Middle East and North Africa Cosmetic Skin Care Market to Reach US $6.29 Billion by the End of 2024

According to TMR, the MENA cosmetic skin care market, which stood at US$3.18 bn in 2015, is projected to reach US$6.29 bn by the end of 2024. If these figures hold true, the cosmetic skin care market in MENA will exhibit a CAGR of 8.0% between 2016 and 2024. The rapidly growing economies and political stability are the two key aspects to have attracted the most popular names in the cosmetic industry to this region. The rising disposable income of consumers in the region has helped strengthening distribution channels such spas and hypermarkets. This has helped the market players cater to the rising demand better, subsequently facilitating growth in the market.

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As the leading companies toy with various strategies to gain competitive advantage, investment in research activities has emerged as the most viable resort. Functional improvements in skin care cosmetics, offering innovations aimed at dynamic consumer preference, and offering better quality products are therefore a few of the most-widely adopted strategies by market players that have had a positive impact on the overall market.

Regionally, the MENA cosmetic skin care market is bifurcated into the Middle East and North Africa. Among these, the Middle East held a larger share of 69.6% in the overall market in 2015. Through the course of the report’s forecast period, the region’s dominance is expected to remain unaffected. Furthermore, share held by the Middle East cosmetic skin care market is forecast to increase on account of the increasing disposable income of consumers and the rising willingness to spend on cosmetic and skin care products. The high market penetration of leading companies and growth of medical tourism also aid growth witnessed by the cosmetic skin care market in the Middle East.

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Irrespective of the high demand for cosmetic skin care, the Middle East and North Africa (MENA) market for the same exhibits a moderately consolidated vendor landscape. L’Oreal S.A., Unilever Group, Procter & Gamble, Avon Products, and Beiersdorf AG led the market in 2015, holding a share of nearly 45.3%. Of these, the dominance of L’Oreal S.A. is attributable to its widespread global presence. Besides this, the aforementioned companies have a diversifying product portfolio, which has significantly helped them gain traction in the region, finds Transparency Market Research (TMR) in a new study. Furthermore, these companies focuses on product innovation, to cater to the dynamic needs of consumers.

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