GCC Color Cosmetics Market To Generate Revenue Worth $2,314.5 Million by 2030
- Published: March 2022
The color cosmetics market in GCC countries is booming, due to the rising concerns of individuals for their appearance and the increasing disposable income in regional countries, such as Kuwait, Bahrain, Saudi Arabia, and the U.A.E. Furthermore, the changing lifestyles; rising consumer awareness on beauty products, personal care, fashion trends, and organic cosmetic goods; technological improvements in color cosmetics; and appealing packaging are also fueling the market expansion. Because of these factors, the market will likely garner $2,314.5 million revenue by 2030 and show significant growth during the forecast period.
During the COVID-19 pandemic, the demand for color cosmetics in the GCC region decreased, due to the closures of offices, retail stores, and other businesses, as well as a significant decline in social gatherings, which influence consumer preferences and practices. Particularly, the demand for facial make-up products was reduced, due to fewer make-up usage occasions, ongoing mask-wearing trend, remote working environments, and social distancing. In addition, the shutdown of manufacturing facilities across the region and travel bans majorly impacted the market in the pandemic time.
On the contrary, the sale of color cosmetics through e-commerce channels witnessed positive growth during the pandemic, as they offer diverse product options, door-to-door delivery, and secure payment gateways services. In addition to this, the market is expected to recover with the expected increase in cosmetics demand and tourism activities in the region in the coming years.
Facial Make-Up Products Category Dominates GCC Market
Based on product, the GCC color cosmetics industry is categorized into nail products, lip products, eye make-up products, facial make-up products, hair color products, special effect products, and others. Among these, facial make-up products emerged as the highest revenue-generating category in 2021. Moreover, this category is expected to witness the fastest growth during the forecast period as well, owing to the rising demand for natural facial color cosmetics, including facial compacts, bronzers, blushes, foundations, and highlighters. Additionally, the increasing number of working women and the rising consciousness about physical appearance among millennial women are leading to the surging sales of facial make-up products.
Saudi Arabia Is the Largest Market for Color Cosmetics in GCC
The color cosmetics market in Saudi Arabia accounted for the largest revenue share in the GCC in 2021, and it is also expected to witness healthy growth during the forecast period. This will majorly be due to the increasing per capita expenditure on cosmetic products, growing population of working women, and surging sales of cosmetics through online channels. Moreover, consumers are increasingly purchasing products after viewing information about them on social media websites and blogs. Thus, the number of consumers regularly purchasing products via the internet will continue to grow over the coming years.
Partnerships & Collaborations Are Major Strategic Measures Taken by Market Players
Players in the GCC color cosmetics industry are expanding their product portfolio by involving in partnerships & collaborations to target more customers across GCC. For instance:
- In September 2021, Coty Inc. announced a multi-channel collaboration with Perfect Corp., a beauty tech solutions provider, to integrate a suite of augmented reality and artificial intelligence (AI) experiences into its beauty brand digital marketing toolkits. Virtual try-ons, online skin diagnostics, and data-driven customizations will be available for brands, including CoverGirl, Sally Hansen, and philosophy, and Coty's fragrance portfolio.
- In October 2020, L'Oréal Group announced its partnership with customer experience management (CXM) platform Sprinklr, to enhance its client care capacities. L’Oréal is utilizing Sprinklr's 'Modern Care,' 'Modern Engagement', and 'Sprinklr AI' devices to upgrade its capacity, to react to online client requests across all channels. As indicated by the partners, the COVID-19 crisis has accelerated the e-commerce trend; thus, the former is upgrading its capacity to deal with the rising volume of online client requests.
Some of the major players operating in the GCC color cosmetics 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, Coty Inc. Revlon Inc., Guerlain SA, and MAC Cosmetics.