Increasing awareness about benefits of skin care products and rising inclination of cosmopolitan male population towards skin care products to drive GCC skin care market through 2023
According to TechSci Research report, “GCC Skin Care Market By Product Type, By Type, By Distribution Channel, By Country, Competition Forecast & Opportunities, 2023”, GCC skin care market is projected to surpass $ 1.7 billion by 2023.Anticipated growth in the GCC skin care market can be primarily attributed to growing demand for these products among young population and rising women participation in workforce. Moreover, people are becoming more aware about various skin care products and their benefits, which is contributing to the growing use of these products. Additionally, over the last few years, an increasing number of men have also been witnessed to follow proper skin care regimen due to which various companies are introducing separate product ranges for men, which is further anticipated to steer growth in GCC skin care market during the forecast period.
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Saudi Arabia dominates GCC skin care market, followed by the UAE,on account of comparatively large population bases and high number of tourists in both of these countries.Among distribution channels, supermarket/hypermarket held majority share in GCC skin care market in 2017 and this trend is likely to continue during forecast period as well due to the convenience of having multiple brands available at a single location along with lucrative discounts and offers. However, online sales channel is anticipated to grow at the fastest CAGR during forecast period on the back of associated convenience as customers can surf through various products and compare them without any need to visit stores.
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Rising investment in research and development activities by major players to develop new skin care products that are hypoallergenic and have minimal impact on skin is anticipated to push demand for such skin care products across the GCC region in the coming years. Moreover, attractive marketing strategies adopted by companies along with expanding product portfolios of leading skin care players further expected to steer growth in GCC skin care market over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“GCC Skin Care Market By Product Type, By Type, By Distribution Channel, By Country, Competition Forecast & Opportunities, 2023” has evaluated the future growth potential of GCC skin care market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in GCC skin care market.