With a GDP estimated at 83,264 euros per capita and a beauty market worth 1.15 billion euros, Singapore is an interesting country for French manufacturers looking to export. Business Team France Export has compiled all the useful information you need to know about the area in a fact sheet.
Due to Covid-19, Singapore’s cosmetics sector has seen a slowdown. Sales were down by 2.5 percent. The number of tourists dropped by 85.7% in 2020.
The pandemic has changed consumers’ expectations: more natural, less superfluous. The various confinements have also had an impact on physical distribution.
“The industry is changing and professionals will have to adapt quickly and accelerate the digital transformation of their activities to continue to grow,” analyses Business France.
Market characteristics
The cosmetics and fragrance market in Singapore is mature and competitive. It is dominated by international players (most notably Japanese and Korean brands). L’Oréal, Procter & Gamble, Estée Lauder, Unilever and LVMH share 50% of the market.
The local offer, perceived as authentic, is starting to develop.
Positioning of the French offer
French products are the favorites of Singaporeans. France is the leading importer of cosmetics (1.1 billion euros in value) and perfumes (378.5 million euros).
“Sephora, which currently has 12 stores in Singapore, is one of the best performing beauty specialty retailers in the country in 2021,” comments Business France.
Opportunities
In Singapore, some segments are more buoyant than others. This is the case:
• Connected” and “intelligent” skincare
• Ranges for men
• Halal …
