Saudi Arabia Color Cosmetics Market To Generate Revenue Worth $1,197.2 Million by 2030
- Published: September 2021
The growing disposable income, rising consciousness about appearance, surging demand for organic color cosmetics, high investments in advertising and marketing initiatives, increasing number of working women, and surging digital marketing activities are the major growth drivers for the Saudi Arabian color cosmetics market. Due to the aforementioned factors, the industry is projected to generate $1,197.2 million revenue in 2030, advancing at a CAGR of 7.1% during 2020–2030.
During COVID-19, manufacturing facilities of color cosmetics were not operational, while people were forced to stay home, thereby leading to the low production of and demand for cosmetics, respectively. In 2019, Saudi Arabia’s consumers spent $647 million on color cosmetics, while in 2020, the spending was about 40% less. However, with the lifting of the lockdowns and opening of offices, the Saudi Arabian color cosmetics market is set to revive soon.
Facial Make-up Products Witness Highest Demand among All Products
The Saudi Arabian color cosmetics market is categorized into nail products, lip products, eye make-up, facial make-up, hair color products, special-effects products, and others, based on product. Among these, the facial make-up category dominated the market in 2020, and it is expected to witness the fastest growth during the forecast period (2021–2030). This would mainly be due to the growing demand for facial make-up among the rising number of working women in order to maintain a flawless appearance in the workplace.
Moreover, the market for color cosmetics in Saudi Arabia is categorized into luxury products and mass products, based on type. Out of these, the mass products category will generate the higher revenue throughout the forecast period. This will primarily be due to the fact that mass products are available at lower prices, thus affordable for most people.
Mergers and Acquisitions Are Most-Effective Strategic Measures in Market
Players in the Saudi Arabian color cosmetics market are involved in mergers and acquisitions to gain a significant position. For instance, in July 2021, Sephora SA acquired an e-commerce platform, named Feelunique.com, from Palamon Capital Partners, an online retailer of premium beauty products based in the U.K., which has more than 1.3 million active consumers in 120 countries, including Saudi Arabia, whom it caters to with more than 35,000 products from over 800 brands.
Major players operating in the market for color cosmetics in Saudi Arabia 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.