The colour cosmetics segment is expected to capitalise on the personal care glory as well as the booming retail industry in the United Arab Emirates and is forecast to grow at a CAGR of 27.9 per cent during 2010-2015.
Cosmetics and personal care is one of the most lucrative industries in the UAE reporting phenomenal growth rate in the country over the past few years.
This is because the consumption of cosmetics for image and health enhancing products is becoming one of the top priority purchases of consumers.
Facial make-up, especially lip make-up products including lip liners, lipstick, and lip gloss are projected to be the principal segments of this market, according to the latest report from research firm RNCOS.
“The extensive demographic spread within the UAE specifies that, the demand for cosmetics is also far flung,” it says.
The "UAE Retail Industry Forecast to 2015" report says that the UAE retail industry has been witnessing strong growth in sales over the past few years and is expected to grow in the coming years as well; immediately impacting the cosmetics industry.
Surging public and private sector consumption along with the contribution of strong industry verticals are expected to help the retail industry to grow in the coming years, says RNCOS.
“Rapid development of modern retail infrastructure is luring consumers for convenient shopping experience and transforming them into high-retail spending,” it continues.
“With construction of new malls and expansion of some of the existing malls, per capita gross leasable area (GLA) is also increasing in the country. In addition, fast inflow of foreign retailers is fuelling growth in the shopping mall retail area development. They anticipate that this trend will prevail in coming years and gradually boost the retail sales growth.”
As per its research, in terms of presence of international retailers, the UAE has secured second position.
The country's topmost city, Dubai has also been ranked second topmost in international retailer's presence in 2012.