The Nigerian market showcased a robust appetite for beauty and personal care products in 2023, importing a substantial sum exceeding $1.1 billion in cosmetics, perfumes, essential oils, and toiletries.
This data stems from a comprehensive report by Beauty West Africa, organisers of Africa’s annual largest beauty show exhibition held at the Landmark Centre, which attracted over 4000 visitors from 47 countries.
The report forecasts a remarkable trajectory for Nigeria’s cosmetic and beauty industry, projecting a compelling annual growth rate of “17.7% between 2023 and 2027.” This growth surpasses that of any other African market, indicating a significant upswing in consumer demand.
Highlighting the dominance of traditional markets, the report stated that over 80% of West Africa’s cosmetic imports are routed through well-established channels, showcasing robust connections with the region’s key players, including buyers, wholesalers, and importers.
- “Nigeria imported over $1.1 billion in cosmetics, perfumes, essential oils, and toiletries products in 2023,” as confirmed by the report.
What you should know
Globally, the cosmetics and personal care industry commands an estimated annual turnover of approximately $400 billion.
Nigeria, emerging as a prime investment destination, attracts international firms keen on tapping into the burgeoning beauty and personal care market on the continent.
Research findings place Nigeria’s cosmetics industry at a valuation of $3.4 billion, with the country primarily sourcing its cosmetic imports from key players such as India, the United States, and China.
In August 2023, Nairametrics reported that the African Beauty and Personal Care market witnessed an impressive total revenue of $57.12 billion, with Nigeria claiming a substantial share of $7.8 billion, surpassing figures posted by South Africa, Egypt and other African countries.
- Against this backdrop, industry stakeholders expressed optimism about Africa’s untapped potential. A spokesperson for Al Haramain Perfumes, LLC UAE, remarked, “I believe Africa is a vast untapped market. It’s got one of the fastest-growing economies in the world. Any country not investing in Africa is literally killing itself. The market in Nigeria is very positive, and our company has had some very positive responses.”
- Shaikh Modh of Saeed Group of companies in Dubai echoed this sentiment, stating, “Africa, particularly this region, is filled with opportunities, and we aspire to broaden our presence here.”
