Many categories of beauty and personal care saw a decline or stagnation in retail volume terms in 2023. Despite the easing of import restrictions the availability of some products and brands still remained limited.
Many categories within beauty and personal care declined in retail volume terms in 2023. This decline was primarily due to a reduction in consumption as households were faced with a rise in living costs and a sharp rise in prices, with Sri Lanka continuing to experience elevated inflation.
With the decline in disposable income, consumers in Sri Lanka have repositioned beauty and personal care products into essential and non-essential categories. Toothpaste, bar soap, baby and child-specific products and hair care are considered as essential by the majority of consumers whilst upper income consumers also consider basic skin care as essential.
Compared to 2022, the economic landscape has improved in Sri Lanka with inflation declining, whilst the exchange rate has remained static and interest rates have declined.
The lifting of import restrictions and the release of dollars by banks for international payments were a key highlight in 2023 compared to 2022 as this improved the availability of both local and imported beauty and personal care products. However, local manufacturers of beauty and personal care were impacted due to shortages of raw materials and packaging materials which led to an out-of-stock situation even for local brands during 2022-2023.
Beauty and personal care is projected to see stronger growth in retail volume terms over the forecast period with mass products expected to fuel this improvement.
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Understand the latest market trends and future growth opportunities for the Beauty and Personal Care industry in Sri Lanka with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
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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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