According to TMR, the MENA cosmetic skin care market, which stood at US$3.18 bn in 2015, is projected to reach US$6.29 bn by the end of 2024. If these figures hold true, the cosmetic skin care market in MENA will exhibit a CAGR of 8.0% between 2016 and 2024. The primary driver of the market is growth in aging population. Consumers in general have become more conscious about their aesthetic than ever. The demand for anti-aging creams and different skincare lotions has therefore surged tremendously, enabling the market gain considerable momentum. Besides this, the growing awareness about the availability of these products has acted as a chief driver of the cosmetic skin care products market in MENA. Also the rising affordability of consumers across this region has enabled the market’s growth.

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The rapidly growing economies and political stability are the two key aspects to have attracted the most popular names in the cosmetic industry to this region. The rising disposable income of consumers in the region has helped strengthening distribution channels such spas and hypermarkets. This has helped the market players cater to the rising demand better, subsequently facilitating growth in the market.

Regionally, the MENA cosmetic skin care market is bifurcated into the Middle East and North Africa. Among these, the Middle East held a larger share of 69.6% in the overall market in 2015. Through the course of the report’s forecast period, the region’s dominance is expected to remain unaffected. Furthermore, share held by the Middle East cosmetic skin care market is forecast to increase on account of the increasing disposable income of consumers and the rising willingness to spend on cosmetic and skin care products. The high market penetration of leading companies and growth of medical tourism also aid growth witnessed by the cosmetic skin care market in the Middle East.

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Irrespective of the high demand for cosmetic skin care, the Middle East and North Africa (MENA) market for the same exhibits a moderately consolidated vendor landscape. L’Oreal S.A., Unilever Group, Procter & Gamble, Avon Products, and Beiersdorf AG led the market in 2015, holding a share of nearly 45.3%. Of these, the dominance of L’Oreal S.A. is attributable to its widespread global presence. Besides this, the aforementioned companies have a diversifying product portfolio, which has significantly helped them gain traction in the region, finds Transparency Market Research (TMR) in a new study. Furthermore, these companies focuses on product innovation, to cater to the dynamic needs of consumers.

Innovative marketing strategies hold key to the success of the companies operating in the cosmetic skin care market. For companies operating in the cosmetic industry, it is imperative to maintain goodwill. “Loss of brand-identity can cost companies heftily hence a considerable investment towards PR campaigns is noted,” observed the TMR report’s author. Also a majority of the prominent names in the MENA cosmetic skin care market strive to strengthen their research activities, which has an overall positive impact.

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