Singapore Beauty and Personal Care Market

According to research firm Statista, Singapore’s Beauty and Personal Care market is expected to generate revenue of US$1,244 million in 2024 and have an annual growth rate of one percent.

The industry is rapidly transforming, as consumer preferences shift towards inclusive beauty products, online shopping, and technological advancements aligned with global trends, such as LED light therapy. Consumers today are focused on self-care and holistic wellness and prefer personalized beauty routines.

A recent Daily Vanity survey shows that “Korean Beauty” continues to dominate, with brands like Innisfree and Laneige securing the top two “Most Trusted Skincare Brands.” U.S. brand Kiehl’s ranks fourth in the “Beauty Industry Consumer Behavior Report 2023.” For color cosmetics, French brands traditionally dominate, but U.S. brands such as M.A.C Cosmetics, Bobbi Brown, and Maybelline are commanding a strong brand presence.

Singapore pharmacy chain stores, which account for 80% of market share, are actively expanding their beauty brand offerings, sourcing, and new brands, while exploring trending selections from various regions. Key beauty concerns in hot and humid Singapore include excessively oily skin, caring for acne-prone skin, and ensuring optimum skin hydration. Hair concerns include caring for damaged hair, dryness, or frizz.

Increasingly, social media influencers impact brand preferences among their followers, and their reviews play a significant role in shaping consumer purchasing choices. Clean Beauty and a heightened focus on sustainability and ethical values in cosmetics have gained prominence as a prevailing trend. U.S. brands fare well in this regard.

Traditional retail remains a mainstay among shoppers, though E-commerce sales in Singapore are expected to reach US$14 billion by 2027. This reflects continued optimism for Southeast Asia’s long-term growth outlook, underpinned by the region’s steady growth of the digital consumer population. Despite its limited geographical size, Singapore is a dynamic and major E-commerce market in Southeast Asia. Approximately 97% of individuals in Singapore aged 15 and older are digital consumers, one of the highest rates in the region.

U.S. manufacturers who wish to explore these opportunities or partner with Singapore entities may contact Melody Yeo.