Science Café eyes beauty industry prospects for genetic resources

BUSINESS REPORTER -

MUSCAT, OCT 10  -

OAPGRC hosted a lively gathering of members of the general public, scientists, specialists and entrepreneurs at its most recent Science Café, which explored the lucrative opportunities and prospects for Oman’s wealth of genetic resources in the multi-billion dollar international perfume, cosmetics and personal care industry.

“This particularly enjoyable and illuminating edition of the OAPGRC Science Café Series opened the eyes of participants to Oman’s treasure chest of natural resources and their potential for profitable commercial application in the multi-faceted booming beauty business,” noted Dr Nadiya al Saady (pictured), OAPGRC Executive Director and organiser of the monthly Science Café initiative.

“Let me give you some examples. When we talk about the use of genetic resources in perfume, cosmetics and personal care, beyond Frankincense people immediately think of natural oils from say the roses or pomegranates of Jabal Akhdhar but there are so many other possibilities. These range from fish scales that can be used in shampoo and nail polish to whale ambergris, one of the most sought after ingredients in the perfume industry.

Algae, abundant in our oceans, is an essential component of many skin and hairdressing products, including sun block, moisturising creams and hair conditioners while microbes are used in Botox,” explained Dr Al Saady.

She continued: “And the cosmetics and beauty business is undoubtedly lucrative. KPMG studies indicate that the global market for personal care products is expected to reach a total market value of $500 billion by 2020 with the market for product ingredients likely to grow even faster over most of the same period.

Valued at $7.46 billion in 2014, this segment is expected to reach 11.76 billion by 2023. KPMG also notes that the market for organic personal care products made from plant-based ingredients is growing at an annual rate of almost ten per cent with expectations of a market valued at $15.98 by 2020.”

Pointing out that a major trend in the beauty industry is for halal products, Dr Al Saady concluded: “Taking all this into consideration, I have no doubt that this is an ideal time for Oman to unleash the potential of its genetic resources in this exciting sector.”