Sales of cosmetics in Libya are mostly driven by the growing need of various facial, hair care, body care, and skin care products. An increase in the population has also pushed the sales of cosmetics in Libya over the past years.
New product launches on the back of versatile product demand from consumers of different demographics have bolstered the market to new levels. Increasing adoption of natural/organic cosmetic products and the need of consumers to know the ingredients present and their implications on different skin types have pushed manufacturers to focus more on the branding aspect.
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Labeling is an important part of branding. It helps make the identification of things easier. Rules and regulations formulated by various organizations and government guidelines to showcase the ingredients present in cosmetic products have increased the transparency between brands and customers.
Intense innovation and research in the cosmetics industry have helped manufacturers cater to varied market needs. Besides, the advent of digitalization has opened up new opportunities for market players. The possibility of products reaching the most remote areas has augmented the volume of sales of cosmetics in Libya.
Increasing awareness regarding the use of natural and organic cosmetic products has allowed cosmetic producers to tap the potential in the market and this category is anticipated to experience a surge in the near future.
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Key Takeaways from Market Study
- Demand for cosmetics in Libya is expected to increase at a significant CAGR of 5.3% through 2032.
- Increasing awareness about natural/organic cosmetics among the young generation is a contributing factor toward market growth.
- In terms of end user, women are contributing highly to the growth of the cosmetics market in Libya.
“With hectic and intense lifestyles, demand for cosmetics is on the rise in today’s modern era. In addition, promotional activities to portray product image toward the premium aspect has been an appealing factor driving market growth,” says an analyst at Persistence Market Research.
Key Market Players
The report underlines ground-breaking insights into the competitive scenario of the Libya cosmetics market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include L’Oréal S.A., Staked Skincare Inc., Vichy Laboratoires, The Estée Lauder Companies Inc., Elizabeth Arden, Groupe Rocher (Flormar), Hobby Cosmetics, Suarez Company, LILA Cosmetics, Lorience Paris, Joop, Grupo PYD, and ParisVally.
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