The Middle East and Africa region (MEA) saw the value of their combined fragrance markets climb 7 percent in 2015, to US$5,2 billion, according to research released by Euromonitor International.
The MEA region has the potential to become the world’s second largest by 2019, according to Euromonitor, with growth estimated at 31 percent for 2014 to 2019 (a CAGR of 6.5 percent), bringing its value to US$5.8 billion, second only to Latin America. Saudi Arabia is the market-leader, accounting for US$1.7 billion of the total, followed by UAE, valued at US$423 million.
Several of the world’s largest fragrance producers have established bases in the region in recent years, including Mane, Robertet, Expressions Parfumées and Technico Flor, while Eurofragrance invested Dh10 million in a 1,000m2 creative center in Dubai last year – the Middle East represents 60 percent of its global business volume.
“Most of our customers are based here so it’s a very important strategic market for us,” explained Eurofragrance Country Manager Sheikh Zaman in an interview with The Peninsula Qatar. “In the Middle East, male or females enjoy fragrance because here, more than anywhere else, fragrances are very much a part of our everyday lives, and essentially represent an extension of our lifestyles.”