The Middle East and Africa (MEA) has overtaken Latin America as the world’s fastest-growing market for beauty and personal care products with a retail value of US$25.7bn in 2014, according to research.
Analysts Euromonitor International have estimated that the beauty market in the region will record a 4.8 percent annual growth rate between 2014 and 2019, which is almost twice the global average of 2.6 percent.
This is also ahead of the world’s next fastest growing market, Asia Pacific which has a 4.5 per cent growth rate.
Consumers in Saudi Arabia spent US$4.8bn on bath and shower, cosmetics, deodorants, fragrances, hair care, men’s grooming, oral care and skin care last year.
They join big spenders in Iran (US$3.5bn), the UAE (US$1.4 bn), and Egypt (US$1bn) to account for 41.6 percent of the buoyant MEA beauty market.
The figures were revealed at a press conference to announce the 20th anniversary edition of Beautyworld Middle East, which takes place from May 28-28 2015 at the Dubai International Convention and Exhibition Centre.
The three-day event will this year feature 1,450 exhibitors from 60 countries.
It will coincide with the launch of ‘Centre Stage by Nazih Group’ — a three-day live educational showcase highlighting the latest trends and regulations in the regional beauty industry.