The Saudi Arabian fragrance market reached a revenue of $1,738.5 million in 2020, and it is predicted to exhibit a CAGR of 8.2% from 2020 to 2030 (forecast period). According to the forecast of the market research company, P&S Intelligence, the market will attain a value of $3,810.5 million by 2030. The market is being driven by the increasing consciousness of people toward personal grooming, surging number of gym-goers, growing research and development (R&D) expenditure, soaring disposable income of people, and rising digital marketing activities in the country.
As per the Census and Economic Information Center (CEIC) data, the gross national disposable income in Saudi Arabia surged from $617,848.7 in 2016 to $658,493.5 in 2017. Additionally, as per the observations of the Saudi Arabian Monetary Agency, consumer spending increased from $80,067.9 million in the fourth quarter of 2020 to $83,916.1 million in the first quarter of 2021. The rising income of people is positively impacting the demand for premium fragrances in the country. Another major Saudi Arabian fragrance market growth driver is the soaring number of gym-goers in the country.
Some of the major players operating in the Saudi Arabian fragrance market, such as Elizabeth Arden Inc., Arabian Oud, The Procter & Gamble Company, L'Oréal S.A., Avon Products Inc., Calvin Klein Inc., Symrise AG, Unilever Group, and The Estée Lauder Companies Inc., are focusing on partnerships in order to expand their customer pool. For example, Al Malki Group entered into a partnership with Estée Lauder Companies Inc. in January 2021 to get the exclusive rights to sell Tom Ford, Clinique, and Estée Lauder products at various stores in the country.
Hence, the sales of fragrances will shoot up in Saudi Arabia in the forthcoming years, mainly because of the rising consciousness of people toward looks, appearance, and personal grooming, soaring number of gym-goers, and surging disposable income of people in the country.
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