Beautyworld, in collaboration with BeautyMatter, has unveiled a comprehensive report detailing the evolution, current state, and future prospects of the beauty industry in the Middle East and North Africa (MENA) region. The Beautyworld x BeautyMatter 2024 Middle East Market Report offers new insights, data, and intelligence about this rapidly expanding market.
Currently valued at $46 billion, the MENA beauty and personal care industry is projected to reach $60 billion by 2025, according to Euromonitor. The report provides a detailed analysis of the market’s growth, driven by a younger, digitally connected population, increasing urbanization, rising disposable incomes, and a growing expatriate community.
Flyn Roberts, Chief Commercial Officer of Messe Frankfurt Middle East, the organizers of Beautyworld, commented, “With Beautyworld Middle East and Beautyworld Saudi Arabia being premier industry events in the region, this report was an important collaboration with our trusted partner BeautyMatter. We hope the report sets a new industry benchmark, providing the global industry with a blueprint to better understand and capitalize on the growing opportunities for both local and foreign brands in this dynamic region.”
The report highlights several key trends:
– The GCC (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE) is experiencing rapid economic growth, with the World Bank predicting the region’s GDP could grow to $13 trillion by 2050.
– The beauty sector in the MENA region is expected to see double-digit growth across all major categories, with a total CAGR of 12% to 2027, according to McKinsey and Euromonitor.
– The global fragrance market, driven largely by the UAE and Saudi Arabia, is projected to be worth $7.21 billion by 2032.
– Women in the GCC spend an average of $63 per month on makeup and $52 on skincare, while men spend an average of $16 per month on skincare.
– Despite the rise of e-commerce, mall culture remains strong, with the market expected to grow from $376 billion in 2023 to $586 billion by 2028.
– The number of spas in the MENA region increased by 49.2% from 2020 to 2022, reaching 8,762 spas worth $4.4 billion.
Kelly Kovack, Founder and CEO of BeautyMatter, said, “Our approach with this market report was to do a deep dive into an incredibly dynamic region to arm readers with data and intelligence framed with historic and cultural context to inform their Middle East strategies.”
The report will be complemented by a webinar on August 13, featuring a panel of experts, including Amna Abbas from Euromonitor, clean beauty advocate Anisha Oberoi, and Polly Williams of Tish Tash. Additionally, key findings will be presented live at Beautyworld Middle East 2024, from October 28-30 at the Dubai World Trade Centre. The event, expecting over 2,000 exhibitors and 70,000 visitors, underscores the Middle East’s growing importance in the global beauty industry.