Booming Population of GCC Raising Requirement for Color Cosmetics

Color cosmetics include make-up, skincare, and haircare products. They help enhance the look, conceal undesirable spots and marks on the skin, and define facial features, while giving a healthy and fresh appearance. Like elsewhere on earth, in Gulf Cooperation Council (GCC) nations, the demand for color cosmetics is increasing year by year. GCC contains six countries-the U.A.E., Kuwait, Bahrain, Oman, Saudi Arabia, and Qatar-all of which have been undergoing an economic expansion over the past few decades because of their huge reserves of oil and gas.

Thus, the GCC color cosmetics market was valued at $1,277.2 million in 2021, which is projected to touch $2,314.5 million in 2030, growing at a CAGR of 6.8% from 2021 to 2030. The credit goes to the rising focus of the population on appearance enhancement and growing disposable income. As per the Census and Economic Information Center, the disposable income of people in Saudi Arabia grew to $658,493.5 million in 2017 from $617,848.7 million in 2016. Moreover, the growing number of digital marketing channels and influencers and rising population of working women are some of the key drivers for the market.

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Similarly, the requirement for organic color cosmetics has been rapidly growing. This is being fueled by the rising consumer awareness of organic products' benefits, such as lower harm to the skin compared to products laden with chemicals. Furthermore, companies are continuously looking for innovative ways to supply new functionality and features, as well as delivering a variety of cosmetics for various types of skin (oily, normal, and sensitive). Hormones, nutrition, smoking, stress, and worry have a detrimental impact on the health and look of the skin, which also drives the demand for organic products.

In 2021, women's color cosmetic items accounted for more than 80% of the GCC color cosmetics market sales, in terms of value. This was mostly due to women's expanding purchasing power, growing GDP per capita, greater product availability, growing number of working women, females' growing knowledge of varied goods, and increasing promotional efforts for active color cosmetics for women. In Saudi Arabia, for example, between 2018 and 2020, women's employment rate in the age group of 40 to 54 years climbed by roughly 20%, while that of women aged 18 to 39 years increased by at least 10%.

The primary digital marketing outlets that influence customers to try new cosmetic products include YouTube, Instagram, Facebook, Pinterest, Twitter, and personal beauty blogs. For the promotion of their products, manufacturers are cooperating with social media influencers. As a result, online platforms have become an important marketing tool, as they allow market players to communicate directly with consumers and promote their products. As of August 2021, there were around 1,000 beauty influencers in the U.A.E., such as Eljammi Gozali, Elnaz Golrokh, Samira Olfat, Joelle Mardinian, Huda Heidi Kattan, Najla Kaddour, and Fyza Ali, who influenced people's perceptions to color cosmetics.

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Additionally, players in the GCC color cosmetics market are diversifying their product portfolios through partnerships and collaborations, to reach out to more clients. For example, Coty Inc. and Perfect Corp., a beauty tech solutions provider, announced a multi-channel agreement in September 2021 to incorporate a suite of AI and augmented reality experiences into its digital marketing toolkit. For brands such as CoverGirl, Sally Hansen, and philosophy, as well as Coty's fragrance portfolio, digital skin diagnostics, virtual try-ons, and data-driven personalization will be available.

Hence, due to the rise in the disposable income, the requirement for color cosmetics in GCC will rise.

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This release was published on openPR.