the negative impact on the economy, predicting the short-term future of beauty and personal care is challenging due to increased fluctuations in the business environment. Nonetheless, it is reasonable to anticipate that more essential beauty and personal care products will maintain a positive trajectory in 2024, with mass market brands playing a significant role in driving category growth.
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Understand the latest market trends and future growth opportunities for the Beauty and Personal Care industry in Myanmar with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Beauty and Personal Care industry in Myanmar, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Beauty and Personal Care
This is the aggregation of baby and child-specific products, bath & shower, deodorants, hair care, colour cosmetics, men's grooming, oral hygiene, fragrances, skin care, depilatories and sun care. Black market sales and travel retail are excluded.
See All of Our DefinitionsThis report originates from Passport, our Beauty and Personal Care research and analysis database.
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