Beauty & Personal Care - Mongolia

Mongolia

The Beauty & Personal Care market in Mongolia is projected to generate a revenue of US$195.40m by 2024.
With an expected annual growth rate of 3.08% (CAGR 2024-2028), the market is set to expand steadily.
Among the various segments within the market, Personal Care dominates with a significant market volume of US$91.26m in 2024.
When compared on a global scale, in the United States stands out as the top revenue generator, reaching US$100bn in 2024.
In terms of per capita income, in Mongolia is expected to generate US$55.94 in revenue per person in 2024.
This metric provides an insight into the individual spending patterns within the Beauty & Personal Care market.
Furthermore, online sales are projected to contribute 15.7% of the total revenue by 2024, highlighting the growing significance of e-commerce in this sector.
"Despite its harsh climate and sparse population, Mongolia has seen a surge in demand for natural and organic beauty products, reflecting the country's deep connection to nature and traditional herbal remedies."

Key regions: United States, Worldwide, India, Indonesia, Canada

Market

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Currency

Analyst Opinion

The Beauty & Personal Care market is thriving and one of the fastest growing consumer markets, driven in particular by the Cosmetics and Skin Care segments. The main reason for this strong growth is the generational shift with young consumers entering the market. At the same time, this change is reinforced by social media, internationality, and eCommerce, which have a lasting effect on buying behavior when it comes to beauty products. Trends from all over the world are spreading and changing the daily beauty and care routine.

Methodology

Data coverage:

The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.