There is a sizeable market for beauty and personal care in Sri Lanka but economic constraints and government restrictions on imports is restricting growth. While brand loyalty plays a role, due to the current challenges price and accessibility were the key influences on sales of beauty and personal care in 2022.
Consumers in Sri Lanka have developed a significant interest in maintaining better hygiene and a more attractive appearance since the COVID-19 pandemic. In line with this, customers are showing a growing interest in hair care products like shampoos, conditioners and treatments, and skin care items in both rural and urban areas of the country.
The economic crisis seen in 2022 caused many consumers to focus on securing food and drink as a priority, which drew attention away from beauty and personal care. Although there were still many retail stores that were selling beauty and personal care in 2022, people started looking for better value products that offered more features and at a lower price.
Sri Lanka’s political and economic situation remains difficult, with the country seeing a shortage of foreign currency in 2022 which forced the government to put strict controls in place on imports. Economic uncertainty also resulted in many consumers prioritising essential products towards the end of the review period, with this hindering the growth of beauty and personal care.
One of the main issues impacting Sri Lanka in 2022 was an island-wide gasoline shortage, which was caused by the low dollar reserves available to the country. Due to both a lack of power to operate machinery and fuel to keep it running during power outages, there was a drop in production in 2022.
Although improved demand is anticipated as normal life resumes following the pandemic, higher global commodity costs, inflationary pressures and foreign exchange fluctuations are likely to pressure profits for all players in beauty and personal care at least during the early part of the forecast period. Players should therefore consider measures such as controlling discretionary spending, reducing working capital and sustaining returns on investments, with a focus on driving efficiency and productivity.
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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 Definitions
This report originates from Passport, our Beauty and Personal Care research and analysis database.
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