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Morocco Cosmetics Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The Moroccan cosmetics market was valued at USD 1.5 billion in 2021 and is expected to grow at a CAGR of 7.2% from 2022 to 2030. The growing demand for natural ingredients, the growing inclination towards organic and eco-friendly products, and the increasing awareness about personal grooming are the key factors driving the market. Furthermore, the growing trend of private label products and the presence of various local and international players are also contributing to the market growth.
Growing consumer preference for natural, organic, and eco-friendly products is driving the demand for Moroccan cosmetics. Moroccan products are gaining popularity due to their natural ingredients, such as argan oil, which is widely used in skin, hair, and beauty products. Moreover, rising disposable income and changing consumer lifestyle are also driving the market growth.
The rising demand for skin care products is boosting the growth of the Moroccan cosmetics market. The increasing awareness about the adverse effects of synthetic products, coupled with the growing use of natural ingredients, is driving the demand for skin care products in Morocco. Furthermore, the growing trend of private label products, with herbal, natural, and organic ingredients, is also driving the market growth.
The rise in the number of online stores and online retailers is also contributing to the growth of the Moroccan cosmetics market. Online stores are offering various discounts, offers, and convenience to customers, which is contributing to the market growth. Moreover, social media campaigns by various brands for promotional activities are also contributing to the growth of the market.
The presence of various international and local players in the market is also driving the market growth. International players are offering innovative products with natural ingredients, which is driving the demand for Moroccan cosmetics. Furthermore, local players are focusing on product innovation to meet the changing needs of customers. Additionally, these players are also focusing on increasing their online presence to reach out to more customers.
Product Insights
The skin care segment held the largest market share in 2019, accounting for nearly 47.6% of the overall market. Growing awareness of personal hygiene and grooming among people in Morocco is the key factor driving the demand for skin care products in the country. According to an article published by The Guardian, in April 2020, Moroccan women are increasingly relying on cosmetics to maintain their beauty and enhance their looks. Furthermore, the growing awareness of beauty products and the rising disposable income of consumers have led to a surge in the demand for cosmetics in the country.
The hair care segment is expected to expand at the fastest CAGR of 8.4% over the forecast period. Increasing demand for hair styling products, rising trends for grooming and styling, and the emergence of various hair colorants and hair styling brands are some of the key factors driving the hair care market growth revenue in Morocco. According to an article published by the University of Halmstad, in November 2019, 23% said that hair styling is as important for men as it is for women. Additionally, the increasing fashion trends and growing beauty awareness among people are expected to boost the demand for hair care products in the country.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the largest market share of 53.2% in 2022. The growth of the segment is attributed to the increasing number of supermarkets and hypermarkets in the country. Moreover, the availability of a wide variety of cosmetic products in supermarkets and hypermarkets is likely to drive the growth of the segment in the coming years.
The direct selling segment is estimated to expand at a CAGR of 8.2% during the forecast period. Direct selling involves selling products to customers through home-based meetings, parties, and other events. The salespersons in direct selling are provided with training and support in the form of product information and marketing materials. This segment is gaining traction in the country due to the growing popularity of home-based sales parties. In addition, the presence of established companies such as Avon, Amway, and Oriflame in the market is expected to fuel the growth of the segment in the coming years.
Type Insights
The mass segment accounted for the largest revenue share of 63.2% in the year 2022. The mass segment is highly popular in Morocco due to the availability of products from local and international brands. Companies such as L’Oreal and Nivea have been providing mass personal care products for decades in the country. Furthermore, the increasing trend of online retailing has made the mass segment more accessible and affordable for the people of Morocco. Also, the growing middle-class population and their disposable income are further fueling the demand for mass cosmetics products.
The premium segment is expected to register the highest CAGR of 10.4% during the forecast period. Increasing urbanization and rising awareness regarding the use of premium cosmetics are driving the growth of the premium segment. Companies such as Chanel, Yves Saint Laurent, and LVMH are introducing new and innovative products in the market, which is likely to propel the market in the forecast period. Furthermore, the increasing popularity of professional cosmetics in salons is also driving the demand for premium products.
Regional Insights
Morocco is expected to witness the highest growth in the coming years. This can be attributed to the growing demand for cosmetics products from Morocco’s large youth population. In addition, the increasing focus on personal care and grooming among young consumers is expected to drive the market in the country. For instance, in April 2021, Moroccan cosmetics brand Ajar launched a range of products targeting millennials.
The Middle East & Africa region is also anticipated to witness significant growth over the forecast period. Growing awareness regarding personal care, the presence of a large Muslim population, and the increasing number of working women in the region is expected to drive the market. In addition, the rising popularity of organic and vegan products is also likely to contribute to the growth of the market. For instance, in April 2021, Moroccan brand Kajal launched a range of organic and vegan cosmetics products.
Financial Projections
In this part of the Morocco Cosmetics Products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your Morocco Cosmetics Products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a Morocco Cosmetics Products business comes from sales of products to distributors, online sales, retail sales, and wholesale sales. Here you will find a list with a description of each of them and other possible sources of profit such as funding, grants, and collaborations.
Projecting Expenses
In this section, all the regular expenses related to keeping the Morocco Cosmetics Products business running will be described. The list of operating expenses includes production costs, packaging and shipping costs, advertising and marketing costs, personnel costs, research and development costs, professional fees, and other overhead expenses.
Key companies & market share insights
Some of the key companies operating in the Morocco cosmetics market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In August 2022, L’Oréal launched the “Colors of Morocco” collection, a unique range of lipsticks, eyeshadows and blushes inspired by the colors of Morocco.
– In October 2022, Clarins launched the “Marrakech” collection, a range of eye shadows, blushes and mascaras infused with natural ingredients from Morocco.
– In November 2022, Estée Lauder launched the “Rouge Passion” collection, a range of lipsticks and glosses inspired by the colors of Morocco.
Some of the prominent players in the Morocco cosmetics market include:
– L’Oréal SA
– Estée Lauder Companies, Inc.
– Beiersdorf AG
– Clarins Group
– Shiseido Co., Ltd.
– Unilever PLC
– Avon Products, Inc.
– Procter & Gamble Co.
– Coty, Inc.
– Oriflame Cosmetics SA
Global Morocco Cosmetics Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global Morocco cosmetics products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Skin Care
– Hair Care
– Fragrances
– Color Cosmetics
– Bath & Shower Products
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Department Stores
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North Africa
– Sub-Saharan Africa
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Morocco Cosmetics Products Market?
[A]: The Morocco cosmetics products market is driven by factors such as increasing disposable income, changing consumer preferences towards organic and natural products, as well as rising awareness about personal hygiene and grooming.
[Q]: Who are the Leading Players in the Morocco Cosmetics Products Market?
[A]: Leading players in the market include L’Oréal, Unilever, Beiersdorf, Avon, Oriflame, and Estée Lauder.
[Q]: What is the Market Share of the Morocco Cosmetics Products Market?
[A]: The Morocco cosmetics products market is estimated to account for a market share of 14.4% in 2020.
[Q]: What is the Market Growth Rate of the Morocco Cosmetics Products Market?
[A]: The Morocco cosmetics products market is projected to grow at a CAGR of 8.1% during the forecast period of 2020-2027.
[Q]: What is the Potential of Product Innovation in the Morocco Cosmetics Products Market?
[A]: Product innovation is expected to be a major factor driving the growth of the Morocco cosmetics products market. The introduction of new products with enhanced features and performance will increase customer demand and attract more consumers. Additionally, with increasing environmental consciousness, companies are focusing on developing green and organic products, which is expected to drive market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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