The Libya cosmetics market is anticipated to grow at a 5.3% CAGR over the following ten years, surpassing the market valuation of US$ 360 Mn at the end of 2021 to reach US$ 631.7 Mn by 2032. At the moment, the consumption of cosmetics in Libya represents a
The usage of cosmetics expanded slowly in Libya between 2017 and 2021 despite the country having a small market share in the MEA. The regional market’s varied restrictions led to a slump in the Libyan cosmetics industry. The Second Libyan Civil War, which lasted from 2014 to 2020 and negatively affected the majority of the country’s economic sectors, such as imports and exports of oil and other consumer durables, manufacturing, the service sector, etc., was one of the main causes of the country’s decreased growth.
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Which Market Factors are Leading to High Sales of Cosmetic Products in Libya?
“Increasing Preference of Customers toward Online Retail Channels”
- A major element driving Libya Cosmetics Market is increasing product penetration in the cosmetics market through online retailing channels. Cosmetic sales via e-Commerce are predicted to increase significantly over the coming years owing to increased smartphone usage and rising Internet penetration in potentially untapped areas across Libya.
- The availability of a wide range of products, as well as buyers’ capacity to compare costs of various products accessible in the market during an online search or through social networking platforms, are credited to this predicted development.
“Increasing Availability of Natural/Organic Cosmetics on Store Shelves”
- The use of natural/organic cosmetics products has been a significant way to look glamorous for men and women from ancient times. The degradation of such products happened with the introduction of chemical-based cosmetics that took over the cosmetics industry and boosted the market to new heights.
- In today’s modern era, with sustainability at its peak, natural/organic cosmetics and beauty care products are witnessing increased demand. With regional and cultural values at its core, the introduction of such natural cosmetic products is appealing to consumers in Libya, and alternatively, will boost the volume of sales in Libya’s cosmetics industry.
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Category-wise Insights
Which Product Type Holds Major Revenue Share in Cosmetic Sales in Libya?
“Makeup Products to Remain Top-selling Category”
Based on product type, the makeup category is anticipated to remain the most significant in the cosmetics market in Libya. Increased adoption of makeup products by the younger generation has been prompted by unique differentiating branding and marketing strategies by industry participants.
Furthermore, the facial segment categorized under makeup is expected to be a prominent product category that will contribute highly toward market growth. Increased preference of customers toward organic beauty products, and subsequently, the fulfillment of such demands by manufacturers will significantly aid market growth in Libya.
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