Turkey's cosmetics market is continuing to expand rapidly, despite slowing economic growth in the country as a whole over recent years. GDP rose by an average of 5.2% per year between 2002 and 2011, before slumping to 2.2% in 2012. Growth of 3.7% was forecast for 2013, with similar growth also expected in 2014. According to data from market research company Euromonitor International, the value of the Turkish market for beauty and personal care grew 15.4% to 3bn in 2012, and was forecast to grow by 10% to (3.3bn m 2013, and to ?4.7bn by 2017, which would represent a compound annual growth rate (CAGR) between 2012 and 2017 of 11.3%. In a report published in 2013, Euromonitor said that much of the growth is being driven by urbanisation and Turkey's young population. The country's median age was 30.4 years in 2013, according to the Turkish Statistical Institute (TurkStat).
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