For a long time, local production of cosmetics has been ongoing, but quality enhancement was never prioritized. As a result, consumers faced health hazards while traditional companies focused more on profit rather than consumer well-being. Mysteriously, even policymakers gave little attention to these issues, leading to a large outflow of money to foreign markets.

However, some local companies have recently started producing international-quality products using the latest technology. These companies have already gained the trust of the local market with their high-quality products. One of the leading companies, Remark LLC USA’s affiliated brands, is emphasizing producing the finest products using cutting-edge technology, despite facing numerous challenges and obstacles.

Industry experts pointed out that traditional companies were more focused on flashy advertisements, broadcasting, and marketing investments rather than improving product quality. Nonetheless, there is hope as a few new companies have already stepped up, producing products with international-standard packaging.

On Thursday, October 3, 2024, a seminar titled “Quality of Products Tagged ‘Made in Bangladesh'” was jointly organized by the National Consumer Rights Protection Directorate and the Association of Skincare and Beauty Products Manufacturers and Exporters of Bangladesh in Karwan Bazar, Dhaka, where experts and industry stakeholders shared these insights.

Recent data suggests that as consumers’ purchasing power has increased, the size of Bangladesh’s Fast-Moving Consumer Goods Industry (FMCGI) has expanded significantly, making it one of the fastest-growing industries. The current market size is around 4 billion USD, and it is expected to become the world’s ninth-largest consumer market by 2030. Revenue growth in this sector is expected to exceed 16% by 2027.

Stakeholders remarked that some companies are operating like the “East India Company,” extracting profits from the Bangladeshi market without considering consumer interests. As a result, consumers often prefer to bring cosmetics and related products from abroad, believing foreign products to be superior to locally produced ones.

Kazi Muhammad Mozammel Haque, Director General of the National Consumer Rights Protection Directorate, stated that if the market is flooded with low-quality cosmetics, it will pose serious health risks. Many have already suffered from using fake products, leading to financial crises due to expensive medical treatments. Thus, producing world-class cosmetics and homecare products locally is crucial, which will also increase employment opportunities. He mentioned that the Consumer Rights Directorate would support large companies like Remark-Harlan, which are committed to providing authentic products while maintaining quality.

Eminent economist Professor Dr. Muhammad Mahbub Ali highlighted that the annual market size for cosmetics and personal care items in the country is currently around 909 million USD, and it is expected to grow at a rate of 8.1% by 2027. However, Bangladesh’s cosmetics sector heavily relies on imports, with 90% of cosmetic chemicals being imported, and about 41% of the total imported cosmetics coming from India. To change this situation, there is no alternative to producing and marketing high-quality local products.

Ishak Hossain Sweet, Former Director of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), commented that local companies like Remark-Harlan deserve special appreciation for coming forward in the skincare, cosmetics, and homecare sectors. Their production of high-quality and authentic products has increased consumer interest in using domestic products.

M.S. Siddiqui, Vice President of the International Business Forum of Bangladesh (IBFB), believes that the government must provide all types of support for the expansion of local industries. As the sector is largely import-dependent, there is no alternative but to promote local companies. Special policy support should be ensured for those producing international-standard products, which will motivate more companies to come forward.

BSTI Deputy Director Morsheda Begum mentioned in her speech that they are working to ensure that products meet quality standards before reaching the market. They are also focusing on the quality of new products, packaging, and other aspects before they are marketed. Currently, around 30% of the total production has been brought under BSTI certification.

Film actor Mamun Hasan Iman remarked that due to the lack of quality products being produced locally, people had a bias toward foreign products for a long time. While large companies heavily invested in recruiting skilled marketing and sales personnel, they paid little attention to product quality improvement. Their primary investment focus was on creating flashy advertisements, promotion, and selling the product, with little investment in research and factory management. This approach amounted to deceiving consumers. Fortunately, quality products are now being produced in the country, and consumer interest is growing. Thus, the government should take initiatives to increase people’s confidence in locally produced quality products.

Jamal Uddin, General Secretary of the Association of Skincare and Beauty Products Manufacturers and Exporters Bangladesh, stated that even though Bangladesh has a large consumer goods market, sellers were never concerned about international quality standards. Consumers were often deceived by buying substandard and adulterated products. Despite being late, the Consumer Rights Directorate is now working to prevent counterfeiting, leading to increased awareness among people. There is now a demand for products made using the latest technology, and several companies are investing heavily in advanced formulation and research.

Skincare specialist Dr. Sharmina Haque emphasized that using fake and adulterated products is causing people to suffer from skin cancer and other complex diseases. The only way to prevent this is by using quality products. Remark is bringing products to the market through extensive research to improve people’s quality of life. She hopes that people will benefit from using these technologically advanced products.

Dr. Sakun Mangut mentioned in his presentation that Bangladesh should now focus on technological development rather than just products. He urged local brands to focus on research and development and emphasized the importance of long-term research, planning, and its implementation to gain consumer trust.