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.
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.
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.
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.
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Further Key Findings From the Report Suggest:
- The makeup & color cosmetics segment is likely to exhibit the highest CAGR of 8.1% during the forecast period
- Morocco has a significant competitive edge in the production and export of argan oil
- A major chunk of the demand for cosmetic products in Morocco is generated by people with a higher income and modern lifestyles, staying in large cities
- New product launches and the establishment of strategic partnerships with luxury salons are expected to remain a critical success factor for the haircare market over the forecast period.