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Iranian Skin Care Market on Growth Spurt
Posted: August 28, 2012
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Skin care in the United Arab Emirates remains a small and fragmented market. Strong growth of 11% in 2009 gave the market a value of AED401 million, or $110 million, offering small-scale opportunities. This was weaker performance than the compound annual growth rate of almost 17% before the recession hit, reflecting lower consumer confidence that is only now being restored in the country and throughout the Middle East region.
Now, an expanding retail landscape, combined with a great deal of product innovation, are the main driving forces behind market expansion, which is mainly being fueled by gains in facial care, specifically anti-aging and skin whitening products, says Barbalova.
Facial care achieved the highest growth rate, expanding by 12% in 2009 to reach AED227 million, representing the largest category in the market with a 57% value share. Barbalova explains that this is because facial care is very important to women, a factor that is reflected by an array of targeted products, with facial moisturizers and nourishers/anti-agers dominating, necessitated by the harsh weather.
Currently, the market is led by Beiersdorf Middle East, with a 15% share, a figure that also underlines the fragmented state of the market. Overall, skin care is dominated by international players, with both Unilever and L'Oréal also commanding low but increasing shares.
Looking ahead, Barbalova expects market growth will be maintained with a forecast 5% compound annual growth rate, indicating an overall market value of AED520.3 million by 2015. The biggest gains should continue to be seen in the all-important facial care category, which is expected to grow at a 6% compound annual growth rate to reach AED307 million by 2015.