Nigerians have always stood out when it comes to beauty and personal care. Little wonder the Nigerian market was reported to have imported more than $1.1 billion in cosmetics, fragrances, essential oils, and toiletries.
This data comes from a comprehensive study by Beauty West Africa, the organizers of Africa’s largest beauty show event, which took place at the Landmark Centre and drew over 4000 guests from 47 countries.
The analysis predicts a spectacular trajectory for Nigeria’s cosmetic and cosmetics business, with annual growth rates of “17.7% between 2023 and 2027.”
This rate of growth exceeds that of any other African market, showing a huge increase in consumer demand.
The analysis shows that over 80% of West Africa’s cosmetic imports flow through well-established channels, demonstrating strong relationships with the region’s main stakeholders, including buyers, wholesalers, and importers.
According to the research, “Nigeria imported over $1.1 billion in cosmetics, perfumes, essential oils, and toiletries products in 2023.”
Globally, the cosmetics and personal care sector is worth around $400 billion each year.
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.
According to research, Nigeria’s cosmetics business is worth $3.4 billion, with the country predominantly importing cosmetics from important players such as India, the United States, and China.
The African Beauty and Personal Care market had a total turnover of $57.12 billion in August 2023, with Nigeria claiming a large portion of $7.8 billion, surpassing statistics posted by South Africa, Egypt, and other African countries.
