Market for color cosmetics set to boom in Middle East and Africa
According to the organizers of the Beautyworld Middle East event and its research partner Euromonitor International, the color cosmetics market in the region is predicted to grow by an estimated 35 percent between 2009 and 2014, growth that should see it valued at $2.3bn.
In particular, this growth is expected to be attributed to the United Arab Emirates, where it is estimated that women spend more on average than their counterparts in the UK and France, a fact that underlines the importance of this small but wealthy market.
High average incomes also mean that premium beauty products are considered to be an affordable luxury by women, which is in turn helping to boost the category’s growth, particularly in terms of value.
Cultural differences spell big differences
The region is seeing very strong growth in most categories, but while color cosmetics is developing rapidly in most of the individual market, cultural differences means that categories such as skin care and fragrance are seeing stronger growth in the Middle East, whereas African countries are seeing it in the hair care category.
Although many African countries within the region are developing from a small base, making a limited impact on the overall value of the market, many of the leading markets in the Middle East are demonstrating exceptionally strong growth from a far stronger starting point.
In particular the oil-based economies in already wealthy countries such as Saudi Arabia and United Arab Emirates are expected to be the main drivers in the growth.
In these markets growth is being driven by the fact that women are joining the workforce in increasing numbers, giving them a higher level of social and economic independence that is being translated into growing spending power.
Beautyworld Middle East event forecast to grow
On the back of this growth, organizers of Beautyworld Middle East 2012, which will be held in Dubai from May 29 - 31, is forecasting that the event will be 20 percent bigger this year, prompting it to move venue to the bigger Dubai International Convention and Exhibition Centre.
“It is evident that the beauty and personal care market in this region will continue to enjoy growth for the forseeable future,” said Ahmed Pauwels, CEO of Epoc Messe Frankfurt, the event organizer.
“This growth is also reflected in the Beautyworld Middle East, where we are seeing year-on-year growth to mirror the market sentiments.”
