Iran’s cosmetics market hits $5.6B

Business Materials 9 September 2014 16:24 (UTC +04:00)

Baku, Azerbaijan, Sept. 9

By Umid Niayesh - Trend:

The value of Iran's cosmetic market has reached 150 trillion rials (about $5.63 billion based on official rate of 26,600 rials per each USD) per year, the country's Food and Drug Organization head, Rasoul Dinarvand said.

Dinarvand noted that the figure includes both legal and smuggled imports of the products, Iran's Fars news agency reported Sept. 9.

Official statistics indicates that Iran imports about $150 million worth of cosmetic products annually, indicates that smuggled products share the main part of Iran's cosmetic market.

Iranian officials say that approximately 90 percent of all imported cosmetics are counterfeit products manufactured in Thailand, China or Turkey, which bear fake labels and are smuggled into Iran.