ISLAMABAD: In an effort to address the challenges faced by the cosmetics industry in Pakistan and to regulate the import/export and business of general cosmetics, the government has approved the draft bill for the establishment of the first ever Pakistan General Cosmetics Authority under the Ministry of Science and Technology.
During a recent meeting of the National Assembly’s Standing Committee on Science and Technology, the committee recommended approving “The Pakistan General Cosmetics Bill, 2023” moved by James Iqbal MNA, with certain amendments.
As per details, in the absence of a regulatory body there were problems in marketing, manufacturing, exporting, and importing general cosmetics products. There was a need for a separate authority to regulate the complex business of the cosmetics sector and to generate revenue to support the industry’s growth on a global scale. The global cosmetic market, currently valued at $341 billion, is expected to reach $560 billion by 2030, with a compound annual growth rate of 5.1 percent from 2021 to 2030.
As per officials the proposed Pakistan General Cosmetics Authority bill would be responsible for regulating the import/export, manufacture, storage, distribution, and sale of general cosmetics in Pakistan under the administrative control of the Ministry.
The draft bill was of the view that the cosmetic industry is a rapidly growing global sector and legislation is crucial to generate revenue and promote the industry’s growth in Pakistan.
Currently, the Pakistan Standards and Quality Control Authority (PSQCA) oversees the standards of domestically produced cosmetic products. However, due to its possible implications on health and the nature of sourcing (import/export), the subject requires oversight by other ministries and departments.
With the approval of the draft bill for the Pakistan General Cosmetics Authority, the government aims to enhance the regulation and growth of the cosmetics industry, ensuring consumer safety and boosting the industry’s contribution to the national economy.
According to a report, the skincare segment in Pakistan alone was valued at $ 709.70m in 2022 and is expected to grow by 2.58% annually. The majority of revenue share (70%) is of facial products, followed by body care solutions.
Pakistan Cosmetics Market includes major categories like Skin & Sun Care Products, Hair Care Products, Deodorants, Fragrances, Makeup/Color Cosmetics and others.