In 2023, Nigerian market showcased a robust appetite for beauty and personal care products.
Gatekeepers News reports that data revealed that Nigerians imported a substantial sum exceeding $1.1 billion in cosmetics, perfumes, essential oils, and toiletries.
This report 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 data forecasts a remarkable trajectory for Nigeria’s cosmetic and beauty industry, projecting a compelling annual growth rate of “17.7% between 2023 and 2027,” a growth surpasses that of any other African market, indicating a significant upswing in consumer demand.
The report, while highlighting the dominance of traditional markets, 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.
The report confirmed that “Nigeria imported over $1.1 billion in cosmetics, perfumes, essential oils, and toiletries products in 2023.”
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.
