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🇸🇦 Saudi Arabia /Economy & Trade

Saudi beauty market set to grow 8.7% through 2030

From Okaz · () Arabic

Translated from Arabic and summarized by DistantNews. Read the original for the full story.

At a glance

News Documents & data Context piece
  • Saudi Arabia’s beauty market, valued at $8.1 billion, is projected to grow 8.7% annually through 2030, according to Euromonitor.
  • The country has the Gulf’s largest cosmetics market, accounting for more than half of regional sales.
  • The report links growth to rising incomes among Saudi women and increased female participation in the workforce, which the World Bank puts at 34%.

Saudi Arabia’s beauty market is valued at $8.1 billion and is projected to grow by 8.7% a year through 2030, according to Euromonitor data. That rate is nearly twice the global average.

The European market researcher says Saudi Arabia already has the Gulf’s largest cosmetics market, with sales exceeding half of the region’s total.

Euromonitor attributes the expansion partly to rising incomes among Saudi women. Most, it says, prefer to spend on locally made cosmetics, many of them founded by Saudi women. Saudi women rank second globally in participation in start-up companies, according to the report.

World Bank data indicates that women’s participation in the workforce has grown rapidly following reforms announced by Crown Prince Mohammed bin Salman in 2016. Women now represent 34% of the labor market, up from about 20% before those social reforms.

About this summary

Originally published by Okaz in Arabic. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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