The cosmetics industry is one of the biggest and fastest-growing industries in the world and is estimated to be worth around $255bn globally. Not surprisingly, the US is the largest cosmetics market and is forecast to generate somewhere around $58bn worth of revenue in 2014.
Over the course of recent years, a rise in disposable income in the region has seen the Middle East emerge as another major cosmetics market. In fact, it is currently worth somewhere between $1.5bn and $2bn a year; around 6 percent of the global market.
There are some interesting key differences in the cosmetics markets in the two regions, so let’s take a look.
Tanning vs. Skin Whitening
A significant portion of the US cosmetics market is made up of tanning products or services. Whether achieved through spray tans, or using sunbeds, American beauty standards tend to promote a sun-kissed skin tone for Caucasian men and women as the ideal and many consumers seek a tan all year round.
By contrast, lighter skin is sought after and associated with beauty in the Middle East. In ancient times, whiter skin was a symbol of wealth; a privilege afforded to those with enough money to not need to work in fields and be out in the sun. Increased exposure to Western beauty standards has further fueled the desire for lighter skin.
As a result, Middle Eastern consumers strive to achieve a fairer skin tone through skin whitening lotions and other similar products.
Cosmetic Surgery
Cosmetic surgery is huge business, with more than 15 million cosmetic procedures having been carried out in 2013. The US has also year-on-year increases in the number of people going under the knife since 2009, representing steady growth.
Although not on the same scale, the Middle East has also seen an increase in plastic surgery and other cosmetic procedures being carried out, especially amongst women in their 30s and 40s. Yet, there are differences in consumer demand, with Middle Eastern women typically opting for subtle, minimally invasive techniques.
Other Key Differences
The past few years has seen growth in the Middle Eastern market for natural cosmetics, but these products occupy a far smaller market share than in the US. For example, in 2011, natural cosmetics accounted for 3 percent of the US market, compared to 0.1 in the Middle East, due to a combination of high prices and a lack of consumer awareness.
Additionally, products like anti-ageing creams remain niche products in the Middle East. This is potentially due to cultural influences, which mean Middle Eastern women tend to protect their skin from sun exposure and other major contributing factors towards signs of ageing.