Overview
Singapore cosmetics market on a growth trajectory; ideal testing ground for international brands
The cosmetics and toiletries market is a rapidly growing and ever-changing industry, and the Singapore market is not an exception. As of 2022, revenue in the Singapore cosmetics sector amounts to USD 185.9 million. The sector made a quick recovery from its dip in revenue in 2020 attributed to COVID-19 where it sank to USD 139.84 million from a revenue of USD 182.61 million in 2019. Meanwhile, the volume of toiletries, personal beauty and cosmetics imports only reduced from 111.97 million kilograms in 2019 to 108.72 million kilograms in 2020.
With a 43% hold in 2020, the Asia Pacific region was the biggest shareholder in the global cosmetics industry. Asia Pacific also held the biggest share in the toiletries market in 2021. One of Singapore’s most appealing attributes is its rich multicultural background, allowing brands to test new products on a wide spectrum of people and create niche products for targeted consumers. Even more so, the country’s tourism market also provides significant demand for the cosmetics and toiletries industry.
In fact, a few global cosmetics manufacturers have made Singapore their gateway to other neighbouring countries. Singapore is also among the top five markets that sell imported personal care cosmetics with a cash flow share of 4.5% in 2020.
Key Trends
Growing demand for male cosmetics and toiletries; heightened awareness of outer appearance
Another recent strong contributor to the cosmetics and toiletries market is the increasing demand from the global male population, within Asia Pacific in particular. A survey conducted by Shopee in 2019 revealed that there was a 33% increase in make-up orders compared to the same period in the previous year. Furthermore, the Singapore market was expected to be valued at SGD 141 million by 2021 as a consequence of the rising demand for male grooming products.
While expenditure on cosmetics by men might still be less than the expenditure by the female consumer segment, the male consumer spent up to SGD 150 or SGD 250 as of 2020. Similarly, male make-up has been gaining momentum and was forecasted to bring the global male beauty market to USD 60 billion by 2020.
E-commerce becoming a prominent method of shopping amidst lasting aftermath of global pandemic
During the COVID-19 pandemic, in order to follow social distancing regulations, both consumers and businesses took the majority of their interactions and transactions to the digital world. Thus began the rise in the number of e-commerce retailers.
Online shopping’s main appeal comes from convenience and a much broader range of variety that in-person stores simply do not have. In 2019, Singaporeans were recorded to have spent USD 296 million in the fashion and beauty products e-commerce market, a 9.7% growth from 2018. With 4 million people in Singapore purchasing consumer goods in 2019, 56% of men and 57% of women made online transactions for cosmetics.
Furthermore, in 2020, many overseas brands found success online as 73% of online consumers had purchased products from foreign sellers. In addition, another Singapore survey conducted in 2020 reported that 29.57% of respondents said that when they buy make-up online, they are more likely to make more new purchases; 28.79% made new purchase and re-purchases equally, while only 14.11% and 6.51% wouldn’t buy make-up online and wouldn’t buy make-up at all respectively.
Ageing population paves way for niche product expansion
Singapore’s ageing population unwittingly plays a lead role in the cosmetics market, especially in the anti-ageing market. As per an article published in 2022, by 2030, one in four Singaporeans will be aged 65 or over. In fact, the median age in Singapore in 2019 was 40.8 years, which is almost ten years older than the global median age, and with age comes a higher disposable income.
Older consumers are more likely to spend in line with their higher income, particularly on anti-ageing products. As of January 2022, the Asia Pacific anti-ageing market was expected to reach USD 8.09 billion in 2022 and to grow at a compound annual growth rate (CAGR) of 5.69%, reaching USD 10.66 billion by 2027.
Product labels largely influence purchases; higher demand for organic and eco-friendly products
As reported in 2021, the global ‘clean beauty’ market is estimated to amount to USD 22 billion by 2024. The overall demand for clean and eco-friendly products has been gaining popularity in most markets, the cosmetics and toiletries industry included.
A survey conducted on eco-friendly consumer goods in April 2022 revealed that 20.4% of respondents said they were willing to switch to an eco-labelled bath soap or oral care, while cosmetics and skincare came in second. Revenue in the Singapore natural cosmetics market reached USD 19.66 million as of August 2022.
Labels such as ‘dermatologist tested’ also hold great importance to consumers when purchasing products. A 2022 survey in Singapore found that 58% of participants said that the label ‘dermatologist tested’ mattered the most when buying beauty products. Other labels to be considered were ‘suitable for sensitive skin and ‘clinically proven’.
Typical adverts and promotions not sufficient anymore; well-informed consumers more critical
Expensive and over-the-top advertisements are no longer the main source of promotion and information for products. Consumers tend to depend on authentic reviews and word-of-mouth recommendations. According to a poll mentioned in an article from 2019, 77% of participants said they would not buy a product if it did not have any reviews and 94% said they would look up reviews before purchasing a product.
This new form of evaluation calls for brands to come up with more creative and personal ways to promote their products. As a result, many brands have started to focus on social media promotions with the help of beauty influencers. A survey conducted in October 2020 revealed that 58% of females and 21% of males said that cosmetics were the type of product endorsed by an influencer that they would buy.
Key Statistics
- An import value of USD 262.4 million on soaps and skin washes was recorded for Singapore in 2021, showcasing growth likely due to the rise in hygiene and cleanliness standards formed due to COVID-19.
- A survey in Singapore conducted in April 2022 discovered that 29% of participants purchased make-up every 3 months.
- A survey in Singapore conducted in 2020 discovered that 32% of participants spent SGD 50-99 every time when shopping for beauty products.
- The Asia Pacific cosmetics market was valued at approximately USD 120 billion in 2018.
Top Singapore MNCs in Cosmetics & Toiletries
KAO SINGAPORE PRIVATE LIMITED
Kao Group, a Japanese business that began with the creation of a facial soap for local consumers, expanded its development of the consumer products business in the hygiene and living care, health and beauty care, life care, and cosmetics fields through the years. Kao Singapore was incorporated in 1988, with the group’s expansion to countries in the Asian region. The firm offers products and services that keep clothing and home spaces clean, and sanitary products for each life stage. Kao’s salon division provides a range of cosmetics and professional hair expertise.
SEPHORA SINGAPORE PTE. LTD.
Repeated as per client
LVMH FRAGRANCES AND COSMETICS (SINGAPORE) PTE LTD
Repeated as per client
PROCTER & GAMBLE INTERNATIONAL OPERATIONS SA SINGAPORE BRANCH
Repeated as per client
FANCL ASIA (PTE) LTD
Repeated as per client
SISLEY SINGAPORE PTE LTD
Repeated as per client
SHISEIDO TRAVEL RETAIL ASIA PACIFIC PTE. LTD.
Repeated as per client
CLARINS PTE LTD
Repeated as per client
ESTEE LAUDER COSMETICS PTE. LTD.
Repeated as per client
UNILEVER SINGAPORE PTE. LIMITED
Repeated as per client
Top Singapore Large Local Enterprises in Cosmetics & Toiletries
LUXASIA PTE. LTD.
Repeated as per client
BEST WORLD INTERNATIONAL LIMITED
Repeated as per client
AURA PRESTIGE PTE. LTD.
Repeated as per client
Top Singapore SMEs in Cosmetics & Toiletries
SKIN INC GLOBAL PTE. LTD.
Skin Inc Global is a skincare brand that was incorporated in Singapore in 2010. The brand is present in more than 78 cities in Asia, Europe and the United States. Skin Inc Global offers a wide range of customizable skincare products that have won over 150 beauty awards over the years, and have also been featured in publications such as Vogue, WWD, Refinery29, and more. By incorporating technology with daily care routines, the firm provides an array of dermatology and body care devices, in addition to its broad range of moisturizers, serums, cleansers and sleep masks.
ALLIES GROUP PTE. LTD.
Repeated as per client
NEOASIA (S) PTE LTD
Repeated as per client
SHIANG'S INTERNATIONAL PTE. LTD.
Repeated as per client
WANT SKINCARE PTE. LTD.
WANT Skincare, which was founded in 2016 and is headquartered in Singapore, is a brand that offers dermatological products that are free from chemicals, synthetic ingredients and water. This array of products includes face and body oil, scrubs, masks, cleansers, foundations, sunscreens, and other cosmetics. The products are formulated through the use of fair trade and sustainably sourced minerals and pure botanical oils. The majority of WANT Skincare’s products are vegan-friendly and cruelty-free. WANT Skincare’s range of merchandise and accessories also includes toothbrushes, face and body brushes, reusable facial pads, and more.
HANDMADE HEROES PTE. LTD.
Handmade Heroes is a Singaporean skincare brand that was founded in 2015. The brand offers completely natural, vegan skin and body care products which are made with salt and sugar as natural exfoliants, botanical oils, extracts and preservatives. These products are cruelty-free, paraben-free and alcohol-free. Handmade Heroes focuses on ways to be greener and as sustainable as possible, from production to packaging. Its skincare range offers a variety of lip dews, body scrubs, face serums, shampoos, kits and gift sets that are suitable for people of all ages.
SIGI BEAUTY PTE. LTD.
Incorporated in 2018, Sigi Beauty is an award-winning Singaporean skincare brand. Sigi Beauty is committed to providing skincare products that are a blend of superfoods and active skincare ingredients – this combination has been clinically proven to be both effective and toxin-free. The brand offers a wide range of multi-purpose serums, creams, moisturizers, masks, and more. These products are vegan and cruelty-free, helping clients to protect and repair skin damage caused by pollution and environmental stressors. Additionally, customers may benefit from Sigi Beauty’s range of accessories which includes mask cases, headbands, and more.
BLESSED SEVEN PTE. LTD.
Founded in 2014, Singapore-based Kew Organics is famed for its organic facial bar which is dedicated to treating common skin problems such as clogged pores, acne breakouts, pigmentation, dehydrated skin, and more. This is done with a combination of nature and medical aesthetic technology. Kew Organics is a water-based organic skincare brand. Its products are organic, non-GMO, vegan, and free from chemicals, parabens, and preservatives. The company provides a wide range of award-winning organic facials, eye treatments, and hair removal treatments. Among the accolades received by Kew Organics is the Gold Readers’ Choice Award 2022 by thehoneycombers.com in the category Best Local Skincare Brand in Singapore.
TWO HALVES PTE. LTD.
Founded in 2019, Two Halves is a Singapore-based beauty and skincare brand. The brand’s products are formulated and manufactured in Japan, using skin-comforting and beneficial ingredients that do not contain any added fragrances. This makes the products especially suitable for those with sensitive, dehydrated, fatigued skin or anyone with a compromised skin barrier. Two Halves' unique formulas are a mixture of natural and lab-made ingredients, all of which are vegan-friendly and are not tested on animals. The company’s range of products is available in many countries across the globe.
LIHT ORGANICS PTE. LTD.
Established in 2019, Singapore-based Liht Organics is a premium organic beauty brand formulated in the USA, with a comprehensive range of efficient makeup products. All the products are manufactured using a high percentage of USDA-certified organic ingredients that are free of nano-particles or harmful chemicals, vegan, gluten-free, and cruelty-free. Liht Organics has won several accolades, including the Women Entrepreneur Award in 2018, and the Beauty Insider Singapore Awards in 2018 for Best Eye Makeup in the category of Eyeliner (liquid), and Best Face Makeup in the category of Foundation (liquid).
Top Singapore Fastest-Growing Companies in Cosmetics & Toiletries
BEST WORLD LIFESTYLE PTE LTD
Repeated as per client
ORIFLAME COSMETICS GLOBAL PTE. LTD.
Repeated as per client
ALLIES GROUP PTE. LTD.
Repeated as per client
LUXIE PTE. LTD.
Repeated as per client
LUXASIA PTE. LTD.
Repeated as per client
ATOMY DISTRIBUTION PTE. LTD.
Repeated as per client
LION CORPORATION (SINGAPORE) PTE LTD
LION Corporation (Singapore), a wholly-owned subsidiary of LION Corporation Japan, was founded in 1982. LION is committed to offering cutting-edge, technologically advanced products that improve the quality of its consumers’ daily life and promote health and cleanliness. LION Corporation (Singapore) has an extensive collection of successful brands and innovative products across various segments that include oral care, beauty care, baby care, fabric care, and home care. Existing brands in LION’s comprehensive range of products include Mama Lemon dishwashing liquid, TOP detergent, Shokubutsu body and facial foam, Kirei Kirei anti-bacterial hand and body soap, and the Kodomo range of toiletries for babies and children.
NU SKIN ENTERPRISES SINGAPORE PTE LTD
Repeated as per client
CALECIM COSMECEUTICALS PTE. LTD.
Calecim Cosmeceuticals is a Singapore-based skincare company which was founded in 2013. It is a subsidiary of CellResearch Corporation, a firm that is focused on wound healing scientific research. Scientists have discovered how proteins derived from Cord Lining Stem Cells are able to treat symptoms of aging. CellResearch Corporation’s extensive experience with Cord Lining Stem Cells assisted the firm to utilize its knowledge to produce a groundbreaking cosmeceutical line called Calecim. The wide range of Calecim products that have been developed from skin regeneration technology includes serums, multi-action creams, hair care products, and more.
HAWLEY & HAZEL CHEMICAL COMPANY SINGAPORE (PRIVATE) LIMITED
Hawley & Hazel Chemical Company Singapore was incorporated in 1983. With its headquarters in Hong Kong, the firm distributes the Darlie brand of toothpaste and toothbrushes across the globe. Darlie focuses on developing advanced oral care products by using the latest technology to safeguard different aspects of its consumer’s oral and dental health. These products include mouthwash, breath sprays, electric toothbrushes, teeth-whitening strips, pens, and more. The company uses renewable energy to minimize carbon and waste emissions throughout the manufacturing process, and actively explores new ways of sustainable packaging.