Investment opportunities in SR18b Saudi health & beauty market promising

By Syeda Amtul JEDDAH — With SR18 billion annual spending on health and beauty products, the Kingdom market for cosmetics and beauty products is the largest in the Middle East. Counting this occasion is an opportunity for many businesses to introduce and market their products and services, 120 exhibitors from 20 countries compete at the third ‘Health and Beauty’ Expo that opened Sunday in Jeddah Hilton. While inaugurating the first 100% Saudi international specialized expo in health and beauty, Prince Abdullah Bin Saud Bin Muhammed, Head of Tourism Committee at the Jeddah Chamber of Commerce and Industry, said: “This year the expo gains extra value in the light of launching Kingdom 2030 Vision under the patronage of the Custodian of the Two Holy Mosques King Salman Bin Abdul Aziz, which focuses on raising of quality, efficiency of performance and taking care of citizens’ health, perhaps this could be echoed in the participation of more than 120 exhibitors from 20 countries compete to have partnerships and more presence in Saudi market that enjoys high purchase power and several advantages.” While touring the expo, Prince Abdullah Bin Saud Bin Muhammed noted the importance of promoting awareness on the value of sports in the society to control diseases that significantly affect the Ministry of Health’s budget. He pointed out that statistics showed that Saudi health and beauty market as the highest growing in the Middle East with 11% ratio and that plastic clinics have remarkably grown during the past five years. He suggested that Saudi companies would expand partnerships with international peers participating in the exhibition to enhance Saudi industrial entities to become more powerful, increase production and access to global markets, to implement 2030 Vision. He added: «With this remarkable attendance, I expect a distinct success of this year’s edition, and through their meetings, we look forward that participants would mold an integrated vision for the advancement of health and beauty sector, which enjoys promising investment opportunities.» Estimated 11% market growth and anticipated increase among women augmented interest in sports whether in gyms, schools and universities, Participants at the expo pointed out the importance of investment expansion in health and beauty sector to get by 2030 Vision, that aims to enhance the quality of life, bound chronic diseases and deliberate human health. Haya Sunaidi, chairman of the organizing committee, echoed the same view on this year’s expo exhibitors and their increase. With market value of SR18 billion, Sunaidi estimated Saudi women spend SR1,400 on makeup, noting that the Kingdom captures 41% of Gulf beauty and health market. Sunaidi moreover said: “The expo is not limited to showcasing products, but it embraces many initiatives out of which is training and developing of cadres, showcasing latest technologies and innovations in health and beauty and establishing and launching organic and natural products section in the expo with participation of 6 international companies and 3 local ones.” Sunaidi added “Saudi market shows promising potentials in this huge sector, and the exhibition provides exciting and comprehensive offers for both exhibitors and visitors, whether they are consumers, or those interested in health and beauty, or from retail sector, distribution, or personal care services.» She noted that the exhibition is the sole professional platform for health and beauty in Saudi Arabia and attract thousands of visitors and distributors. She also noted an increase in attracting specialized niche companies in light of Saudi market’s high purchasing power and falling prices in the range of 10-15%. She also stressed the importance of focusing on the quality of products and international brands to limit health damages caused by the use of counterfeit and fake products.