In 2023, the Nigerian market had a strong desire for beauty and personal care products, importing more than $1.1 billion in cosmetics, fragrances, essential oils, and toiletries. This information comes from a comprehensive analysis by Beauty West Africa, the organizers of Africa’s largest beauty show exposition, which took place at the Landmark Centre and drew over 4000 people from 47 nations.
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 report highlights the dominance of conventional markets, stating that more than 80% of West Africa’s cosmetic imports are channeled through well-established channels. This demonstrated strong links with the region’s main actors, including buyers, wholesalers, and importers.
“Nigeria imported over $1.1 billion in cosmetics, perfumes, essential oils, and toiletries products in 2023,” according to a study released by the government. Globally, the cosmetics and personal care sector is worth around $400 billion each year.
Nigeria, which is growing as a prime investment destination, attracts multinational corporations looking to enter the continent’s burgeoning beauty and personal care sector.
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 value 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.
Sakeholders in the business voiced confidence about Africa’s untapped potential. “I believe Africa is a vast untapped market,” said a representative for Al Haramain Perfumes, LLC UAE.
