Saudi Arabia’s population of 32 million has attracted many international fragrance brands over the years, who have positioned themselves alongside the established local players. But in a market still recovering from the impact of low crude oil prices and cuts in public sector bonuses, the industry needs to take a different approach.
According to Euromonitor International, the Saudi fragrance market was valued at Saudi riyals SAR6.7bn (US$1.78bn) in 2016, declining by 1% compared to the previous year. Between 2016 and 2021, the market is expected to grow at an annual rate of 1% in constant prices, compared to an annual growth rate of 5% between 2011-2016.
“The projection is due to the slowdown of growth that started in 2015 and continued in 2016 because of Saudi Arabia’s unstable economic situation. However, we expect
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