UAE skincare market on track to hit $219m
Dubai, May 15, 2014
The UAE skincare market is expected to reach an estimated Dh800 million ($219 million) in 2018, according to Lifeline Drug Store (LDS), a top distribution firm, which is introducing a range of Swiss-based beauty products in the country.
LDS has signed an exclusive marketing and distribution agreement with Skincode AG, which specialises in the cosmetics industry, to represent it in the UAE market.
The signing ceremony of Skincode was held at Address hotel, down town Dubai and attended by Dr. Mahmood Al Bastaki, CEO of Dubai trade, Dr Shiras RP, director of LDS, Prince Nicals Massalsky CEO of Skincode AG, Switzerland and representatives of major retailers from UAE pharmacy chains.
MA Abu Baker, general manger of LDS, said that there is huge demand in the UAE for multifunctional skincare products and consumers don’t compromise on quality.
“Most UAE Consumers have high incomes and prefer premium products produced by prestigious skincare manufacturers. That is why we are excited about this distribution agreement with Skincode AG,” he said.
“To do a comparison between the growth of the skincare industry in the UAE and the US, here the consumers are more inclined toward natural and organic products and ready to pay a premium for these products while in the US, there is a huge demand for anti-aging products from baby boomers. Therefore, the skincare industry in the UAE is fueled by higher purchasing power, while in the US the demographics are such that there is stronger demand for anti-aging products,” he added.
Dr Shiras RP, director at LDS said “We are partnering with Skincode at a time LDS has emerged as a well-established distribution company with active presence in Mena and Asian countries.
“The UAE is getting latest skincare techniques that are launched worldwide and this agreement exemplifies how the country is on the top of the global offerings when it comes to skincare solutions and treatments.”
Skincode AG has three results-orientated collections: Skincode Essentials, Skincode Age Lab and Skincode Exclusive.
The marketing manager of Derma-cosmetics at LDS Riham Wagdy said: “It is a matter of pride for us to add Skincode products to our diversified portfolio at the time when we are one of the leaders in Derma-cosmetics in UAE market.”
The US skincare industry is expected to experience a moderate growth and reach $12.2 billion by 2018, according to Research and Markets most recent study published two months ago.
The UAE skincare industry is just 1.8 per cent that of the US, due to a higher population of the US compared to the UAE, a statement said. – TradeArabia News Service