Beauty booms well

The Kingdom’s beauty industry has seen a flourishing growth in the past year, especially in the grooming sector. The beauty market has grown by leaps and bounds, with an increasing number of people opting beauty products and related services. According to statistics by OrbisResearch.com, the global cosmetic products market was valued at USD 532.43 billion in 2017 and is expected to reach a market value of USD 805.61 billion by 2023, registering a CAGR of 7.14 per cent during 2018-2023.

Speaking to Tribune, Dhawal Shah, Franchise Manager at The Grooming Company International Investment Ltd (TGCI) said, “Bahrain’s cosmetic retail sector has been growing steadily over the past decade and remains one of the most dynamic sectors in the Kingdom, with an annual growth rate of 13 per cent.

“The retail market is projected to grow at a CAGR (compound annual growth rate) of over 5 per cent, in value terms during 2018-2023.” “Rising number of infrastructure projects, increasing tourist footfall, and rising population on the account of increase in a number of the diversified cultural population are some of the other factors expected to propel the cosmetic retail sector over the next five years. With a high per capita of 22,286 USD, Bahrain is all set to become a strong market for lifestyle brands such as NBar.”

“The beauty sector has been growing rapidly worldwide but we expect it to grow more rapidly with Bahrain’s market, as the beauty industry has been proven worldwide a recession-proof business for both men and women as both spend money on grooming. Particularly for entrepreneurs, they need to start looking at franchising opportunities in this sector as the sector is constantly booming.”