Beautyworld Middle East 2024 announces new market report in collaboration with BeautyMatter.
Beautyworld Middle East 2024 announces a new market report in collaboration with BeautyMatter, presenting ground-breaking insight into the Past, Present and Future of the Middle East’s beauty industry. Indeed, Beautyworld’s extensive and insightful new report, in collaboration with BeautyMatter, provides industry professionals with all-new research, core data and intelligence into the Middle East’s fast-growing beauty industry for the first time.
The MENA (Middle East and North Africa) beauty and personal care industry’s value stands at US$46 billion and will reach US$60 billion by 2025, according to estimations by Euromonitor. Moreover, the bespoke Beautyworld + BeautyMatter 2024 Middle East Market Report offers a timely and in-depth statistical look at the evolution, development, and future growth of the region’s beauty industry.
Middle East Market Report Data
The Middle East Market Report gathers data, intelligence and insights from industry executives and experts. They then distill the intricacies of consumer demographics, the driving forces behind evolving trends, and the emergence of the new beauty consumer in the region.
The data not only analyses the rising demand for beauty and wellness products in the region. It also illustrates the high potential for continued growth rate in the sector. Growth is driven by the Middle East’s younger and digitally-connected demographic, urbanization, rising disposable incomes and a growing expat community. Readers will also find with insightful predictions as to market worth in the near future.
“With Beautyworld Middle East and Beautyworld Saudi Arabia the 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 with the goal to bring key market data and research into one place to provide the global industry with a blueprint to better understand and capitalise on the growing opportunities for both local and foreign brands in this dynamic and ever evolving region.”
Flyn Roberts, Chief Commercial Officer of Messe Frankfurt Middle East
The region’s consumer demographic shows that Gen Z leads the charge across MENA. Indeed, under-30-year-olds make up 55% of the population. In comparison the Organization of Economic Cooperation and Development countries accounts for 36%. Beauty companies wanting to tap into this influential younger consumer generation must have a digitally-savvy, values-first approach. When making purchases, Gen Z increasingly look beyond pretty packaging toward brands with storytelling, purpose, and unique selling points.
The report also spotlights the growing demand for A-beauty (Arab beauty) brands and products. These are designed to meet the specific needs and preferences of Middle Eastern beauty consumers. The impact of regional brands on a Western market is also highlighted. Brands like female-run Saudi-based Asteri and Omani luxury fragrance house Amouage are aiming at both global expansion and international recognition.
Key insights
- The GCC (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) is home to some of the world’s fast-growing economies. The World Bank expects the region’s GDP to triple to US$6 trillion by 2050, but could grow to US$13 trillion.
- Double digit growth is expected across all major beauty categories in the region to 2027. There will be a total CAGR of 12%, the highest globally according to McKinsey and Euromonitor.
- Expert Market Research predicts the global fragrance market will be worth US$7.21 billion by 2032. This will be largely driven by the UAE and Saudi Arabia.
- Women in the GCC spend an average of US$63 on make-up and US$52 on skincare per month. Instead, men spend an average of US$16 per month on skincare
- The growth of the e-commerce mall culture remains firmly engrained in the Middle East. This market is set to grow from US$376 billion in 2023 to US$586 billion in 2028 according to the Middle East Council of Shopping Centres and Retailers.
- There were 8,762 spas across MENA in 2022. This represents US$4.4 billion, according to the Global Wellness Institute, a 49.2% increase since 2020. Instead, Stellar Market pegged MENA’s spa service market at US$25.77 billion in 2023.
“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.”
– Kelly Kovack, Founder and CEO of BeautyMatter
BeautyMatter’s Kelly Kovack will also present key findings from the report live on the Next in Beauty stage at the upcoming Beautyworld Middle East 2024 event from 28 – 30 October at Dubai World Trade Centre. With 2,000+ exhibitors and 70,000+ expected visitors, the event celebrates the importance of the Middle East market as a key player in the global beauty industry. The event acts as a bridge between manufacturers, buyers, and brands, and providing industry professionals across the entire value chain a platform for connection, education, and global trade.
For more information and to register, click here.