Health and Beauty Specialist Retailers in Saudi Arabia - New Market Study Published

The developments in health and beauty specialist retailers in 2014 were driven by two factors. Saudi Arabian women, although generally seen as conservative, shrouded in Islamic dress and veil, are amongst the highest spenders on beauty and grooming products in the world. Although they have traditionally been very particular about personal grooming, exposure to international beauty brands and trends through digital media, as well as their growing availability in the country, further deepened their interest in beauty. Retailers, on the other hand, are aggressively expanding their reach and introducing new products, such as the launch of the Urban Decay cosmetics brand in Sephora (Chalhoub Group) in 2014, which helped to boost growth. On the other hand, the rapid development of healthcare systems, thanks to increased government spending in this area, and growing awareness amongst the general public on overall health and wellness, positively impacted health retailers such as chemists/pharmacies and other healthcare specialist retailers.

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Competitive Landscape

Al Nahdi Medical led health and beauty specialist retailers in terms of number of outlets and value sales in 2014. The company embarked on aggressive expansion plans for its pharmacy brand Al Nahdi, adding 30 new stores during the year. Furthermore, it enhanced the customer shopping experience by introducing a loyalty card by the name of Nuhdeek during the same year. It also became the first pharmacy to offer services to insured customers, thus facilitating services for these customers outside crowded hospital pharmacies. Finally, its massive geographical reach, regular promotional schemes and knowledgeable staff boosted the company’s growth. For these reasons, it not only led health and beauty specialist retailers, but also saw the fastest share increase, with its value share increasing from 16% in 2013 to 19% in 2014.

Industry Prospects

Health and beauty specialist retailers is expected to witness strong growth in the forecast period, with a value CAGR of 12% at constant 2014 prices, compared with the 9% CAGR registered during the review period. Developments in healthcare will lead to the development of more healthcare units and chemists/pharmacies, which will drive overall growth. Al Nahdi Medical plans to expand its reach to 90% of the population by 2016, from the current reach of 70%. Similarly, beauty specialist retailers is also expected to witness growth, due to growing demand for both standard and high-end cosmetics and beauty products. The positive economic outlook in the country is expected to boost the per capita income, leaving people with higher disposable incomes to spend on such products. Beauty specialist retailers such as Mac and Sephora are also expected not only to increase their outlet numbers, but also to introduce new products, which are sure to attract local women who are passionate about beauty products.

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