The 'Myanmar Cosmetics Expo' will focus on regulatory compliance, supporting manufacturers in the country to meet the legal requirement for all products in beauty categories such as cosmetics, spa, beauty enhancement and anti-ageing to be registered with the Myanmar FDA.
The event's organisers state that the expo will offer a key networking opportunity for industry professionals in the country, providing workshops and summits on the registration, export, import, marketing and distribution of beauty products in Myanmar.
Market of the future
Myanmar is one of the countries recently picked out by market research firm Euromonitor International as a 'market of the future' – a list of 20 currently underdeveloped markets worldwide which, Euromonitor states, “will offer the most opportunities for consumer goods companies globally.”
The firm's analysts anticipate that the country will register a GDP growth of 8% up to 2018, fuelled by a rising number of middle class consumers – a group which is expected to double by 2020.
Beauty and personal care is one sector which has been enjoying particularly robust growth, having reached a market value of US$318 million in 2013, after growing at a steady CAGR of 14% since 2009.
“Myanmar is identified as the last economic frontier in Asia with significant growth potential,” Euromonitor's report asserts.
The current business environment in Myanmar, however, remains far from meeting this potential: indeed, according to the World Bank's 'Logistics Performance Index', the country ranks as one of the least attractive places worldwide to do business.
“Lack of clear trade and investment rules, corruption, high government influence on the economy and undeveloped capital markets are the main problems,” explains Euromonitor's report.
But change is already in motion, with Myanmar now implementing some of the economic reforms needed to liberalise its market.
The country is also expected to join the ASEAN Economic Community in 2018, which will remove several trade and investment hurdles, opening its markets up to develop much more quickly.