JANUARY 16, 2024
Nigeria imported over $1.1 billion worth of cosmetics, perfumes, others in 2023
In 2023, the Nigerian market demonstrated a strong demand for cosmetics, perfumes, essential oils, and toiletries, amounting to a substantial amount exceeding $1.1 billion in imports. This information is taken from a thorough report published by Beauty West Africa, the group behind Africa's biggest beauty show exhibition, which took place every year at the Landmark Centre and drew in over 4,000 attendees from 47 nations.
According to the report, Nigeria's cosmetic and beauty industry is expected to grow at an impressive rate per year of "17.7% between 2023 and 2027." This growth is greater than that of any other market in Africa, suggesting a notable increase in consumer demand.
The report emphasised the prevalence of traditional markets by stating that more than 80% of cosmetic imports into West Africa are facilitated by well-established channels, demonstrating strong ties with the major players in the region, such as importers, buyers, and wholesalers. The report confirms that in 2023, Nigeria imported cosmetics, perfumes, essential oils, and toiletries worth over $1.1 billion.
Things to be aware of The personal care and cosmetics sector is estimated to generate $400 billion in revenue annually worldwide.
Nigeria is becoming a sought-after location for investments, drawing in foreign companies eager to take advantage of the continent's expanding beauty and personal care industry.
Nigeria's cosmetics industry is estimated to be worth $3.4 billion based on research findings, and the nation mainly sources its imports of cosmetics from major players like China, India, and the US.
According to a Nairametrics report from August 2023, the African Beauty and Personal Care market generated an impressive $57.12 billion in total revenue. Nigeria accounted for a substantial share of this market, with $7.8 billion, surpassing figures reported by South Africa, Egypt, and other African nations.
In light of this, industry participants expressed hope for Africa's unrealized potential. According to a representative of Al Haramain Perfumes, LLC UAE,
"I think Africa is a huge untapped market." Its economy is among the fastest-growing in the world. A nation that does not invest in Africa is essentially destroying itself. Nigeria's market is booming, and our business has received some excellent feedback.
In Dubai, Shaikh Modh of the Saeed Group of Companies echoed this idea, saying, "We aim to expand our presence in Africa, especially this region, which is full of opportunities."