Morocco Cosmetics Market– Statistics And Analysis & Forecast To 2025Posted by Mrudula Anil Karmarkar on March 19th, 2021 The global morocco cosmetics market size is expected to reach USD 1.93 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 7.5% during the forecast period. The growth can be attributed to surging demand for premium cosmetic products, majorly driven by the increasing purchasing power of consumers. The Beauty and Personal Care (BPC) industry has witnessed a decline in the wake of the Covid 19 pandemic, but the impact is not as severe as seen in other industries. Although discretionary spending has reduced, the BPC market has witnessed a consumer behavioral shift towards safe and reliable products. Products that have a lower risk of contamination owing to automation and longer shelf lives helping the rationing of consumer supplies are expected to stand out in the near future. Brands are also focusing on improving their supply lines in terms of strengthening their E-commerce channel along with offering at-home wellness products, which are highly suited in this volatile business environment. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections. Rising consumption of cosmetic products by women owing to increasing westernization in the country is estimated to be a key factor driving the market. Growing demand for personal care and grooming products from male consumers is also anticipated to bolster the growth of the market over the forecast period. E-commerce platforms are projected to play a significant role in supporting the growth of the Morocco cosmetics market owing to the high convenience they offer to consumers. The industry is registering an increase in the number of male consumers. Changing climatic conditions and lifestyles are prompting men to use cosmetic products in their daily routines. Fragrances, skincare, and hair care products are increasingly being used by both men as well as women. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/morocco-cosmetics-market/request/rs1 Morocco has consistently outperformed other African countries in terms of its ranking in various global retail indexes. The relatively stable political atmosphere in the country and the increasing middle-class population are providing a significant push to the market. Further Key Findings From the Report Suggest:
The country has made considerable strides in recent years related to investments in infrastructure. One such example is of investments made to improve infrastructure in the Tangier free trade zone. Such developments in the country are attracting investors from across the globe. Changing consumer lifestyles, increasing awareness regarding skin care products, and growing disposable income of the middle-class population are estimated to fuel the demand for cosmetics in Morocco. Increasing R&D investments, coupled with associated technological breakthroughs, in processing and cost-effective production of skin products are anticipated to bolster the growth of the market. Recent financial crisis across the world had an adverse impact on retail sales, including high-end stores. Morocco, however, was an exception. Morocco showed a steady increase in its retail sales due to surging domestic consumption and positive overall growth prospects demonstrated by the country’s economy. The Moroccan economy has shown a steady rise in recent years. The country has capitalized on its proximity to Europe and has an open and diverse economy characterized by low labor rates. The Moroccan economy has remained largely unaffected by economic turmoil in Europe and was characterized by low inflation as well as decreasing unemployment levels. This scenario presents tremendous prospects for high-end cosmetics retail stores. In Morocco, more than 70% percent of retail purchases take place in open markets, smaller corner shops, and traditional stores. However, modern supermarkets and retail outlets are projected to gain a considerable share over the forecast period. Existing international retailers in the country mainly operate through partnerships. Shopping malls have also experienced rapid growth in popularity in Morocco in the recent past and the trend is likely to continue for years. The Morocco mall situated in Casablanca covers approximately 250,000 square meters and has over 300 stores. Zenata shopping mall and Bouskoura Golf City shopping center are other prominent shopping destinations in Casablanca. E-commerce also exhibits favorable growth prospects in the country. Hence, the market is poised to thrive with the flourishing retail sector. Acquisitions and joint ventures are an integral part of the market and enable companies to strengthen their position and increase their market share. Manufacturers are focusing on reducing their production lead time and material handling costs along with establishing adequate quality control and productivity maximization measures. Cosmetic manufacturers are focusing on expansion, in terms of production capacity and infrastructure, with the aim of catering to soaring market demands. Distributors play a vital role in the cosmetics industry value chain. Retail stores such as supermarkets, departmental stores, drug stores, and brand outlets are direct modes of sale to consumers. A majority of the population in Morocco opts for the local methods of purchase as the dominant platform for buying cosmetics. Online stores such as manufacturer-owned online portals and various consumer product websites also play a significant role in the market. This mode of sale has gained the attention of consumers over the past few years. Online websites and portals also play an important role in analyzing consumer buying patterns and preferences, making them vital for market players. Grand View Research has segmented the Morocco cosmetics market on the basis of product, sales channel, and gender: Morocco Cosmetics Product Outlook (Revenue, USD Million, 2014 - 2025)
Morocco Cosmetics Sales Channel Outlook (Revenue, USD Million, 2014 - 2025)
Morocco Cosmetics Gender Outlook (Revenue, USD Million, 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |