In spite of a weak economy and stifling red tape, Egypt’s make-up market remains vibrant thanks to its sizeable youth market
Egypt’s colour cosmetics market has maintained steady growth over the past year despite the downturn in the economy, the depreciation of the Egyptian pound and some serious regulatory challenges.
According to market researcher Euromonitor International, in 2016, this market grew by 18% in value terms, year-on-year, to total Egyptian Pounds EGP1.6bn ($90.5m) mainly due to the positive performance of lip make-up, primarily lipsticks.
The growth is remarkable given that while Egypt’s economy is growing at a steady clip, annual GDP rises are nowhere near double digit increases, with economic growth at 3.8% in 2016, marginally down from 4.2% the previous year, according to Bank Audi Group data.
Egypt’s economy is projected to grow 4.5% in the fiscal year 2017/18, the International Monetary Fund (IMF) said in October.
Forecast data. Source: Euromonitor International
It is the growth of the country’s large young population that has kept sales buoyant. Under-15- year-olds account for a third, or 31.3%, of Egypt’s 93 million people, while just 4.3% of the populace is over 65 years old, according to the Central Agency for Public Mobilization and Statistics.
As a result, make-up brands are . . .
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