Published: April 2022 | Report Code: 12243 | Available Format: PDF | Pages: 202
The Saudi Arabia fragrance market size was estimated at $2,049.7 million in 2021, and it will grow at a CAGR of 6.1% during 2021–2030. The market is driven by the increasing number of gym-goers and rising importance of personal hygiene and grooming in the country. Saudi Arabia is one of the most-important markets in the Middle East for cosmetics and fragrance products. Consumers in the country spend a lot of money on their personal appearance, which helps the market grow.
The COVID-19 pandemic has had an enormous impact on every aspect of the beauty and personal care industry, with the fragrances sector taking an especially hard hit during the lockdown. The industry, which was growing at 10% annually before the pandemic, saw negative growth due to the nationwide lockdown and the consequent drop in the demand for consumer products in 2020.
The market growth is expected to quicken over the decade with the growth in the e-commerce sector. The internet is massively contributing in driving the awareness about fragrance products among consumers. Saudi Arabia has the highest number of active social media users in the region on various platforms, including Instagram, Facebook, Snapchat, and Twitter. Many beauty product startups have gained popularity through social media by promoting their products on these platforms. Moreover, key players are also using these platforms to market their newly launched products.
In Saudi Arabia, luxury products held an estimated revenue share of around 80% in 2021. This is because Saudi Arabia has one of the world's fastest-expanding economies, owing to the high individual income levels and the country's robust oil & gas and banking and financial sectors. As a result, there has been an increase in the sale of luxury products. The country is also undergoing a tremendous population expansion, and youngsters are currently the most-powerful catalyst for the surging demand for luxury fragrance products.
Women treasure fragrances as a vital pillar of their personal identity. With the increasing female workforce, the popularity of fragrances is growing among them. Fragrance is a favorite among ladies and one of the most-vital and appealing personal care accessories. Some ladies prefer a mild fragrance, while others prefer a strong one. Women have a choice of fragrances available in various types, which they choose depending on whether they are at work, home, or a social gathering.
Perfumes are an essential part of the grooming routines of both men and women here, as well as an indicator of cleanliness and good taste. Perfumes are used by both women and men and signify the consumer’s personality, style, and individuality. With the changing consumer preferences, people in Saudi Arabia are shifting from traditional to Western perfumes, due to which many companies from the West, such as Christian Dior SE and Elemis Ltd., are starting their business in Saudi Arabia, which is contributing to the growth of the Saudi Arabia fragrance market.
Market Size in 2021
Revenue Forecast in 2030
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Category; By Type; By Gender
Fragrant ingredients are commonly used in cosmetics and personal care products, such as shampoos, shower gels, shaving creams, body lotions, and body and hair oils. Moreover, the surging customer interest in health and wellbeing has opened up new opportunities for fragrance innovation. It has been seen that consumers consider an appealing fragrance an important factor while buying personal care products.
Additionally, from a marketing point of view, a successful fragrance is one that positively reflects the brand and caters perfectly to the target consumers. Hence, most of the companies in the personal care industry are innovating their products by using pleasant and organic fragrant ingredients, which, in turn, drives the fragrance market in the country.
Major players in the market have been involved in product launches to remain competitive. For instance:
The report offers a comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Category
Based on Product Type
Based on Gender
The 2030 value of the fragrance market of Saudi Arabia would be $3,500.9 million.
The type segment of the Saudi Arabia fragrance industry is dominated by perfumes.
The fragrance market in Saudi Arabia generates the highest revenue from females.
Social media marketing is a key Saudi Arabia fragrance industry opportunity.
To outlast the competition, companies in the fragrance market of Saudi Arabia are launching new products, especially those containing nature-derived ingredients.
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