Cosmetic Skin Care Market Forecast 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.
By product-type, the anti-aging skin care segment held the lead in the market with a share of 25.2% in 2015. As consumers around the world become more willing to spend on beauty products promising reduced signs of aging, the demand from this segment is likely to rise higher. Regionally, the Middle East held dominance with a share of 69.6% in the overall market in 2015. Furthermore, TMR projects the region to remain dominant through the course of the forecast period.
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Aging Population and Rising Focus on Physical Appearances to Fuel Growth
The primary driver of the market is growth in aging population. Consumers in general have become more conscious about their aesthetic than ever. The demand for anti-aging creams and different skincare lotions has therefore surged tremendously, enabling the market gain considerable momentum. Besides this, the growing awareness about the availability of these products has acted as a chief driver of the cosmetic skin care products market in MENA. Also the rising affordability of consumers across this region has enabled the market’s growth.
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.
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.
Stringent Regulations to Create Bottlenecks
On the downside, the cosmetic skin care market is still reeling under the lack of awareness about skin care across certain nations in MENA. In addition, stringent government regulations with regards to approval and marketing of these products at times play spoilt sport. Nevertheless, with the rise in medical tourism, MENA will keep offering lucrative opportunities to the players in the cosmetic skin care market. Also innovative strategies adopted by companies to promote product sales and advent of online channels have considerable benefitted the cosmetic skin care market in MENA.
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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Innovative marketing strategies hold key to the success of the companies operating in the cosmetic skin care market. For companies operating in the cosmetic industry, it is imperative to maintain goodwill. “Loss of brand-identity can cost companies heftily hence a considerable investment towards PR campaigns is noted,” observed the TMR report’s author. Also a majority of the prominent names in the MENA cosmetic skin care market strive to strengthen their research activities, which has an overall positive impact.
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