Retail value reached US$25.7bn in 2014
The Middle East and Africa (MEA) has knocked Latin America from its position as fastest growing beauty market.
The retail value for the beauty and personal care market in MEA in 2014 was US$25.7bn. The outlook is bright too, with a 4.8% annual growth rate predicted from 2014-2019, outstripping Asia Pacific with its 4.5% predicted rate, making it the second fastest growing market.
But where exactly were the biggest spenders? Consumers in Saudi Arabia spent a hefty $4.8bn on bath, shower, cosmetics, deodorants, fragrances, hair care, menís grooming, oral care and skin care last year. The next biggest spenders in MEA were those in Iran ($3.5bn), the UAE ($1.4bn) and Egypt ($1bn).
The figures were released by Euromonitor International at a press conference held to announce the 20th anniversary edition of Beautyworld Middle East, which was held recently at the Dubai International Convention and Exhibition Centre.
The Middle Eastern market is being buoyed by a number of factors including the increasing visibility and popularity of luxury brands, particularly fragrances. While consumers continue to buy into luxury products, it is becoming clear that sustainability is also an increasingly important factor. In a recent white paper released by Chalhoub Group, Luxury in the Gulf: A Sustainable Future?, it was revealed that in the Middle East, 83% of global luxury consumers surveyed expect the luxury companies they buy from to proactively engage in sustainable practices.
Where are consumers buying?
In Saudi Arabia, the majority of consumers continue to buy make-up products in-store, while a comparatively small amount shop online. No consumers were found to shop by email.