Saudi's $8.1B beauty market dominates Gulf
The boom is being driven by Saudi women’s rising disposable income.
Saudi Arabia's booming beauty industry is projected to reach $8.1 billion by 2030, with an impressive annual growth rate of 8.7%. This figure, nearly double the global average, solidifies the country's position as the largest market in the Gulf region, accounting for over half of regional sales, according to Euromonitor data shared by Business of Fashion.
The surge in this sector can be attributed to the increasing disposable income of Saudi women. Many of them opt to invest in local beauty businesses, predominantly founded by other Saudi women, who rank second globally in terms of startup participation. The Kingdom has seen a significant rise in female workforce participation since Crown Prince Mohammed bin Salman's social reforms in 2016; women now make up approximately 34% of the labor market, up from 20% when the reforms were implemented, as per World Bank data.
However, the narrative isn't entirely positive. Over the past decade, there have been notable arrests of women advocating for gender equality within the kingdom.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
