Goldstein Market Intelligence is a young business consulting and market research firm with vast reach across America, Asia and parts of Saudi Arabia and the Middle East. Introducing latest research report on “Saudi Arabia Cosmetics Industry. Saudi Arabia's cosmetics market is forecasted on the basis of revenue analysis, product benchmarking and strategic developments of key market players.
Consumers are demanding personalized products and the brands are embracing through looking beyond the gender, age, sexuality & body type. The persona of brand has become important among the consumers as they prefer to see reflection of their values & traditions in the product & company. Further, the inclination of cosmetic companies towards the use of advanced technology such as artificial intelligence (AI) and digital technology for retailing & branding is further driving the unprecedented growth of the market.
Luxury brands have adopted improved recommendations from AI sources in order to proactively engage with the consumers. The rising adoption of AI has bent the consumers to rely on suggestions and advices from their various devices, instead of taking beauty decisions on the basis of personal experience.
Consumers are witnessed to be flocking to beauty products with simpler ingredients and are more fascinated by the use of Halal cosmetics. Currently the global Halal cosmetics market is approximately estimated at USD 54 billion and is anticipated to reach USD 80 billion by the end of 2020.
Another important challenge is to bring about a change in the society i.e. feminization. Saudi Arabia Health and Beauty industry targets the premium and niche cosmetic brands and also the organic products, that can help women to look after their personal health and well being. Thus it is a major challenge for the global & domestic players against the deep penetration of cosmetics industry in the country.
Goldstein Market Intelligence studied the full spectrum of the Saudi Arabia Cosmetic market, which comprises four key findings:
The Saudi Arabia Cosmetics Industry is expected to reach USD 13.62 Billion by 2024, from an estimated USD 4.86 Billion in 2016, growing at a CAGR of 13.75% during 2016-2024, owing to the propelling demand from millennial population who are increasingly becoming aware of their body health and beauty looks and have increasing urge to find cure for the issues occurring with their hair, face and other body parts.
Fragrances products is estimated to be the biggest segment in the cosmetics industry with its market size expected to cross USD 2.03 billion by 2020. Major factors impacting the high demand of fragrances are the high income, high personal disposable income, and preference of oriental fragrances as compared to western fragrances.
In Saudi Arabia, the people are witnessed to be using luxury Cosmetic products significantly with the rising income levels. Saudi Arabia consumers are the first ones to try new products, and also tend to be very particular in what they use on their face, hair and body. “Women in this part of the world are exceptionally beauty-savvy – they know exactly what they’re buying and why they’re buying it,”. So it’s vital for brands to live up to expectations with products that are competitive, effective and high in quality – but the market offers unparalleled opportunities for businesses that foreground unique, satisfying beauty experiences.
The distribution channel in present scenario is witnessing dynamic changes such that the Saudi Arabia brands are shifting towards digital promotion & online distribution of their products. Although offline distribution channel acquires 89.22% market share but it is anticipated to decline and compensated by online distribution channel which is growing at 16.36% CAGR as compared to 12.99% CAGR growth of offline distribution channel during the forecast period 2016-2024.
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