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The perfume market in the Middle East has significant potential to contribute to the growth of this sector, with the growing interest of young people in fashion and the presence of a distinguished and high consumption trend to spend in the perfume sector. . A survey showed that the size of the perfume market in the Middle East reached $ 8.5 billion in 2018.
Economic reports indicate that the perfume industry is one of the fastest growing sectors in the region due to the growing demand of young people for fragrances. International companies are struggling to enter the Middle East market in general and the Gulf in particular to continue to increase their consumption without being affected by global economic changes.
Since the beginning of this year, Bahrain has issued a license worth 6.3 million dinars. According to the statistics of the authority of the information and the administration on line. In August, Bahrain introduced a tariff of 793,000 dinars with a weight of 48 tons. In July, it exported 836,000 dinars, weighing 54 tons. While in June, it issued 413 thousand dinars. In May, exports reached 843,000 dinars.
In April, Bahrain exported 1.037 billion dinars, weighing 52 tons. While exporting the perfume worth 1.035 billion dinars in March. In January, a bonus of 1.3 million dinars was issued for a weight of 56 tons.
In this regard, Akhbar Al Khaleej pursued with Abdul Wahab Al Hawaj, one of the pillars of the perfume market in the kingdom. This confirmed that Bahrain enjoyed a high reputation for the presence of perfume on the original markets. It is therefore one of the cleanest markets in the region.
"Bahrain exports different types of perfumes, the most important of which are the blends made in the shops and the big perfume companies, but even in the homes." Customers are more and more interested in these blends. several materials such as musk, amber, rose and oud.
Al-Hawaj attributed this to the purity and high quality of the blends in Bahrain. Which can not be adulterated. In many countries, their scents are traditional and not original. But what sets Bahrain apart is that they are almost free of fake blends. This does not mean that they are free of traditional and non-original scents. But we hear mixtures sold in major stores.
Bahrain blends are also known for their sectarian flora. The sandal And amber. And take as the main line. Al-Hawaj insists that what distinguishes the mix of Bahraini tastes is high.
In terms of price and compared to other countries. Al-Hawaj pointed out that the prices of international brands are generally similar in different countries of the world. The difference can be very slight in some countries. But in general, exporting companies impose their prices on distributors and everyone agrees.
Al Hawaja continued to grow in the perfume market in the Kingdom of Bahrain in particular. Indicate the direction of the Al-Hawaj group in favor of the future opening of a perfume factory without specifying the time. "Even though global markets are going through a recession, we are still optimistic."
For its part. The economic expert d. Jafar Al-Sayegh said that investing in perfumes was becoming more and more viable in the Kingdom of Bahrain. Due to the acceptance of junior and senior investors of the industry and to go there.
In his address to Gulf News, Al-Sayegh said: The fragrance market is consistent with the structure of the Bahraini economy. In relation to the consumption pattern in society. As well as the opportunities that it offers. In the hope that the state would take advanced action in this regard. Creating the right environment to encourage and attract investors in this sector.
Al-Sayegh pointed out that the Gulf consumer in general and Bahrain in particular had the ability to buy all kinds of perfumes. Perfumes have become a luxury product. They are available in all Bahraini homes and are used by young and old alike.
The jeweler pointed out that the growing demand for perfumes should spur increased interest in developing appropriate policies and frameworks to regulate this market. Especially with the widespread spread of those who produce perfume in their homes. They sell it via social networking sites. It is therefore necessary to attract these small investors, to integrate them on the market and to give them all the necessary facilities.
Annual household perfume production can reach about 2 million dinars. According to what the economist was waiting for during his speech. Adding this investment in this sector is a success in every respect because its customers are guaranteed. It has great growth potential.
Regarding the value added tax and its impact on the perfume market, the jeweler said that the consumer would get used to the 5%, which he considered to be of little importance compared to other countries that adopt the tax from 10% to 25%. Stressing that the tax is applied in Saudi Arabia and the United Arab Emirates. This does not mean that the Saudi or UAE consumer does not buy perfume. As well as for the consumer Bahrain.
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