The Saudi Arabian color cosmetics market size is set to grow from $603.6 million in 2020 to $1,197.2 million by 2030, at a 7.1% CAGR between 2020 and 2030.
The Saudi Arabian color cosmetics market has witnessed the negative impact of COVID-19 both on the supply and demand sides. Lockdown measures led to the curtailed production of cosmetics and other non-essential products. Moreover, with most people working from home and the media & entertainment sector also taking a hit, the demand for cosmetics reduced. Even otherwise, the mandatory wearing of masks rendered cosmetics unnecessary during the pandemic.
In the near future, the faster growth within the type segment of the Saudi Arabian color cosmetics market will be seen in the luxury product bifurcation. With their increasing purchasing power, people here are spending more on luxury products, which give a better overall appearance and last longer.
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The facial make-up category is set to dominate the product segment of the Saudi Arabian color cosmetics market in the coming years. The demand for different shades of blushes, foundations, and bronzers that contain light-capturing crystals is growing as people, especially working women, in the kingdom are becoming more aware of their appearance.
In the past, the one-time bifurcation held the larger share in the Saudi Arabian color cosmetics market, based on packaging. One-time plastic packaging has been widely used for cosmetics, leading to its market dominance.
The highest CAGR within the consumer group segment of the Saudi Arabian color cosmetics market, of 7.3%, is predicted to be witnessed in the women category. Females, especially those in the corporate and media & entertainment sectors and those who socialize often, are the major users of color cosmetics in the kingdom.
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Historically, the highest revenue to the Saudi Arabian color cosmetics market, under segmentation by distribution channel, was contributed by the supermarket/hypermarket category. Such retail stores offer a wide variety of products, have ample parking space, and operate during convenient hours. Moreover, the rapid urbanization, which is leading to the increasing number of hypermarkets and supermarkets, and the competitive product pricing they boast are propelling color cosmetic sales via this distribution channel.
The key forces behind the rising demand for such products are:
- Increasing Appearance Consciousness: Due to the rising influence of the Western culture and growing workforce, especially the female workforce, the appearance consciousness of Arabs is increasing. A good appearance is considered to boost the confidence by many individuals, especially those in the media & entertainment and corporate sectors. Thus, with people doing more to look good, cosmetic sales are increasing in the kingdom.
- Rising Disposable Income: The surging purchasing power is another major driver for the Saudi Arabian color cosmetics market, as people now have more to spend on such products. Since the oil boom in the kingdom, people here have witnessed rapid economic growth, which has boosted the demand for color cosmetics and other products that were earlier considered out of reach for the masses.
The Western region is the largest contributor to the Saudi Arabian color cosmetics market, and it will also experience the fastest growth in the coming years. The high disposable income in this region as a result of the large-scale urbanization has led to high cosmetic sales here.
The key Saudi Arabian color cosmetics market players are L’Oréal S.A., Unilever Group, The Procter & Gamble Company, Beiersdorf AG, Shiseido Co. Ltd., The Estée Lauder Companies Inc., Avon Products Inc., LVMH Moët Hennessy-Louis Vuitton SE, Oriflame Holding AG, and Coty Inc.
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