Consumers in the Kingdom of Saudi Arabia are among the world’s highest spenders on fragrances. According to reproach firm Euromonitor International, Saudis, on average, spend over $700 per month on oriental fragrances and essential oils, and $500 per month on western fragrances, make-up and skincare outstripping their western counterparts at least 10-fold in terms of spend.
The market is set for further growth with Euromonitor predicting that the fragrance industry in KSA – the largest in the GCC – is expected to rise at a compound annual growth rate of 7.1% until 2024 reaching $2.64 billion in value.
It’s a forecast from which international manufacturers have scented huge opportunity and which is attracting new players, including those tailoring some products specifically to Saudi preferences. At the same time local producers are exporting their expertise and products to over 60 countries and are embracing innovative ways of keeping themselves relevant in a fiercely competitive marketplace.
The Kingdom’s leading perfume companies are sinking more into research and development to reduce the incubation time of the oud tree from 25-30 years to 10 years. They are embracing the need to conserve natural resources with an afforestation programme in which over 1,000,000 trees have been adopted to provide a consistent supply of quality oud. They are also expanding their product lines, creating exclusive, customised perfumes and are looking to satisfy the growing demand for all-natural, traditionally made scents.
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
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