The Russian cosmetics industry stood strong against recession, said RNCOS in a recent paper. Inits latest report about the Russian cosmetics industry, the market research firm already noted that Russia was one of the fastest growing cosmetics markets across the European region .
According to RNCOS, several factors including, rising per capita spending on cosmetic products, favourable consumer behaviour, and increasing product innovation, should result in positive outlook for the Russian cosmetics industry that would grow at around 8.8% CAGR during 2010-2013.
The firm has identified that mass market brands produced by domestic manufacturers have emerged as favourable choice for Russian consumers and have contributed towards the positive growth of the industry in the tough time of economic recession. RNCOS expects this trend will prevail in coming years also.
RNCOS also highlights the importance ofcolour cosmetics that currently dominate the industry in terms of revenue generation. “New product innovations, increasing inclination towards adopting new fashion trends among Russian women and rising frequency of applying colour cosmetics will further push the growth of colour cosmetics segment in the country”.