Albany, NY -- (SBWIRE) -- 01/17/2019 -- The cosmetic skin care market in the Middle East and North Africa is prognosticated to surge significantly within forecast period 2016 to 2024, owing to rapid economic growth in past few years. Improvement in political stability in key economies has also lured several players to invest in the skin care cosmetic sector in the MENA region. The market scenario appears to be quite consolidated and highly competitive.
The Estée Lauder Companies Inc., Shiseido Company, Limited, Beiersdorf AG, THALGO COSMETIC GmbH, The Body Shop International plc., Natura Bissé International, S.A., L'Oréal Group, The Aromatherapy Company, ESPA International Ltd., Pevonia Global, Éminence Organic Skin Care, Shiffa Dubai Skin Care Cosmetics LLC, Unilever, Ascendis.co.za., Guinot S.A., SkinMedica Inc., Laboratories IPRAD, and Obagi Medical Products, Inc. are among the several key players dominating in the cosmetic skin care market in the Middle East and North Africa. Among these, Unilever Group, L'Oreal S.A., Procter & Gamble, Beiersdorf AG, and Avon Products held around 45.3% of the overall market share in year 2015, where L'Oreal S.A. registered a huge presence worldwide, leading the race. These firms have developed a strong and a diverse product portfolio that has helped them gain more traction and wider consumer base.
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According to Transparency Market Research (TMR), the cosmetic skin care market in MENA is anticipated to grow at a steady CAGR of 8.0% within the forecast period from 2016 to 2024. In 2015, the market was valued at US$3.18 bn. This figure is likely to reach around US$6.29 bn by the end of year 2024. Based on product type, the MENA skin care cosmetic market is segmented into skin whitening, anti-aging, sensitive skin, dry care, anti-acne, intimate hygiene, bath and shower, and others. Among these, the skin whitening agents and anti-ageing segments account for a strong presence in the market. The anti-ageing segment held a share of 25.2% in the overall market in 2015. Geographically, the Middle East region accounted for the highest share of 69.6% in the market in 2015s.
The essential driver of the market is the rise in number of aged people. And with consumers becoming more conscious about their beauty than before, the interest for anti-ageing creams and diverse skincare moisturizers has surged majorly. Other than this, the developing awareness about the accessibility of these items is another key driver of the cosmetic skin care items market in MENA. Additionally, the increase in the spending capacity of the purchasers in the region has empowered the market too.
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On the flipside, the cosmetic skin care market is still suffering from lack of awareness about skin care in specific countries in MENA. Also, stringent government directions with respect to approval and marketing of these products at times leaves a negative effect. In any case, with the boost in medical tourism, MENA will continue offering lucrative chances to the players in the cosmetic skin care market.