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Saudi Arabia Cosmetic Products Market

Saudi Arabia Cosmetic Products Market

  • July 2017
  • 107 pages
  • ID: 5023931

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The KSA cosmetics market, worth USD 4.7 billion as of 2015, is projected to grow at a CAGR of 12.64% to USD 8.53 billion by 2021. Saudi Arabia is a country with high GDP per capita and an administration that is modern, yet has further growth to witness with regards to women at the workplace. Increasingly, as more women join the workplace, the need to look good as well as purchase cosmetics has become important. Furthermore, an increased influx of tourists has boosted the sales of cosmetics. The country is going through a period of urbanization as well as a gender call to workforce, where a large number of women are joining the workforce and have disposable income to themselves, ready to spend on aspirational needs like beauty and personal appearance. The average Saudi Arabian woman spent no less than USD 3800 on cosmetics as of 2014.

Saudi Arabia Cosmetics Products Market-Market Dynamics

The cosmetics industry remains more or less impervious to market ups and downs. Overall sales are indeed affected in the event of an economic downturn but one can count on sales of cosmetics to maintain a certain volume overall. This is because of the continuing and growing use of products by women, and increasingly by men across the world.

Drivers

Increasing urbanization
More women in the workplace
Increase in disposable income
Increased inclination for better appearance
Growing market

Restraints

Market restricted by Halal regulations
Cultural and religious perceptions implemented by Saudi’s religious Kingdom’s police, preventing women from using makeup, or letting them use it only to a certain level which is not interpreted as ostentatious
Lack of a high proliferation of mass market brands
Insufficient participation of women in the workforce
The predominant trends for cosmetics include lasting power and new color palettes, increasing market share for ethnic products, and an increased preference for vegan, organic and natural beauty products, enhanced through the use of other ingredients, to mitigate the harmful effects of pollution, sun, dust, especially in the high temperature and dry locales in Saudi Arabia, and harmful ingredients typically a part of cosmetic products. A trend that has been witnessed is the demand for specialized care products, which are made affordable because of high disposable income.

Distribution is pervasive through exclusive stores of luxury products in malls, stores or through direct selling channels. E-commerce is emerging as a competitor to direct sales for all mass and premium brands. Customers are increasingly looking for value for money products offering a range of other benefits like anti-ageing, fresh-looking, anti-pimples/sebum controlling, moisturizing, etc. and also contain the increasingly popular ingredient kind – natural ingredients. It is because of this that products like BB, CC, DD, and EE creams have increased in popularity.

The most important trend in cosmetics in Saudi Arabia is that of Halal cosmetics. As a result of religious restrictions on the use of some products, Halal, or alternatively, vegan or organic products made from pure and natural ingredients are gaining market traction. Famous brands include Estee Lauder (with X.X% of the market), which has been capturing market share because of the specific solutions offered and high disposable income. Other international companies have captured large swathes of the market share in cosmetics in Saudi Arabia.

Some of the key players mentioned in the report are:

Avon Products, Inc.
Beiersdorf AG
L’Oreal Group
Procter & Gamble
The Estée Lauder Companies Inc.
Unilever

What the report offers/b>

Market definition for Saudi Arabia’s cosmetics products market along with the identification of key drivers and restraints for the market
Market analysis for Saudi Arabia’s cosmetics market with region-specific assessments and competition analysis on a regional scale
Identification of factors instrumental in changing the market scenario, rising prospective opportunities and identification of key companies that can influence the market on a regional scale
Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market share
Identification and analysis of the macro and micro factors that affect Saudi Arabia’s cosmetics market
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information

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