MEA beauty market set to grow

RetailME Bureau

According to research firm Euromonitor International, the retail value of the Middle East and African (MEA) market for beauty and personal care – comprising fragrances, haircare, skincare, colour cosmetics and men’s grooming – will be worth $34.9 billion in 2019, set to grow to $43.4 billion in 2022, at a CAGR of 7.5%.

In the UAE, consumers spent $2.1 billion in 2018 on items such as fragrances ($610 million), colour cosmetics ($297 million), skincare ($306 million) men’s grooming ($298 million), haircare ($323 million) and bath and shower products ($167 million).

Small wonder, thus, Beautyworld Middle East has enjoyed strong growth over the last four years, with both exhibitor and visitor numbers increasing at a CAGR of 6% between 2014 and 2018. This trend will likely continue in 2019 and beyond, in line with a MEA market that itself is on track for solid growth over the next four years.

Its effectiveness as a business platform, for example, was demonstrated in 2018 by the experience of Brazilian participants, who saw a combined $3.4 million in deals during the event according to figures released by the Brazilian Association of the Cosmetic, Toiletry and Fragrance Industry (ABIHPEC).