Published: September 2021 | Report Code: CP12242 | Available Format: PDF | Pages: 119
The Saudi Arabian color cosmetics market generated $603.6 million revenue in 2020, and it is expected to grow at a CAGR of 7.1% during 2020–2030. The key factors responsible for the growth of the market include the rising disposable income, growing consciousness about appearance, surging demand for organic color cosmetic products, high investments in advertising and marketing initiatives, including via digital channels and influencers, and growing population of working women.
COVID-19 has affected the production and demand for color cosmetics due to the disruption in the supply chain and financial impact on consumers, respectively. With the lockdown imposed by the Saudi government, retail businesses shuttered and purchasing behavior declined, which changed the market dramatically. The new norms, such as working from home, physical distancing, and wearing of masks, have led to the lower use of cosmetic products. Thus, the color cosmetic market in the kingdom witnessed a decline in its growth rate in 2020.
The mass products category held the larger share in 2020 in the Saudi Arabian color cosmetics market, based on type. This is majorly attributed to the fact that these products are manufactured in huge quantities at one time, in order to provide greater access to consumers. As a result, they are available at affordable prices.
The facial make-up category is expected to be the fastest growing in the color cosmetics market of Saudi Arabia during the forecast period, based on product. This will majorly be due to the rising demand for different shades of foundations, blushes, and bronzers that incorporate light-capturing crystals. Moreover, the increasing number of working women is leading to the rising sales of facial make-up products, in order to get a flawless look.
One-time packaging has emerged as the higher-revenue-generating category in the market for color cosmetics in Saudi Arabia. This is majorly due to the fact that single-use plastics are the most-commonly used for packaging, which is commonly known as one-time packaging.
The women category is expected to be the fastest growing in the Saudi Arabian color cosmetics market during the forecast period. This will primarily be due to the increasing number of working women and their evolving lifestyle as a result.
The supermarket/hypermarket category held the largest share in 2020 in the Saudi Arabian color cosmetics market, based on distribution channel. This is majorly attributed to the availability of a broad range of color cosmetics under a single roof, ample parking space, and convenient operation timings. Moreover, the increase in the urbanization rate, rise in the working population, and competitive product pricing boost the popularity of hypermarkets.
The western region of Saudi Arabia is expected to lead the color cosmetics market and is expected to be the fastest-growing category during the forecast period. This can be attributed to the growing urbanization rate and higher disposable income of the people of the western region of the country.
Industry players are bringing about innovations in their color cosmetics, with the increasing awareness on having an improved appearance among consumers. Moreover, the population of working women has increased over the past decade, and this population is highly conscious about its appearance. According to Our World in Data, in 2017, the female-to-male ratio of labor force participation was 27.99%, which has increased to 28.29% in 2020. The growing working women population, along with the improving lifestyle in the country, is leading to the rising demand for improved color cosmetics.
According to the Census and Economic Information Center (CEIC), in Saudi Arabia, the gross national disposable income reached $658,493.5 in 2017 from $617,848.7 in 2016. Moreover, as per the data provided by the Saudi Arabian Monetary Agency, consumer spending in the country increased to $83,916.1 million in the first quarter of 2021 from $80,067.9 million in the fourth quarter of 2020. The increase in the per capita income has raised the willingness of consumers to spend on premium color cosmetics, which, in turn, is propelling the market.
Women in Saudi Arabia are joining the labor force at a high rate. During 2018‒2020, the employment rate of women aged 40‒54 years increased by more than 20% and that in the age group of 18‒39 increased by at least 10% in the country. Private-sector employment of Saudi women has been increased among other economic sectors during 2018–2020, with the majority showing an increase of over 10%. Moreover, according to a press release in CNBC published in April 2021, the labor force participation rate for women in Saudi Arabia increased from 20% in 2018 to 33% in 2020.
|Base Year (2020) Market Size||$603.6 Million|
|Market Size Forecast in 2030||$1,197.2 Million|
|Forecast Period CAGR||7.1%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Regional Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Type; By Product; By Packaging; By Consumer Group; By Distribution Channel; By Region|
|Market Size of Geographies||Central; Eastern; Western; Southern|
|Secondary Sources and References (Partial List)||Census and Economic Information Center; General Authority for Statistics; Saudi Arabian Monetary Agency; Ministry of Communications and Information Technology; National Bureau of Statistics; National Health Service; United Nations Department of Economic and Social Affairs; United States Food and Drug Administration; U.S. National Library of Medicine; World Bank; World Health Organization|
The market is fragmented in nature. Some of the major players in the market are L'Oréal S.A., The Procter & Gamble Company, Unilever Group, Beiersdorf AG, The Estée Lauder Companies Inc., Shiseido Co. Ltd., Avon Products Inc., Oriflame Holding AG, LVMH Moët Hennessy-Louis Vuitton SE, and Coty Inc.
In recent years, players in the color cosmetics industry have been involved in mergers and acquisitions in order to attain a significant position. For instance:
The Saudi Arabian color cosmetics market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Type
Based on Product
Based on Packaging
Based on Consumer Group
Based on Distribution Channel
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