This GCC color cosmetics market will advance at a 6.8% compound annual growth rate, to touch USD 2,314.5 million, by 2030.
The growth of the industry is because of various factors such as the increasing worries of people regarding their appearance, along with the rising disposable income in Bahrain, Kuwait, the U.A.E, and Saudi Arabia.
Moreover, the increasing consciousness of consumers on personal care, beauty products, organic cosmetic goods, and fashion trends; shifting lifestyles; attractive packaging; and advancement of color cosmetics technologies; are also boosting the growth of the industry.
The luxury products category, based on type, will advance at a higher rate, of over 7%, in the years to come. This is because of the surging personal income and increasing customer expenses. Furthermore, the growing consciousness of consumers regarding cosmetics, attractive packaging, and shifting lifestyles will further boost the growth of this category.
The facial make-up products category, based on product, led the GCC color cosmetics industry. This is mainly because of the accessibility of various facial make-up products, along with the existence of a large number of the youth population.
Furthermore, this category will also observe the fastest GCC color cosmetics market growth in the years to come. This can be attributed to the increasing requirement for natural facial color cosmetics, such as bronzers, facial compacts, blushes, highlighters, and foundations.
In addition, the surging population of working women, coupled with the growing awareness of physical appearance among millennial women are resulting in increasing facial make-up product sales.
The women category, based on consumer group, dominated the industry in recent years. This is primarily because of the increasing spending power of women, growing gross domestic product per capita, mounting working women population, accessibility of better products, rising advertisement activities for active color cosmetics for women, and increasing consciousness of women regarding various products.
The Saudi Arabian color cosmetics industry held the largest share in recent years, and it will further advance at a healthy rate in the years to come. This can be attributed mainly to the growing per capita expenditure on cosmetic products, mounting sales of cosmetics via online channels, and the increasing population of working women.
Moreover, customers are increasingly buying products after reviewing or reading information about them on websites, blogs, or social media. As a result, the number of customers frequently buying products through the Internet will continue to increase in the years to come.
It is because of the increasing number of working women, rising awareness of physical appearance, and surging count of influencers and digital marketing channels, the GCC color cosmetics industry will continue to advance in the years to come.
