Cosmetic prices expected to increase 10-15% due to global price hikes — stakeholders

AMMAN — Cosmetic prices are expected to increase by 10 to 15 per cent amid the global price increase, stakeholders say. 

“Skin care products are also expected to increase by 30 per cent,” Mahmoud Al Jalees, Deputy Chief at Jordan Chamber of Commerce told The Jordan Times on Thursday. 

Jalees stated that the global shortage in shipping containers, as well as the ongoing increase in oil prices, in addition to the increase in raw materials prices had led to global increase in cosmetics prices.

Jalees noted that vegetable oil is a main component for skin care products as well as cosmetics in general.  

“Oil is the basic raw material of all chemical industries; oil prices are on the rise,” Jalees added. 

Jalees noted that the cosmetic market will be affected, which means skincare, haircare, make-up, perfumes, toiletries and deodorants, as well as oral care cosmetics are expected to see a price increase. 

Meanwhile, Afnan Basha, who is a chemical engineer, stated that chemical raw material price growth has affected cosmetic-related raw materials.

“A number of cosmetic raw material prices rose in response to the impact of the general increase in fuel and oil prices,” Basha added. 

She noted that almost all petrochemical-related cosmetic raw materials have seen different price increases. 

Jalees urged the government to cancel the 25 per cent special tax imposed on beauty products, “at least temporarily”.

“Cosmetics manufacturers and merchants have already seen a price increase for almost all cosmetic prices,” Jalees added. 

Meanwhile, Suha Hazbon, who is an owner of a beauty salon said that salons have already increased their prices in an effort to counteract rising costs of energy, labour and raw materials.