USD 1.25 billion
Report ID: SQSG30L2056 | Region: Global | Published Date: December, 2022 | Pages: 157
Morocco Cosmetics Market size was valued at USD 1.25 billion in 2021 and is expected to reach a value of USD 2.13 billion by 2028, at a CAGR of 7.92% over the forecast period (2022–2028).
Increasing consumption of cosmetic products by humans and specially women to adopt westernization in their culture and country is estimated to a key factor for the growth of the Morocco Cosmetics Market. Growing demand for personal care and other grooming products is also expected to be a key factor for the market growth during the forecast period.
E-commerce platforms has been playing a very important role in supporting the growth of Morocco Cosmetics Market by providing great offers and convenience to their customers. Change in the climatic conditions and lifestyles of humans are prompting them to use cosmetic products in their daily life routines.
As per L'Oréal’s 2020- annual results which was published in February 2021, the company sale was increased by 62% for the e-commerce section across all divisions and all regions, and it was about 26.6% of the total company’s sales for the year 2020. Therefore, players are trying to increase their supply chain and keep continuously focusing on online sales.
In morocco cosmetics market, more than 70% of retail purchases takes place in markets, corner shops, and other traditional stores. However, it is expected that supermarkets and other online stores will acquire a large portion of the market over the forecast period.
Global Market Size
USD 1.25 billion
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Morocco Cosmetics Market is segmented on the basis of product type, gender, distribution channel, and region. By product type, morocco cosmetics market is sub-segmented into hair care, skin care, makeup, and others. By gender, the market is segmented into men and women. By distribution channel, morocco cosmetics market is segmented into supermarkets, specialty stores, online channels, and others.
Analysis by Product Type
By product type, the morocco cosmetics market is classified into hair care, skincare, makeup, and others. In which, majority of the population uses skincare products more as compared to hair care and other products, therefore, it is expected that skincare holds a larger market share. According to a survey on cosmetics products conducted by an American company, about 80% of consumers spend around USD 100 or even more per month on skincare products in America.
On the other hand, haircare includes many products such as shampoo, oil, serum, hair colors, and others. These products are usually used for nourishment, to improve texture in strands, which are usually in demand from the young generation. Also, makeup products including face powders, lipstick, nail polish, blush and others, which typically use for enhance the look and to give extra glow to the face are projected to drive the segment growth.
Analysis by Gender
By gender, the morocco cosmetics market is divided into two segments men and women. The women segment is dominating the global market. Cosmetics products have a more significant influence on females. Working women and the younger generation are more aware of the beauty products and are increasingly exploring cosmetics products. For instance, a data released by the Australian government in February 2020, says that among all the employed individuals in Australia, women held a share of around 47% in 2019.
Awareness towards men’s grooming is also increasing all over the world. According to our findings, male consumers across the globe are more likely to use antiperspirant deodorants owing to climatic conditions and some skincare products and this indicates an increase in demand for cosmetics products among men.
Analysis by Distribution Channel
By distribution channel, the morocco cosmetics market is segmented into supermarkets, specialty stores, online channels, and others. Supermarkets holds a major share in the Morocco Cosmetics Market because of their capacity of owing wide range of products from many different brands under one roof. That types of market provides discounts and offers to their consumers by having huge stock and direct dealing with manufacturer companies.
The online stores are projected to grow significantly due to the ease of access of all brands products at a same place, convenience buying and additionally online stores provides free home delivery services as well, so consumers can save their time also. All these factors are playing an important role in the growth of e-commerce.
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In terms of performance relative to other African nations, Morocco has consistently outperformed them according to various global retail indices. The country's relatively stable political environment and growing middle class population are giving the market a strong boost. The nation has advanced significantly in recent years in terms of infrastructure investment. An illustration of this would be expenditures made to upgrade the infrastructure in the Tangier free trade zone. Investors from around the world are drawn to the country as a result of these developments.
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Growing Health Concerns Driving Market Growth
Rising Awareness of Side Effects to Hinder Market Growth
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Morocco Cosmetics Market is highly fragmented, having presence of many international and domestic players across the world. All major key players are focusing on developing natural and organic products to gain a strong foothold in the morocco cosmetics market. Manufacturers are focusing on attractive packaging promotional activities, and on the development of novel products to get attention of their customers.
For instance, in February 2021, a company named Kao Corporation introduced a serum, SOFINA iP INTERLINK SERUM pore refining moisture. This serum would help in condition the skin to provide a clear, moist texture with the concealing pores.
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According to our analysis, the Morocco Cosmetics Market is expected to have a significant growth during the forecast period because of the adoption of western culture and increasing consumption of cosmetic products by humans. Rapid growth in the disposal income of humans and specially women and attractive branding of products by several companies are major factors driving the growth of the market. Beauty companies are expected to spend about USD 7.7 billion on advertisement of their products in 2022. However, side-effects related to cosmetic products and rapid change in consumer demands can hinder the growth of the market over the forecast period.
|Market size value in 2021||USD 1.25 billion|
|Market size value in 2028||USD 2.13 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Morocco Cosmetics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Morocco Cosmetics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Morocco Cosmetics Market:
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Product ID: SQSG30L2056