Nigeria Leads Africa's Booming Beauty & Personal Care Market

In a recent study, Nigeria has emerged as the top spender in Africa's burgeoning beauty and personal care industry, which is currently valued at a whopping $57.12 billion in 2023. With a dominant share of $7.8 billion, Nigeria's beauty market is not just thriving but is also projected to see an impressive annual growth of 14.43% over the next half-decade.

Key Highlights:

Nigeria's personal care segment is estimated at $3.49 billion for 2023, with online sales accounting for a significant 2.9% of the total revenue.
The market is vast and varied, covering essentials like facial and lip cosmetics, skincare, fragrances, and a broad spectrum of personal care products, including haircare, deodorants, and shaving supplies.
Notably, Nigerians spend an average of $2.21 on lip cosmetics alone, generating a revenue of $0.47 billion. Facial cosmetics contribute $343 million, while the nail care segment brings in about $229.70 million. This translates to an average spend of $1.03 per individual on nail products.
The haircare sector boasts a revenue of $1.16 billion, averaging a spend of $5.16 per person. Meanwhile, the fragrance market, primarily driven by non-luxury goods, is valued at $0.89 billion. Shaving products and services also make a significant contribution with an estimated revenue of $1.13 billion.

Africa's Beauty Market Overview:

Sudan: $1.35 billion, Growth: 2.13%
Angola: $1.64 billion, Growth: 7.73%
Ghana: $1.68 billion, Growth: 3.86%
Kenya: $2.03 billion, Growth: 7.17%
Algeria: $2.10 billion, Growth: 1.30%
Tanzania: $3.15 billion, Growth: 3.88%
South Africa: $3.89 billion, Growth: 3.99%
Ethiopia: $4.45 billion, Growth: 4.29%
Egypt: $6.18 billion, Growth: 6.46%
Nigeria: $7.8 billion, Growth: 14.43%

This data, sourced from Statista and compiled by Nairametrics, underscores Nigeria's significant role in Africa's beauty and personal care industry. As the market continues to expand, it's evident that Nigeria is setting the pace for other African nations to follow.

Source: Nairametrics



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