Iran, land of new beauty opportunities
Iran is the second-largest economy in the Middle East and North Africa (MENA) region and its growth is anticipated to rise to 4% in 2018.
Following the removal of major international sanctions in January 2016, Iran has been the subject of considerable interest from foreign investors seeking business opportunities.
Iran is one of the leading cosmetic market in Middle East and North Africa region: it is the 7th country in the world for consumption of beauty products and the second in the area.
As a country, Iran produces only about 20% of the cosmetics, and a major part of the cosmetics and skin care products, are imported. Many Iranian companies are opening new plants and launching new brands.
Today international companies of the entire beauty supply chain have a big opportunity to enter in Iran.
- Iranian market has a population of 80 million inhabitants (55% under 30)
- As the second-biggest beauty market in the Middle East after Saudi Arabia, and the seventh-largest in the world, Iran offers great potential for beauty brands from all corners of the globe: the country’s total beauty market is estimated at $4 bn in 2018.
- The estimated domestic demand is of about 30 million consumers, the majority of them shows interest in hair products and skin care, perfumes, cosmetics forthe eyes, make up, nail polishes and prestige products.
- Local industry is aiming at competing with the other players of the region and it is in search of essences and raw materials, machinery for the packaging and filling machines.