New York: According to the market research report published by P&S Intelligence, the U.A.E. color cosmetics market revenue is set to witness a 7.6% CAGR between 2020 and 2030, since standing at $370.6 million in 2020.
The U.A.E. color cosmetics market was affected negatively by the COVID-19 pandemic as the shutting down of manufacturing plants and retail stores led to a low supply of such products. Moreover, offices were closed, and people were told to stay inside their homes as much as possible. Further, the mask wearing mandates reduced the requirement for cosmetics in the country.
In the future, the luxury product category, within the type segment of the U.A.E. color cosmetics market, will witness the faster growth. With the rapid economic growth in the country, led by the oil trade and setting up of offices by multinational companies, the spending on luxury products is rising.
The facial make-up category will dominate the U.A.E. color cosmetics market in the years to come, based on product. With the increasing appearance consciousness, especially among working women, the sales of facial compacts, blushes, bronzers, foundations, and highlighters are increasing in the country.
In the past, the higher revenue in the U.A.E. color cosmetics market was generated by the one-time bifurcation, on the basis of packaging. Such packaging has been widely used for cosmetics and other consumer products for a long time.
The strongest drivers for the market include:
- Increasing Female Employment Rate: Between 1990 and 2019, the share of employed women in the country rose from 28.1% to 52.1%. Moreover, as per the World Bank, the share of women in the total workforce of the country increased to 17.5% in 2019 from 16.1% in 2015. This is pushing cosmetic sales as looking good is now considered important in the corporate and business world.
- Rising Appearance Consciousness: The growing focus of people on looking good is another key driver for the U.A.E. color cosmetics market as such products help achieve this. With people increasingly participating in entertainment and social events, they are looking at improving their appearance for higher self-confidence.
The highest U.A.E. color cosmetics market CAGR, of 7.8%, within the consume group segment, will be seen in the women category in the coming years. Such products are majorly used by women, especially those in the media & entertainment and corporate sectors. Thus, with an increase in their disposable income and awareness on the color cosmetics of various brands, their spending on such products is rising.
Dubai is the largest emirate in the U.A.E. color cosmetics market as it is the country’s financial and cultural center. Hence, people here have a higher purchasing power than those in other cities, which boosts the sale of color cosmetics here.
The most-significant firms in the U.A.E. color cosmetics market are The Procter & Gamble Company, L’Oréal S.A., Unilever Group, The Estée Lauder Companies Inc., Beiersdorf AG, Shiseido Co. Ltd., Oriflame Holding AG, Avon Products Inc., LVMH Moët Hennessy-Louis Vuitton SE, Revlon Inc., Coty Inc., Guerlain SA, and MAC Cosmetics.
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