Beauty Care Insights

in MENA Region
Prepared by:
Millennial Capital
Ltd

September
2018
 Table of
Page ContentsPage
No. No.
1 Executive 6 Top 5 Beauty Care Players in
Summary GCC
2 Global Beauty Care Sector 7 Beauty Care E-commerce Category in
Overview GCC
3 Top 10 Beauty Care Players 8 MENA Beauty Care Trends and
Globally Insights
4 Global Beauty Care Trends and 9 Key Legal and Regulatory
Insights Considerations
5 MENA Beauty Care Sector 10 About Millennial Capital
Overview Limited
 Executive
Summary
The Global Beauty & Personal Care Industry is a $444 billion dollar industry, which is estimated to grow at 4.2% per annum from 2016-2021. The
MENA Beauty & Personal Care Industry contributes 3.6% to the global industry revenue but is expected to grow twice as faster than the rest of
the world with a staggering CAGR of 8.5% for the same period.

Among the key categories that contribute a majority of the market size are Skincare, Haircare, Colour Cosmetics, Fragrances and Men’s Grooming.
Globally, the Skincare category dominates the market and as a brand, L'Oréal Groupe captures the largest market share. Contrary to global trends,
within the MENA region, Fragrances is the most loved category. The same is evident from the fact that two local brands, Arabian Oud and Al
Qurashi, control over 20% of the market share due to their appeal to the local masses and cultural significance.

Within the MENA market, while Saudi Arabia retains the highest market share with 33.2% , UAE stands higher in terms of spend per capita at USD
239. Despite the fact that UAE constitutes only 2% of the MENA population, the high spending per capita is a result of the strong consumer
confidence, high literacy rates and predominantly young population with a high social media exposure.

We see great opportunity for new players with the right value proposition to step in and gain market share weighing on the gradually shifting
consumer focus to quality products that not just pamper and protect, but also pay attention to cleaner and more organic ingredients, along with
personalized offerings so that wider audiences can love and appreciate them just as much. All of this, with an affordable price point has enabled
new entrants like KIKO Milano and Benefit Cosmetics to lure the millennial consumer away from luxury tags.

Internet penetration in the Middle East has far outpaced the world average of 51.7%, with the largest markets boasting over 90% penetration,
thereby having a tremendous influence on consumers aged 18-24. Being avid smart phone users, today’s millennial is more comfortable going to
the e-tailer citing lower prices, personalized offerings, and flexible payment methods as factors driving their preference.

Despite the high Middle East social media usage at 38% of total population and average internet penetration of 60%, only 15% of retailers in the
Middle East maintain an online presence, hence losing out on the 56% shoppers who purchase products online though their mobile phones. It is
interesting to note here that Health and Beauty sales contribute 48% of the Middle East’s online sales.

We hope you will find the report useful and informative and if you have any questions or recommendations please do not hesitate to get in touch
with us at the contact information enclosed on page 19.
3
 Global Beauty Care
Overview
21 USD 93 bn Market 32% USD 141 bn Market
% Size Size
USA CAGR (2016-21): 2.5% ASIA CAGR (2016-21): 4.7%

-> ->
26% USD 114 bn Market Size
CAGR (2016-21): 2.3%
EUROPE
->
4 USD 15.9 bn Market
% Size
MENA CAGR (2016-21): 8.5%
->
13% USD 59 bn Market Size
CAGR (2016-21): 7.1%
LATAM ->

Source: Euromonitor 4
 Snapshot of Beauty Care
Economy
Share
of MENA
KSA Beauty Care
MENA
33. Market
Industry

+4.2% 2% $16 8.5%

Global Industry
Bn $200 Projected
CAGR 2016-21
growth 2016- GCC Beauty
21 (2016) Care Spending
per capita
$444 Bn
(2016)

Global
Beauty Care MEN
Industry A 1
$115 (2016
)
Share 3 2

Global Beauty 4% 1st Fastest

Care $239 growing market
Spending per UAE Beauty $6 Bn after LATAM
capita (2016) Care
Beauty Care
Spending per
traded in
capita
Dubai
Source: Euromonitor, Gulf
(2016)
News (2016) 5
 Top 10 Beauty Care
Company Headquarters
Players
Global Coverage
Revenu Revenue EBITD EBITDA
e CAGR A Margin
2016 (2011-16) 2016

France 150 countries USD 31.9 Bn 4.9% USD 5.61 bn 17.6%

USA 180 countries USD 25.11 Bn -4.7% USD 4.59 bn 18.4%

Netherlands 190 countries USD 24.91 Bn 5.4% USD 4.57 bn 18.4%

USA 150 countries USD 11.26 Bn 5% USD 1.61 bn 14.3%

Japan 88 countries USD 7.30 Bn 3.48% USD 0,77 bn 10.6%

Germany 180 countries USD 6.93 Bn 2.4% USD 1.16 bn 16.7%

France 100 countries USD 6.12 Bn -9.6% USD 0.68 bn 11%

Japan 70 countries USD 5.61 Bn 3.3% USD 0.48 bn 8.6%

South Korea 14 countries USD 5.29 Bn 17.2% USD 0.79 bn 15.0%

Brazil 9 countries USD 4.00 Bn 20% NA NA

Source: Euromonitor, Kao Financial Reports, Martin Roll, O 6

 Global Beauty Care Category
Overview North America
Disposable income per capita in 2016 stood at $ 35,666
BPC spend per capita stood at 0.7% of the
$162 disposable income per capita

Bn Disposable income per capita in 2016 stood at $ 13,943

Skin Europe & BPC spend per capita stood at 0.9% of the
Hygiene & Care Central Asia disposable income per capita
Personal Skin Market
Care
Care Disposable income per capita in 2016 stood at $ 5,931
$102 Latin America BPC spend per capita stood at 1.6% of the
& Caribbean disposable income per capita
Bn
Hair Disposable income per capita in 2016 stood at $ 4,469
Care East Asia & Pacific BPC spend per capita stood at 1.4% of the
Fragrance Market disposable income per capita

Hair Disposable income per capita in 2016 stood at $ 1,522

Care $81 Africa BPC spend per capita stood at 0.6% of the
Bn disposable income per capita
Color Color
Cosmetic Disposable income per capita in 2016 stood at $ 11,176
Cosmetic s Market
s GCC Countries BPC spend per capita stood at 1.8% of the
disposable income per capita
$47 Bn
$53 Bn Fragranc
Hygiene & e $258 $125 $92 $61 $9 $200
Personal Market Europe & LATAM & East Asia & Africa GCC
North
Care Market America Central Asia Caribbean Pacific per capita countries
per capita per capita per capita per capita BPC spend per capita
BPC BPC spend BPC spend BPC spend BPC spend
spend
Source: Euromonitor, World Bank, 7
 Global Beauty Care Category Overview
Category(contd.)
Contributio
Overview CAGR (2016-21)
n (%)
 In 2016, the global skin care market stood at $ 162 Bn and is forecasted
to grow up to $ 187 Bn by 2021 36.4%
Skin Care  In 2016, Asia-Pacific dominated the global market with around two- 3%
fifth share, in terms of value
 In 2016, the global hair care market stood at USD 102 Bn and is
forecasted to grow up to $ 112 Bn by 2021
Hair Care  With increasing purchasing power and consumer education, 2%
preferences have seen a shift from the supermarket based distribution
channel to specialty stores offering premium quality products 22.9%

 In 2016, the global color cosmetics market stood at USD 81 Bn and is

Color forecasted to grow up to $ 94 Bn by 2021
Cosmetics  In 2016, the facial make up segment accounted for the highest share, 3%
driven by multi-benefit make up products, such as anti-aging cream 18.2%
and UV protection foundations
 In 2016, the global fragrance market stood at USD 47 Bn and is
forecasted to grow up to $ 54 Bn by 2021 10.5%
3%
Fragrance  Consumers are shifting towards fragrances that align with their
lifestyle preferences, thus looking beyond scent with a focus on the
brand’s ethical practices
 In 2016, the hygiene and personal care market stood at USD 53 Bn
Hygiene & and is forecasted to grow up to $ 62 Bn by 2021 12.0% 3%
Personal  From an international perspective it is shown that US retains the
Care highest
market share in this segment

Source: L'Oréal Annual Report 2017, Euromonitor, Statista, Legend Medium Low 8
 Global Beauty Care Trends and
Insights
Product Growth in informed
consumers across the globe is
Ingredients
 The growth of the global organic personal care products market is directly related to the increase in
•due to:
Exposure to reliable information
• Increasing awareness of
number of informed consumers. Informed consumers are those who are aware of the benefits of products through internet,
television and other sources
using a product and can make rational purchase decisions.

 Consumers prefer organic ingredients that are safe, have no harmful side effects, and are of higher Consumer awareness in wide usage
quality than most of the synthetic products. Ingredients such as argan, marula, almond, and coconut of harmful chemicals in personal
are some of the popular ingredients that are used to prepare organic hair care products care products

Distribution Channel
 Store-based retailing: Store-based retailing continues to dominate the distribution landscape,
Store-based retailing continues
accounting for 83% of global sales in beauty and personal care in 2016
to dominate the landscape

 Internet Retailing: The growth of internet retailing has been fueled by the large range of products
available online; by the wider choice in terms of prices, brands and delivery options. While some
Growth of internet
consumers visit stores to test products, many turn to websites to buy such products in order to take retailing dominates
advantage of online offers and convenience. distribution

 Personalization: Customized initiatives enable consumers to make even better purchasing decisions Technology-Enabled Online
online than in a shop. Apps and online platforms have been developed to advise consumers both via Beauty is the new trend
trusted computerized algorithms and virtual communities, bloggers and vloggers to choose the
products best-suited for them.

Source: Deloitte Beauty Market 2017 Report, Euromonitor Beauty and Personal Care Report, Technavio – Global Organic Personal Care Products 9
 Global Beauty Care Trends and Insights
(contd.)
Affordable Price
Points
 Young shoppers are the driving force behind a boom in the cosmetics industry. Always camera
ready, they are buying and using almost 25 per cent more cosmetics than they did just two years
Millennials have loyalty towards
ago and significantly more than baby boomers
brands offering good quality
 Millennials who identify themselves as “makeup enthusiasts,” are approximately using six products products at affordable price
each day points

 Millennials today demand good quality products at affordable price points, which are light on their
pocket, but without any compromise to be seen when it comes to the quality of the products

Digitalization
 The demographic of beauty consumers is shifting. Firstly the young: millennials are projected to New environment of
‘influence’
represent 30% of total global retail sales by 2020. The key to capturing this generation is digital
mediated by
engagement: millennials have little inhibition about using ‘digital first’ pathways to purchase, they  Instagram
actively seek out online influencers, and they function in a world that is driven by image  Snapchat
 These characteristics will only be amplified in the post-millennial ‘Generation Z’ or iGeneration,  Facebook
 Twitter
individuals born after the start of the internet age

Experience Based
 This is the age of beauty ‘retailtainment’ – customers now expect peer tutorials, in-store digital
playgrounds (found in specialist retailers such as LVMH’s Sephora with its ‘Color IQ’ system, and  Peer tutorials
 In-store digital
own brand retailers such as KIKO Milano), make-over mobile apps (such as the L'Oréal Makeup playgrounds
Genius allowing users to apply ‘looks’ virtually and using machine learning technology to improve  Make-over mobile apps
product recommendations over time).
Source: Deloitte Beauty Market 2017 Report, Euromonitor Beauty and Personal Care Report, Technavio – Global Organic Personal Care Products Market, NPD Research 10
 MENA Beauty Care Sector
Middle East and NorthOverview
Africa region total Beauty and Personal Care market size in 2016 stood at USD
15.9 Bn and is expected to stand at USD 20.9 Bn by 2021

USD 0.8 Bn 6.2 USD 0.9 Bn

5.2 CAGR (2016-21): CAGR (2016-21):
% 9.5% Kuwait %
Morocco 6.4%
-> ->
4.1 USD 0.6 Bn USD 0.7 Bn
4.3
% CAGR (2016-21): CAGR (2016-21):
Egypt 5.0% Qatar % 6.2%
-> ->

33.2% USD 5.3 Bn

CAGR (2016-21):
Saudi Arabia 2.5% 13.2 USD 2.1 Bn
CAGR (2016-21):
-> UAE % 2.1%
->

Source: Euromonitor 11
 MENA Beauty Care Category
3.5%
Overview
3.0% 3.0% 2.5% 3.0%
2016-21 CAGR for 2016-21 CAGR for 2016-21 CAGR for 2016-21 CAGR for 2016-21 CAGR for
Men Grooming Skin Care Color Cosmetics Hair Care Fragrance

Fragrance dominated the MENA Beauty & Personal Care

Market
USD 1.5 MENA Men’s Grooming Market 13.4
Bn 29.3 %
USD 2.0 MENA Skin Care
Market
% Men’s
Grooming
Bn Fragrance

USD 2.2 MENA Color Cosmetics

Market
23.9 13.6
Bn
USD 2.7 MENA Hair Care %
Market % Skin Care
Bn Hair Care 19.8
USD 3.3 MENA Fragrance Market
%
Bn
Source: Euromonitor
s
Color
Cosmetic
12
 MENA Beauty Care Key
Global power houses continue to dominate thePlayers
overall MENA Beauty and Personal Care market endorsing fan favourites such as Nivea, L'Oréal Paris and
Adidas; while Local players stand their ground and overtake the Fragrances market, thereby creating a niche presence in the region.
SKIN
CARE
 Market Leader: Beiersdorf AG
 MENA Revenue FY16: USD 228.59
Mn
 MENA Market Share: 11.3%
 Largest Presence: Saudi Arabia
 Brands: Nivea, Eucerin, La Praire etc
 Market Leader: L'Oréal Groupe
 MENA Revenue FY16: USD 183.5
Mn
 MENA Market Share: 9.1%
 Largest Presence: Saudi Arabia
 Brands: Clarisonic, Kiehl’s,
Garnier, L'Oréal Paris
MEN’S
GROOMING
 Market Leader: P&G Co.
 MENA Revenue FY16: USD 177.98
Mn
 MENA Market Share: 11.7%
 Brands:
Largest Presence: Saudi
Gillette, Old Arabia
Spice, Braun, Head and
Shoulder
 Market Leader: Coty Inc.
 MENA Revenue FY16: USD 95.95
Mn
 MENA Market Share: 6.3%
 Largest Presence: Saudi Arabia
Source: Euromonitor
 Brands: Adidas, Bozzano
COLOUR
COSMETICS
 Market Leader : L'Oréal Groupe
 MENA Revenue FY16: USD 289.7 Mn
 MENA Market Share: 12.9%
 Largest Presence: Saudi Arabia
 Brands: Lancome, Urban Decay, L'Oréal
Paris
 Market Leader: Coty Inc
FRAGRANCES  MENA Revenue FY16: USD 254.35
Mn
 Market Leader: Arabian Oud Co  MENA Market Share: 11.3%
 MENA Revenue FY16: USD 764.8 Mn  Largest Presence: Saudi Arabia
 Market Share: 23.0%  Brands: Max Factor, Buorjois
 Largest Presence: Saudi Arabia Paris, Rimmel London, Cover Girl
 Brands: Arabian Oud, Arabian Legend
Silver
 Market Leader: Abdul Samad Al Qurashi HAIR CARE
Co  Market Leader : L'Oréal Groupe
 MENA Revenue FY16: USD 508.3 Mn  MENA Revenue FY16: USD 358.5
 Market Share: 15.3%
Mn
 Largest Presence: Saudi Arabia  MENA Market Share: 13.3%
 Brands: Al Qurashi  Brands:
Largest L'Oréal
Presence: Saudi Arabia
Professional,
Redken, Shu Uemura, Keratese
 Market Leader: Unilever Group Paris
 MENA Revenue FY16: USD 431.3 Mn
 MENA Market Share: 15.9%
 Largest Presence: Saudi Arabia
 Brands: Dove, Sunsilk, Toni and Guy, Cream
Silk 1
 MENA Beauty Care Key
Following the trend from Key Players within theBrands
MENA market, international players appear stronger across all categories but fragrances, where local
players steal the show, so much so that two local players alone make up more then 20% of the regional market share.

SKIN CARE
 Market Leader: Nivea COLOUR COSMETICS  Market Leader: Maybelline
 Global Owner: Beiersdorf AG NewYork
 Local Owner: Beiersdorf ME, Al Naghi  Global Owner: L'Oréal Groupe
Co  Local Owner L'Oréal ME
 Largest Presence: Saudi Arabia  Largest Presence: Egypt
 MENA Market Share: 4.9%  MENA Market Share: 2.0%
 Market Leader:
 Market Leader: MAC Cosmetics
 Global
Olay Owner: P&G Co.
 Local Owners: P&G Gulf, FRAGRANCES  Global Owner: Estée Lauder Cos
Inc
Modern Products Co
 Market Leader: Arabian Oud  Local Owner: Estée Lauder Cos
 Largest Presence: Saudi Arabia
 Brand Owner: Arabian Oud ME
 MENA Market Share: 2.1%
Co  Largest Presence: UAE
 Largest Presence: Saudi  MENA Market Share: 2.5%
MEN’S Arabia HAIR
 MENA Market
Market Leader: Al
Share: 12.5% Qurashi
GROOMING  Brand Owner: Abdul Samad Al Qurashi CARE
 Market Leader: Pantene
 Market Leader: Co.  Global Owner: P&G Co.
Gillette  Largest Presence: Saudi Arabia
 Local Owners: P&G Gulf, P&G
 Global Owner: P&G  MENA Market Share: 8.3%
Maroc, Modern Products Co
 Largest
Co. Presence:  Largest Presence: Saudi
 Morocco
Local Owner: P&G
Arabia
 MENA
Gulf Market Share: 3.7%  MENA Market Share: 3.2%
 Market Leader: Lord  Market Leader: Sunsilk
 Global Owner: Lord Precision  Global Owner: Unilever Group
Industries  Local Owner: Unilever Gulf, Binzagr Lever Ltd, Unilever
 Local Owner: Lord Intl Co. Maghreb
 Largest Presence: Egypt  Largest Presence: Saudi Arabia
 MENA Market Share: 1.5%  MENA Market Share: 2.1%
 Beauty E-Commerce in
MENA
 In 2016, the MENA E-Commerce market stood at USD 10.7
Bn; Middle East being the main driver at USD 22.4 Bn
 The Middle East E-Commerce market is forecasted to grow
at a UAE Saudi Egypt
E-Commerce CAGR of 16.9% through 2016-21 Morocco Arabia USD USD 1.3
BPC E-
USD BPC E-
31.6 Mn USD
Commerce
11.6 Mn
Commerce
5.2 Mn Mn
BPC E- BPC E-
Market Market
Commerce Commerce
 In 2016, the MENA BPC E-Commerce market stood at USD Market Market
49.6 Mn MENA BPC E-Commerce Breakdown
 The MENA BPC E-Commerce market has been growing by
MENA BPC rapidly at a CAGR of 57% in the past five years Product Categories
Market Others,10
%
Hair Care,
6% Fragrances,
34%
 UAE has the largest E-Commerce market in the MENA
Hygiene &
Largest MENA region, valued at USD 3.5 Bn in 2016 Personal Care,
E-Commerce  In 2016, UAE contributed 32.7% of the total MENA 7%

Market E- Commerce market

Men's Grooming,
11%
 In 2016, fragrance dominated the MENA BPC E-
Fragrances Commerce market and was valued at USD 17.1 Bn
 Fragrance contributed 34% of the total MENA BPC E-
as the
Commerce
Leading Colour
market Cosmetics,
Category 13%
Skin Care,
19%
Source: Euromonitor, Payfort, 15
 Key Beauty E-tailers in
NAME TYPE MENAOVERVIEW KEY KEY
FEATURES
 French cosmeticsBRANDS
chain store founded in 1969  Cash on Delivery
Specialist  2,300 stores in 33 countries worldwide  Free Delivery for orders above
cosmetics player  Launched in 2007 in the MENA region AED 350
with internet  52 stores across UAE, Saudi Arabia, Bahrain,  In-store returns
retailing Qatar and Kuwait  Free samples with
presence  Launched its dedicated e-commerce site in 2016 online orders
 Cash on Delivery
Specialist  Cosmetics manufacturer founded in  Free Delivery for orders
cosmetics player 1984 in Toronto above AED 200
with internet  Headquartered in New York City  In-store returns
retailing  Part of the Estee Lauder Company in 1998  Free samples with
presence online orders

 Operates an e-commerce platform in the MENA

region  Cash on Delivery
E-  Offers products in the BPC category  Free Delivery for items
Commerce  Operates as a marketplace for third party full filled by Souq
Player sellers.  Free return pickup
 Currently operates as a
subsidiary of Amazon.com, Inc.
 Operates an online platform that sells beauty
products on a subscription basis.  Offers monthly curated
Niche Beauty
 Founded in 2012 and headquartered in Dubai, beauty box
& Personal
UAE subscription
Care Player
 Acquired by a group of Saudi Arabian investors  Free shipping to UAE
in 2017 and KSA
 Cash on Delivery
Source: Sephora, Gulf Business, MAC Cosmetics, Souq.com, The National, 16
 Online Consumer Profile in Middle
E-Commerce has drastically altered theEast
retail industry. However it remains untapped in the MENA region. Favourable megatrends and consumer
behaviour patterns in the region, particularly in the Middle East, create an interesting environment for social media targeted companies.

1 AGE
 DEMOGRAPHICS
In 2016, 36% of the Middle Eastern consumers aged 18-24 preferred shopping
online
compared to the 13% of consumers falling over 55 years

 The younger generation has a higher average disposable income and a tech savvy
mindset that results in active smartphone usage and heavy engagement in social
media trends
INTERNET
2 PENETRATION
 Internet penetration in the Middle East region is around 60%, above the World’s
average
of 51.7%, with penetration exceeding 90% in Qatar, UAE and Bahrain

 Approximately 50% are said to access the internet for online shopping and 38%
are active social media users

3 MODERN CONSUMER PREFERENCES AND

 HABITS
The modern consumer gravitates more towards online shopping due to factors
such as lower pricing (40%), product selection (31%) and convenience (17%)

 52% research products online before a purchase and 51% share their experience
with
brands, whether good or bad
Source: Total Retail 2017 – PwC Report, Gulf Research Center 2017, Go Gulf, 1
 Key Digital Trends in Middle
East
Key Trends & Opportunities
With an internet penetration of over 90% in the largest Middle East
Return on Investment & Drivers of
Digitalization
markets vs. only 15% of retailers with a digital presence, there is a Buy products
huge window for Beauty and Personal Care players to capitalize on 29% online every
the digital trends taking the market by storm: month

Buy products
56 online through
mobile
%
Take inspiration from
INFLUENCER
COLLABORATIONS
CONSUMER ENGAGEMENT,
on social media is key to
82 Facebook followed
by WhatsApp at 77%
and beauty product
reaction videos have
44% more influence
appreciating the positive and
improving the negative, since %
51% share their experiences
over millennials than good or bad on social media Research product
52
“expert” comments
reviews
online before purchase

UAE IN FOCUS: UAE is currently the digital hub of MENA, with highest MENA internet
%
penetration at 89.2%, UAE consumers rely on Social Media and Beauty Influencers for basing Online Middle East Sales
their choices
 71% purchase products endorsed by popular social media influencers
48% are contributed by Health
& Beauty
 66% watch Before & After beauty transformation videos
 USD 332 highest average e-commerce ticket size in world
Source: Total Retail 2017 – PwC Report, AT Kearney, Arabian Gazzette , Deloitte, Gartner, KPMG, 18
ABOUT
MILLENNIALCAPITAL
Millennial Capital specializes in providing growth capital to emerging brands by providing growth capital to established brands/franchises
which have a track record in operations and international expansion. The firms' primary objective is to partner and build great companies
operating in retail, consumer and e-commerce sector. We provide capital and experience to help companies achieve their full potential by
developing key strategic and operational initiatives including corporate development strategy, establishment of local teams,
development of franchise / licensing model , marketentry strategies and accessto capital.

Millennial Capital is an experienced investment advisor in the GCC region with extensive experience in working with high growth
enterprises. Our advisory services focus on our clients most critical issues and opportunities including equity raising, M&A and strategic
options review. We bring deep expertise in advising entrepreneurs and small to medium size enterprises across key areas of corporate
development by delivering impactful solutions from aneconomic perspective.

Andreea Danila, Founder & Managing Kanchan Khemani, Senior Investment

Director andreea@millennialpartners.ae Analyst kanchan@millennialpartners.ae

https://www.linkedin.com/company/millennialcapital/
Shruthi Sukumar, Investment
Analyst
shruthi@millennialpartners.ae http://www.millennialcapital.net/

19
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