Saudi Arabia and UAE top world list in consumption of cosmetics
Whereas the cosmetics market is witnessing an unprecedented boom across the globe, Gulf nations, particularly Saudi Arabia, are home to the world’s highest consumption rates.
Saudi Arabia ranks first among Gulf nations in consumption of skin and hair care products, according to a study conducted by Epoc Messe Frankfurt and published by the London-based newspaper Asharq al-Awsat.
A study conducted by Beauty World Exhibition, Saudi Arabia and the UAE are among the world fastest growing cosmetics markets.
Investors in the field of cosmetics state that each Saudi woman spends an average of 14,000 Saudi riyals per year on cosmetics.
Based on latest statistics, the sales pf skin care products in Saudi Arabia were estimated at $397.2 million in 2010 and are expected to reach $502.9 million in 2015 ─ marking a 26 percent increase.
The UAE market came second with a 24 percent increase where the cosmetics sales are expected to reach $331.3 million in 2014 compared to $267.4 million in 2011.
The UAE ranks first in the Gulf region as a market for organic and natural beauty products. This market brings around half of the total revenues of cosmetics in the region.
The Beauty World Middle East Exhibition saw the participation of 828 exhibitors from 51 countries and a 23 percent increase in display space.
The number of visitors reached 22,415 from 122 countries, which constitutes a 22 percent increase compared to the last edition, an indication of the growing importance of the cosmetics industry. The main five countries from which visitors came after the UAE were Iran, Saudi Arabia, Pakistan, Kuwait and India.
Ahmed Pauwels, CEO of Epoc Messe, the organizer of the exhibition, said that the cosmetics market is witnessing a remarkable growth and that Beauty World Middle East is the perfect venue for all cosmetics manufacturers to display their products in one of the world’s most promising markets in the field.
The Epoc Messe study revealed that natural beauty products are becoming increasingly popular across the world owing to the health hazards of products that contain fats and chemicals.
The same applies to the Middle East which witnessed a 20 percent growth in the natural products market in 2011, according to the latest statistics issued by Organic Monitor.