Market for female beauty care products to outgrow male grooming market with Central and Eastern Region taking centre stage due to growing young population, jump in workforce and rising per capita income.
According to “Strategic insights on Saudi Arabia Beauty & Personal Care Market: Analytics & investment opportunity mapping, Competition Forecast & Opportunities, By Type (Skin Care, Color Cosmetics, & Fragrances), Point of Sale, Age Group, Region, Company and Halal Vs. Conventional, (2017-25)” the market for Beauty & Personal Care Market is slated to grow at a CAGR of 3.55 percent during the forecast period 2017-2025 on account of increase in average spend by male and females for grooming due to increase in per capita income caused by revival of oil & gas industry (after crude oil price increase), increase in population, in the age group 20-49, urbanization and increase in women participation in workforce.
Growing young working population, fast urbanization and stable crude oil prices will result in increase in median per capita income which in turn will increase household expenditure on beauty and personal care market after a slowdown in 2015.
The usage pattern of female for fairness products in the age group 20 to 34 showing great potential as female participation in workforce is increasing especially in the central and eastern regions main cities of Riyadh and Dammam.
Societal alteration have dramatically changed the usage pattern of beauty products in KSA from being occasional user to frequent user as a result of economic and cultural changes.
The most notable trend shift from the joint family to the nuclear one has further boasted the market for cosmetics. Further, the new breed of financially-independent women are spending almost 70-80 percent of their salary on cosmetics.
The usage rate from light usage to medium to high usage will increase the market size as cities synonymous with style and success is creating a vibrant and unique upscale shopping experience which most families in KSA has predilection for. Besides perfume, hair-care products are showing an increasing importance in Saudi Arabia.
Forecast are based on primary survey related to consumption patterns of households in the urban region, economic trends related to household expenditure & per capita income and interviews with industry professionals.
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