Projected 10.50% CAGR Growth for Recommerce Market in the Middle East & Africa by 2030
The Middle East & Africa Recommerce Market is projected to grow at a CAGR of around 10.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The recommerce industry is experiencing a notable surge in popularity within the Middle East & Africa region, driven by growing consumer awareness of sustainability and eco-consciousness. Consumers are increasingly inclined to purchase refurbished and pre-owned items, ranging from electronics to fashion, as a means to reduce waste and minimize their carbon footprint. This shift toward recommerce aligns with global sustainability goals and reflects a broader trend toward responsible use of products.
Increasing governments’ focus on environmental concerns and e-waste management is driving a revolution in the Middle East & Africa Recommerce Industry. As seen by current trends, governments and regulatory organizations in the MEA region are emphasizing environmental sustainability and appropriate electronic waste disposal, which in turn is encouraging the use of refurbished or pre-owned products. Consequently, the region's market participants are seeing new prospects as a result of the government's increased emphasis on sustainability.
Additionally, the recommerce industry in MEA is benefiting from increased access to technology and digital platforms. The proliferation of smartphones and the expansion of e-commerce have made it easier for consumers to participate in recommerce activities. Companies like Jumia in Africa and similar platforms are providing user-friendly interfaces for recommerce transactions, further driving consumer engagement. These trends, coupled with the region's youthful population and rising disposable income in developing countries, are expected to create a conducive environment for the growth of the recommerce industry in the Middle East & Africa region.
Moreover, while the general picture for the recommerce industry appears promising, the Middle East and Africa region's inadequate infrastructure and logistics provide significant obstacles for this market. The success of recommerce operations is heavily dependent on logistics and effective supply chains, as highlighted by current market trends. Businesses in this industry struggle with insufficient warehousing and transportation infrastructure, which leads to longer delivery times and more expensive operating expenses, further states the research report, “The Middle East & Africa Recommerce Market Analysis, 2024.”
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Peer-to-Peer Segment to Hold a Significant Position in the Market
The ‘Peer-to-Peer Marketplaces’ segment is expected to capture a major share in the Middle East & Africa Recommerce Market. The increasing prevalence of this platform is supported by the rise in consumer purchases and sales of pre-owned items, ranging from electronics to fashion and more. This trend highlights the region's growing preference for sustainable and budget-conscious shopping alternatives. Also, the increased digitalization coupled with improved network connectivity is further supplementing the growth of peer-to-peer marketplaces, in turn driving the growth of the recommerce industry in the region.
The UAE Leading Recommerce Industry in the Region
The UAE stands as the largest and most influential market for recommerce in the Middle East & Africa region. This leadership position can be attributed to the UAE's strong economy, tech-savvy consumer base, and growing emphasis on sustainability. Current trends in the country reflect a heightened awareness of responsible consumption, driving consumers to seek out refurbished and pre-owned items as environmentally conscious alternatives. Thus contributing to the overall growth of the recommerce industry in the Middle East & Africa region.
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Competitive Landscape
With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including ReFlaunt, Revibe, AWOK, Noon, Jollychic, The Luxury Closet, RETOLD, Poshmark, Jumia, Bazaara Technologies LTD, and others, are looking forward to strengthening their market positions.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size-Based Value, Forecasted Numbers, Segmentation, and Share)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of product adoption?
- How has competition been shaped across the region, followed by comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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