Hair care market in the Middle East expected to swell
According to research firm Euromonitor, with over 30,000 hair salons trading across the countries of the region, manufacturers and suppliers of hair care products and cosmetics are looking to make further inroads into what is a potentially huge marketplace.
The hair care market in Saudi Arabia and UAE combined is expected to be worth a staggering $524.2m in 2012, and this figure is expected to reach $566m by 2014, making the countries of the Arabian Gulf a key target for international hair care majors.
An influx of young consumers
A key growth factor for the industry is expected to be the increase in the population of youth in the region.
It is predicted that the countries of the GCC will have some of the fastest growth in populations in the coming years.
According to figures released by the Economic Intelligence Unit, an in-house research unit for The Economist, the population of the GCC countries is expected to reach 53 million by 2020, with over 25 percent under the age of 15.
An increasing number of young consumers are expected to join the workforce and drive demand for the latest products and services in hair care.
UAE and KSA expected to be biggest markets
Hair care is set to outperform all other cosmetics and toiletries sectors in the UAE, with the sector projected to grow at a CAGR of 12 percent between the 2008 and 2013 period.
Saudi Arabia is the largest market for hair care products in the Gulf Cooperation Council (GCC), expected to be worth an estimated $428.2m in 2014, while the UAE is the next largest, expected to be worth around $137.8m by 2014, according to Euromonitor research.
The other GCC countries of Kuwait, Qatar, Bahrain and Oman are also significant markets in this sector.
