Press release
Cosmetic Skin Care Market Latest Report with Forecast to 2024
The Middle East and North Africa (MENA) has exhibited rapid economic development in the past few years. This, coupled with political stability achieved by major economies, has attracted leading players in the skin care cosmetic industry toward the region. The middle-income population in the region has risen considerably in the last few years. Plus consumers have become more aware about their health and wellness, beauty being a major concern among aging population. The region therefore demonstrates ample opportunities for the growth of the cosmetic skin care market.
Also the skincare market occupies a major share in the region’s cosmetic industry. According to an article published by cosmetic business in 2014, 40% of women, between age 30 and 40 years, in the region undergo cosmetic treatment. Thus in response to the increasing awareness about the aesthetic and cosmetic look, the demand for cosmetic skin care products is rising sharply. The demand for skin care products such as anti-aging, skin whitening, anti-acne, and sensitive skin has been recorded quite high in the Middle East and North Africa (MENA) region. Thus, the growing inclination toward better personal aesthetics is creating a substantial demand for cosmetic skin care products in MENA.
The MENA cosmetic skin care market is therefore forecast to reach US$6.29 bn by the end of 2024. The market’s valuation in 2015 was at US$3.18 bn. If these figures hold true, the MENA cosmetic skin care market will exhibit a CAGR of 8.0% between 2016 and 2024.
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Market to Continue Gaining from Rising Demand for Anti-Aging Products
On the basis of type of product, the Middle East and North Africa (MENA) cosmetic skin care market is segmented into – anti-aging, skin whitening, sensitive skin, anti-acne, dry care, bath and shower, intimate hygiene, and other products. The product categories such as anti-aging and skin whitening agents boast stronghold in the cosmetics skin care market. Of these, the anti-aging segment emerged dominant with a share of 25.2% in the market in 2015. Considering the opportunities prevalent for this category of skincare product, the leading skin care companies are focusing on the anti-aging and skin whitening product innovation.
Based on distribution channel, the Middle East and North Africa (MENA) cosmetic skin care market is categorized as super markets and hyper markets, departmental stores and convenience stores, spas, pharmacies, and others. A substantial share in the population still prefer direct purchase from malls instead of online portals. Thus, the super markets and hyper markets segment is likely to continue as the leading segments in the market, expanding at a significant growth rate. However, the increasing Internet penetration has set a good platform for online purchasing and is anticipated to expand further at a substantial rate.
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Middle East Emerges Lucrative in MENA Cosmetic Skin Care 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.
Some of the most prominent names in the MENA cosmetic skin care market are Shiseido Company, Limited, The Estée Lauder Companies Inc., Beiersdorf AG, The Body Shop International plc., THALGO COSMETIC GmbH, Natura Bissé International, S.A., The Aromatherapy Company, L’Oréal Group, ESPA International Ltd., Éminence Organic Skin Care, Pevonia Global, Shiffa Dubai Skin Care Cosmetics LLC, Ascendis.co.za., Unilever, Guinot S.A., Laboratories IPRAD, SkinMedica Inc., and Obagi Medical Products, Inc.
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