The research work carried out in this study is centered on improvisation of the existing propellant formulations for development of a low-cost civilian rocket flare. It focuses on the usage of low-cost, abundant and locally sourced chemicals in Malaysia as propellant constituents. The PROPEP3 simulation analysis software is used for the assessment, which evaluates the magnitude of specific impulse as the key propellant performance parameter, along with the propellant cost. R-Candy and RNX CSRP variants have been selected as bench formulations while Strontium Nitrate, Aluminum and Iron (III) Oxide are considered as the additive constituents. The simulation results suggest that both bench propellant formulation doped with Strontium Nitrate has the most significant increase in specific impulse but this also comes with an increase in the propellant cost margin (SP-2 & SP-4). In the meantime, the addition of Iron (III) Oxide is found to insignificantly reduce specific impulse and also corresponds to insignificant increase in propellant cost margin, specifically in the variant utilizing R-Candy as the bench formulation (SP-1). Additionally, the variant doped with Aluminum (SP-3) is found to have moderate increase in specific impulse with minimal cost margin. Through cost and performance evaluation, the variant SP-2 has been selected as the most optimal propellant. This is because the addition of Strontium Nitrate significantly increases the specific impulse with minimal increase in the cost margin in comparison to its inexpensive R-Candy propellant bench variant.