Home » Articles, Beauty and Personal Care, Europe » Turkey - A Rising Star in Western Europe’s Beauty and Personal Care Ingredients Industry

August 24, 2012

Turkey - A Rising Star in Western Europe’s Beauty and Personal Care Ingredients Industry

IntroArticleAnalyst Insight by John Madden, Global Head of Ingredients Research 

Classified as part of Western Europe, the growing economy in Turkey can sometimes be overlooked due to the continuing economic doom and gloom facing much of the rest of the region. Turkey, unlike it neighbour Greece, is very much on the up and is enjoying strong economic growth. Indeed, the country is more akin to the Middle East than perhaps Western Europe, with a rising population, rising disposable incomes and increased urbanisation. This is giving rise to a buoyant ingredients market, particularly in the beauty and personal care industry.

Economy recovers quickly after economic downturn

The Turkish economy was hit by the global economic crisis. According to official figures, the rate of inflation fell to 6.5% in 2011 from around 8.6% in 2010 and is forecast to fall further to 5.5% in 2012 and 4.7% by 2016. Real GDP growth in 2011 was 8.5% compared with a decline of nearly 5% in 2009, demonstrating better economic prospects for the country.

Beauty and personal care remains resilient

The beauty and personal care category has remained strong, with products considered affordable luxuries and thus less affected than many other fast moving consumer goods categories during the crisis. In 2011, the market as a whole saw current value growth of 12%, compared with a review period CAGR of just under 11%. The best performers in 2011 were oral care with around 18% value growth, sun care with 15% and baby care with 14%. Over the 2011-2016 forecast period the category is expected to post a constant value CAGR of 4%, with oral care, colour cosmetics, baby care and skin care expected to be some of the best performers.

Turkey outperforms the rest of Western Europe in ingredients

Within ingredients, beauty and personal care is set to be the strongest growth category. Over 2011-2016, the category is anticipated a volume CAGR of more than 8% compared with 4% for home care and 2% for packaged food.

Looking at the individual categories within beauty and personal care, the growth prospects for ingredients use in Turkey far exceed those of the Western European region as a whole. For example, ingredients used in sun care are forecast a 12% CAGR over 2011-2016 in Turkey compared with just 2% in Western Europe.

Growth Prospects for Ingredients Use by Beauty and Personal Care Category 2011-2016


 Source: Euromonitor International

Many of the leading ingredient suppliers to the beauty and personal care industry are active in Turkey, and have opened up sales offices or manufacturing sites. These include Firmenich, Givaudan, IFF, Symrise, Croda and BASF. This presence is vital if suppliers are to meet the demands of the Turkish market, which are very different to those in much of the rest of Europe. A sales presence, or even a manufacturing presence in the country, can also be used as a foothold into the Middle Eastern market, whose trends mirror many of those seen in Turkey.

« Quick Pulse: Is Home Cooking A Lost Art? | Main | Hear Us Speak at InterBev 2012 »


Feed You can follow this conversation by subscribing to the comment feed for this post.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.


Post a comment

Comments are moderated, and will not appear until the author has approved them.


 RSS Feed

Receive New Posts via Email:


Join us on...

Filter by Category

Filter by Geography

Filter by Industry

Recent Posts

The Link Between Alcoholic Drink Consumption and Analgesics and Slimming Products in Latin America

La relación entre bebidas alcohólicas, analgésicos y productos para adelgazar en Latinoamérica

RTDs in Russia: Red Alert for Stimulants in Moscow

Despite healthier rhetoric, better branding and marketing drive Lithuanian soft drinks

Kraft and Heinz Merger a Cost Cutting Story

Euromonitor International CEO Tim Kitchin to speak at the WTTC Global Summit 2015

The Global Impact of the Kraft and Heinz Merger

Consumers Sense Frugal Beauty in Imperfection

Turning Around Sun Protection Growth with Added Benefits

E-Commerce in China Could Boom after New Zealand Infant Formula Poison Threat