Saudi, UAE consumers spend $6.85 billion on beauty, wellness products
The two countries combined comprise a quarter of the entire Middle East and African beauty and personal care market
Saudi and UAE consumers spent $6.85 billion on beauty and personal care products in 2015, according to new research, with spending in the two Gulf countries set to rise eight percent in 2016 to reach $7.4 billion.
Figures released by analysts Euromonitor International show the retail value of the beauty and personal care market in Saudi Arabia was $5.21 billion last year, while in the UAE, shoppers spent $1.64 billion on beauty products.
In Saudi Arabia, the lion’s share of sales in 2015 went to fragrances ($1.7 billion), followed by haircare ($697 million), skincare ($635 million), and color cosmetics ($503 million). That trend followed in the UAE, with shoppers spending $423 million on fragrances, $258 million on haircare, $168 million on color cosmetics, and $165 million on skincare.
The two countries combined comprise a quarter of the entire Middle East and African beauty and personal care market, which had a retail value of $27.1 billion in 2015, growing 5.4 percent over 2014.
That comes as the Middle East and Africa overtakes Latin America as the world’s fastest growing beauty and personal care market, with its estimated 4.8 percent annual growth rate between 2014-2019 almost twice the global average of 2.6 percent.
The vibrant regional market will be underlined by the large turnout of more than 1,450 exhibitors from 60 countries at Beautyworld Middle East 2016, the region’s largest international trade fair for beauty products, hair, fragrances and wellbeing.
Global players are already confirming their participation at the three-day event, as they get set to launch their latest products and network with thousands of retailers, distributors, wholesalers, beauty professionals, importers and exporters from throughout the wider region.
Ahmed Pauwels, CEO of Messe Frankfurt Middle East, the organizer of Beautyworld Middle East, said: “Beautyworld Middle East’s influence has spread not only across the Middle East and Africa plus the Indian subcontinent, but has gone well beyond, with nearly half of the 29,670 visitors in 2015 coming from outside of the UAE.”
This article first appeared in the Saudi Gazette on March 8, 2016.