NEWS > 13 December 2019
The final presentation of Cosmoprof On The Road 2019-2020 took place in Saudi Arabia. International business people, buyers and opinion leaders gathered in Riyadh, the region's capital and main financial centre, for a day of discussion and networking.
The Saudi stop was important due to several significant features that distinguish the local market.
Enrico Barbieri - Italian Trade Commissioner to Saudi Arabia and Kuwait - gave an overview of the value of the local market. Let's have a look at some of his main points.
The cosmetics market in Saudi Arabia is forecast to grow at an average annual rate of over 5% until 2022. Also, the Kingdom has a population of 33.4 million, with a growth rate estimated by the General Authority for Statistics of 2.4% between 2014 and 2024. The country is forecast to have a population of over 37 million by 2024.
Of these, 43.2% are women, who are acquiring higher education and entering the labour market at an increasing and faster pace, achieving greater economic autonomy and independence.
These figures lead to some obvious conclusions: companies in the beauty sector enjoy enormous scope for market penetration. Indeed, people's economic possibilities and consumer needs are growing.
The growth of cosmetics is driven by young people who are increasingly focused on their appearance and health. There is a growing awareness of product ingredients, and this supports a significant demand for ethical and natural cosmetics products. Furthermore, compared to the past the consumer interest has shifted towards masstige products and not only high-end ones.
According to TradeMap source data, imports of cosmetics into Saudi Arabia in 2018 were worth USD 582 million, 5% up on 2017. The largest exporters to the Kingdom are, in order of importance, the United Arab Emirates, France, United States, Italy and Germany. Participants had the chance to question Rasheed A. Al Nasserha, of the Ministry of Commerce and Investment, who shared valuable information about regulations governing the import of cosmetic products.
Rossella Rossi - Head of the Economic & Commercial Office of the Italian Embassy in Riyadh reiterated the importance of events such as Cosmoprof for the growth and development of companies in the sector. Then, finally, Angelo Chiarelli - Beauty & Spa Key Account of Cosmoprof Bologna - presented guests with a preview of the initiatives and projects for the next edition of Cosmoprof Worldwide Bologna.
December marks the end of the international roadshow cycle for 2019. See you next year with a new calendar and new opportunities to deepen and develop connections in the beauty industry.