Page 122 - EM EXPORT MAGAZINE PERFUMERY EDITION

EVENTS

BEAUTYWORLD

CELEBRATES THE IMPORTANCE OF THE MIDDLE EAST

BeautyMatter’s Kelly Kovack will present key findings from the report live on the Next
in Beauty stage at the upcoming Beautyworld Middle East 2024 event from 28 – 30
October at Dubai World Trade Centre. With 2,000+ exhibitors and 70,000+ expected
visitors, the event celebrates the importance of the Middle East market as a key player
in the global beauty industry, acting as a bridge between manufacturers, buyers, and
brands, and providing industry professionals across the entire value chain a platform
for connection, education, and global trade.

and a growing expat community – with beyond pretty packaging to brands with
insightful predictions as to market storytelling, purpose, and unique selling
worth in the near future. Findings on points. The report also spotlights the
beautyworld’s extensive and insightful the region’s consumer demographic growing demand for A-beauty (Arab
new report, in collaboration with show that Gen Z leads the charge across beauty) brands and products that are
beautyMatter, provides industry MENA, with under-30-year-olds making designed to meet the specific needs and
professionals with all-new research, core up 55% of the population in comparison preferences of Middle Eastern beauty
data and intelligence into the Middle to 36% for the Organization of Economic consumers, as well as the impact of
East’s fast-growing beauty industry for Cooperation and Development countries. regional brands on a Western market,
the first time. With the MENA (Middle beauty companies wanting to tap into with beauty brands such as female-run
East and North Africa) beauty and this influential younger consumer Saudi-based Asteri and Omani luxury
personal care industry currently valued generation must have a digitally-savvy, fragrance house Amouage setting their
at US$46 billion and projected to reach values-first approach, with Gen Z’s sights on both global expansion and
US$60 billion by 2025 according to purchasing habits increasingly looking international recognition.
estimations by Euromonitor, the bespoke
beautyworld x beautyMatter 2024 Middle
East Market Report offers a timely and Key insights from the Beautyworld x BeautyMatter 2024 Middle East
in-depth statistical look at the evolution, Market Report: Past, Present, Future include:
development, and future growth of the • The GCC (bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab
region’s beauty industry. Emirates) is home to some of the world’s fast-growing economies, with the
The report uses data, intelligence World bank anticipating the region’s GDP to triple to US$6 trillion by 2050, but
and insights from industry executives could grow to US$13 trillion.
and experts to distil the intricacies of • Double digit growth is expected across all major beauty categories in the
consumer demographics, the driving region to 2027 with a total CAGR of 12%, the highest globally according to
forces behind evolving trends, and the McKinsey and Euromonitor.
emergence of the new beauty consumer • In terms of the global fragrance market, Expert Market Research predicts it will
in the region. The data not only analyses be worth US$7.21 billion by 2032, largely driven by the UAE and Saudi Arabia.
the rising demand for beauty and • Women in the GCC spend an average of US$63 on make-up and US$52 on skincare
wellness products in the region. it per month, with men spending an average of US$16 per month on skincare.
also illustrates the high potential for • Despite the growth of e-commerce mall culture remains firmly engrained in the
continued growth rate in the sector, in Middle East, a market set to grow from US$376 billion in 2023 to US$586 billion
part driven by the Middle East’s younger in 2028 according to the Middle East Council of Shopping Centres and Retailers.
and digitally connected demographic, • There were 8,762 spas across MENA in 2022, representing US$4.4 billion,
urbanization, rising disposable incomes according to the Global Wellness Institute, a 49.2% increase since 2020, while
Stellar Market pegged MENA’s spa service market at US$25.77 billion in 2023.
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