True beauty lies within. However, consumers in the UAE willingly spend on beauty and personal care products. Moreover, the country’s beauty market is one of the largest and most profitable in both the region and the world.
Euromonitor International disclosed the results and figures from its latest research on the global beauty and personal care market at a recent event in Dubai. According to the study, UAE saw the most impressive per capita spend on beauty products in the Middle East and Africa (MEA) region. Each consumer in the country has invested an average of $156 in his or her beauty. Most probably, the survey included a limited number of people.
Despite that, the UAE is still not the largest beauty market in the region. Euromonitor International has discovered that in 2013 Saudi Arabia’s market managed accumulate $4.1 billion.
Also, the Middle East and Africa region is said to be among the fastest growing beauty markets in the world. Last year, it registered sales of $24.2 billion. In addition, over the past five years it jumped by 8%. In fact, only Latin America witnessed faster growth rates than MEA.
The research says that beauty market in the Middle East and Africa has gone through a great transformation over the last years. As a result, it has now turned into a leading global market for personal care and beauty products.
Another factor that has triggered the rabid growth in the region is that today the global beauty industry enjoys a huge popularity on emerging markets like the United Arab Emirates, for example. Namely, these beauty markets witness the largest profits and biggest spend. Also, MEA’s rapid growth suggest that it has acquired an international importance.
Euromonitor’s report has found that consumers in the Middle East and Africa prefer to spend more on fragrances. Last year, these products held nearly 20% of the region beauty market with sales amounting to $4.6 billion. Second most popular were hair care products with a share of 17% and sales of $4.1 billion. Skin care products were also in high demand. They saw total sales of $3.1 billion and accounted for 13% of MEA’s beauty market that year.
According to the study, the regional beauty and personal products market will continue to grow. It predicts that in the next four years, its annuals sales will surpass $30 billion.