According to a recent report by industry research firm RNCOS, Russia has emerged as one of the fastest growing cosmetics markets across the European region. The report, titled “Russian Cosmetics Market Forecast (2008-2012)”, says that factors including rising per capita spending on cosmetic products, favorable consumer behavior, increasing product innovation and presence of large number of foreign players have resulted in a positive outlook for the Russian cosmetics industry in the long term. The research reveals that the industry stood strong against recession and states that it will grow at around 8.8% CAGR during 2010-2013.

The report identified that the mass cosmetics market is dominated by domestic manufacturers who control a substantial share as compared to foreign companies. These brands have emerged as the favorable choices for Russian consumers and have contributed towards the positive growth of the industry during the economic recession. Color cosmetics currently dominate the industry in terms of revenue generation, the report says, and new product innovations, increasing inclination towards adopting new fashion trends among Russian women and the rising frequency of applying color cosmetics will further push the growth of color cosmetics segment in the country.

The report also discusses the segment-wise market structure, current and past market performance and factors critical to the success of the cosmetics industry in the country.

For more info, visit http://www.rncos.com/Report/IM100.htm