For a long time, local traders ignored the interests and health hazards of consumers and sold substandard cosmetics and health products. However, the situation is changing fast with a number of local companies now producing various skincare and cosmetic products.
Speakers at a seminar, “Quality of Products under Made in Bangladesh Tag”, also said that various organisations air lucrative advertisements and invest a lot of money in the sector but they do not maintain quality. However, several companies are now generating new hope in the sector.
The seminar was organized jointly by the Directorate of National Consumers' Rights Protection and the Association of Skin Care and Beauty Products Manufacturers and Exporters of Bangladesh in Karwan Bazar yesterday.
According to industry insiders, the size of Bangladesh's Fast Moving Consumer Goods Industry (FMCGI) has grown significantly in recent years, making it one of the fastest-growing industries due to the increasing purchasing power of consumers. Currently, the size of this market is about $4 billion, and it will become the ninth-largest consumer market in the world by 2030. It is expected that the revenue sector will grow by more than 16% by 2027.
Stakeholders note that some companies, in the manner of the East India Company, have only stolen profits from the Bangladeshi market. However, the interest of the buyer was not taken into consideration. As a result, the people of the country bring cosmetics and related products from abroad. They believe that foreign products are better than products produced in this country.
DNCRP Director General Kazi Muhammad Mozammel Haque said that if the market is flooded with low-quality cosmetics products, it will create serious health risks for people. Many have already faced losses by using fake products. Due to expensive treatment, the financial crisis is increasing day by day in the families of the victims.
That is why there is no alternative to producing world-class cosmetics and home care products in the country. It will also raise employment figures in the country. Big companies like Remark-Herlan, committed to providing people with authentic products while maintaining quality standards, will also stand by the consumers of Bangladesh, he added.
Professor Dr Muhammad Mahbub Ali, an eminent economist. said the annual market for cosmetics and personal care products in the country is now around $909 million. It is expected to grow at a rate of 8.1% till 2027. However, Bangladesh's cosmetics sector is heavily dependent on imports. Over 90% of cosmetic chemicals are import-dependent.
Specifically, about 41% of the total imported cosmetic products come from India. There is no alternative to producing and marketing quality domestic products to change this situation.
Ishakul Hossain Sweet, a director of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), stated that as companies like Remark and Herlan are producing authentic products, they deserve big gratitude from everyone.
MS Siddiqui, vice president of the International Business Forum of Bangladesh (IBFB), thinks that the government should provide all kinds of support for the development of the domestic industry.
It should also be ensured that the companies that are producing international quality products in the country get special policy support, he added.
Ali Zaman, president of the SME Owners Association, said that since quality products were not produced in the country for a long time, people were weak towards foreign products. Besides, big companies gave more importance to hiring skilled marketing and salespersons, but there was no focus on product quality.
Dr Sharmina Haque, a skincare expert, at the seminar said that people are suffering from various complex diseases, including skin cancer, by using fake and adulterated products. The only way to avoid this is to use quality products.
Cinematographer Mamnoon Hasan Emon said that people's interest in using quality and authentic products produced in the country is increasing day by day. People now want to use local products.