MAY 27, 2019
Nigeria’s cosmetic market to grow by 8-10%
Globally, the cosmetics industry is a cash cow market, generating around $400 billion annually. This boom in global demand has rubbed off on African cosmetic industry which is valued at €9.2 billion, with an increase of between 8% and 10% yearly.
While the Nigerian cosmetic market is not ranked number one in Africa, it is estimated to be a leader in sub-Saharan Africa, and has been projected to be valued as much as €3.2 billion by 2020 due to population size and the spread of urban lifestyle in rural areas.
Just as the Nigerian cosmetics industry is robust with enormous growth potentials, so also is the beauty and personal care market flooded with various brands jostling for market share. One segment of the market that has caught our attention is the soap market.
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Source: Naira Metrics, May 2019