Saudi Arabia Cosmetics Market is Projected to Grow at a CAGR of 6.7% in the Forecast Period
Published | 14 September 2021
Saudi Arabia cosmetics market is experiencing a high CAGR due to the changing standards of beauty and consumer preferences regarding cosmetics, in addition to the availability of a wide range of cosmetic products..
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Saudi Arabia cosmetics market is estimated to grow at a CAGR of 6.7% during the forecast period. The Saudi Arabian cosmetics market grew significantly in recent years and is expected to maintain its well-established growth pattern in the forecast period. The major factors propelling the market’s growth are the changing beauty standards and consumer preferences and the availability of a wide range of beauty products. Furthermore, the availability of halal products and increasing penetration and awareness regarding vegan cosmetic brands also influence the growth of the Saudi Arabia cosmetics market. The demand for luxury cosmetics brands such as Chanel and Dior are very prominent in Saudi Arabia due to the high living standards of the target demographic, which makes this region a leading market for such products. As a result, more and more luxury brands are releasing innovative cosmetic products in this country, which is expected to boost the Saudi Arabia Cosmetics market. Last but not least, increasing demand for male grooming products is also powering the market growth.
Increasing Demand for Skincare Products Driving the Saudi Arabia Cosmetics Market
Saudi women spend a great deal of money on makeup to beautify themselves and enhance their looks.Customer demand, however, is increasing for skincare products that don't harm the skin. As a result, cosmetic brands that perform dual functions of serving both aesthetic and dermo requirements are in huge demand across Saudi Arabia. Skin is constantly exposed to damages such as harmful UV rays and increasing pollution which has negative effects on the skin. Accordingly, the market is increasingly gravitating toward dermatology-tested products that maintain radiance for longer periods and can be used without harming the skin's structure. This factor is significantly expected to boost the Saudi Arabia cosmetics market.
Flourishing Men’s Grooming Products Segment Is Anticipated to Propel the Saudi Arabia Cosmetics Market Growth
Women are the primary consumers of cosmetic products. The market for men's cosmetic products offers excellent potential for cosmetic brands as societal norms are changing, and makeup is being adopted more by all genders to add to their beauty and enhance features. Therefore, cosmetic brands have begun to launch makeup and cosmetics geared towards men's skin in Saudi Arabia to tap into this growing market. Over the forecast period, product launches targeting men's cosmetic needs are forecast to drive Saudi Arabia's cosmetics market.
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Saudi Arabia Cosmetics Market - By End-User
Based on end-users, the Saudi Arabia cosmetics market is segmented into premium customers, mass-market, and professional. The mass market segment accounts for the largest market share because of the high living standards of general customers in Saudi Arabia. Furthermore, a large and growing population of young people in this region is willing to spend money on cosmetics to improve their looks. Furthermore, the premium segment of customers also constitutes a large portion of the market. This segment is also projected to witness the highest CAGR during the forecast period because of the high demand for luxury brands.
Impact of COVID-19 on Saudi Arabia Cosmetics Market
The sudden outbreak of COVID-19 negatively affected the Saudi Arabia cosmetics market. Since the government imposed a lockdown to curb the spread of the virus, the distribution channels in Saudi Arabia were blocked entirely, which led to an inability to meet the growing demand for cosmetics. Furthermore, Saudi Arabia has a high concentration of global cosmetic brands such as MAC. However, with imports and exports activities temporarily banned in the country, the cosmetic market faced severe losses. In the post-COVID-19 era, the growth of various online platforms and the easy accessibility of a range of cosmetic products with door-step delivery services are expected to boost the market.
The leading players in the Saudi Arabia cosmetics market are Arabian Oud, Al Quraishi, SHISEIDO, UNILEVER, Chanel, Dior, Guerlain, MAC, Procter & Gamble, Lancôme, and other prominent players.
The market is highly fragmented, with the presence of several cosmetic brands. Nevertheless, certain brands, such as MAC, still dominate the market. Moreover, the existence of luxury brands such as Chanel and Dior make the market extremely competitive. The companies offer a wide range of products and frequently launch products that cater to the needs of various skin types and target demographics. They also invest heavily in advertising and marketing campaigns to create brand awareness and attract potential customers. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, and collaborations is also very prominent.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia cosmetics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Saudi Arabia cosmetics market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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