Tehran, Iran, Dec. 8
Trend:
Iran’s domestic cosmetic products have become more popular among Iranian consumers due to high prices of foreign brands.
However, the rise of dollar has affected the domestic production and the market.
“Prices of raw materials, especially polymer materials have increased by 300 percent from new year (March 21), but producers are only allowed to increase their prices by 30 percent. On the other hand, people are welcoming good quality domestic cosmetic products due to high prices of foreign brands. The domestic market is improving, but the rise of product prices has no economic justification,” Member of Iran’s Chamber of Commerce Alireza Kiani said, Trend reports citing ILNA.
With a big and youthful population, Iranians are driving growth in the Middle East cosmetics market. Iran ranks as the second most influential player in the Middle East beauty market and has emerged as the world's seventh largest consumer of cosmetics.
“Despite a 50 percent rise in cosmetics consumption, producers are waiting to receive foreign currency from NIMA to import raw materials. The delay has led to a 25 percent drop in domestic production,” Kiani said.