Global Morocco Cosmetics Market - 2022-2029

Global Morocco Cosmetics Market - 2022-2029

Market Overview

The global Morocco cosmetics market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Argan oil is produced from the kernels of the argan tree, which is endemic to the otherwise barren lands of southwestern Morocco. Argan oil is one of the rarest oils in the world. It is hailed as the “liquid gold” of Morocco. The Berber people of North Africa have been making argan oil for culinary and cosmetic purposes since the 13th century. Rising demand for body lotions, sunscreen, and anti-aging creams among consumers is one of the key trends escalating market growth 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 consumers. Morocco has made considerable strides in recent years related to investments in infrastructure. One example is investments made to improve infrastructure in the Tangier free trade zone. Such developments in the country are attracting investors from across the globe.

Market Dynamics:

Rising consumption of cosmetic products by women owing to increasing westernization in the country

The market is primarily driven by the rising consumption of cosmetic products by women owing to increasing westernization in the country. With the rising fine living and skin care consciousness, women consumers are paying more attention to the effectiveness of skin care products. However, the market has been spurred by the rising adoption of cosmetics products as a daily regimen by the women in the Morocco country, thereby adding up to the revenue of the global morocco cosmetics market. In addition, increasing R&D investments and associated technological breakthroughs in the processing and cost-effective production of skin products are anticipated to strengthen the market's growth.

However, the availability of counterfeit products and regulations related to the packaging and labeling of beauty and personal care products might hamper the market's growth during the forecast period.

Market Segmentation:

Skin & sun care products for the highest share in global Morocco cosmetics market.

In 2021, the skin & sun care products segment had the highest revenue share of more than XX percent. The segment includes various natural and synthetic products such as body lotions, face creams, moisturizers, and sun protection creams. The market is expected to increase due to the rising concerns related to skin care and aging factors. The surging use of natural ingredients such as fruits, vegetables, and herbs in skin care products to impart anti-aging and UV protection properties is expected to contribute to the growth of the skin and sun care segment. Argan or Moroccan oil-based hair products are used extensively by natives for hair care and hair repair treatments. These oils are enriched with vitamin E, forming an insulating layer over the skin and hair, offering protection from UV rays.

Additionally, hair shampoos and conditioners enhance hair strength and provide color protection, while hair glazers add shine to hair. Other hair care products such as styling gels & creams help in hair styling. Increasing adoption of the modern lifestyle by young individuals is estimated to boost the demand for hair styling products significantly.

In 2021, the women segment had the highest revenue share of over XX percent, owing to the growing consumption of cosmetic products by women consumers across the globe. In addition, the increasing influence of the western lifestyle among women is also projected to positively drive the global Morocco cosmetics market growth.

Geographical Penetration:

North-America is the dominating region during the forecast period

In 2021, North America had the highest revenue share of almost XX percent. The market is growing due to changing consumer lifestyles, increasing awareness regarding skin care products, and the growing disposable income of the middle-class population are the factors to fuel the demand for Morocco cosmetics in North America.

Competitive Landscape:

The global Morocco cosmetics market is a concentrated market with the major share held by key players. The major players include Unilever plc, Avon Products, Inc., The Procter & Gamble Company, Oriflame Holding AG, Dabur International, Groupe Clarins, The Estee Lauder Companies, Inc., Kao Corporation, Shiseido Company, Limited, Revlon, Inc., and among others. The major Morocco cosmetics manufacturers adopt several strategies such as M&A, joint ventures, product launches, and agreements to help them sustain the market’s competitive environment. For example, Revlon, Inc. launched hair care and styling products under the brand Creme of Nature in May 2022. The products are infused with certified organic argan oil from Morocco, providing intense conditioning and nourishment. The product line continues to be formulated with the same uncompromising ingredients, such as no sulfates, no mineral oil, and no petrolatum.

COVID-19 Impact:

Negative impact on the global Morocco cosmetics market

With the outbreak of Covid-19, the market of global Morocco cosmetic products has shown declining results in the growth rate. Due to the global lockdown situation, cosmetic manufacturers had to shut down their production units due to the labor shortage. Additionally, numerous cosmetic stores were shut down due to the COVID-19 pandemic.

The global Morocco cosmetics market report would provide an access to approximately 61 market data tables, 52 figures and 170 pages