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November 14th 2022

Business is booming in Nigeria’s Cosmetic industry hitting over N1 Trillion for record growth

Nigeria’s cosmetic industry increased by just under 15% in 2021, adding 100s of billions of Naira to the economy, according to Euromonitor’s report.

At The Society of Cosmetic Scientists of Nigeria (NICOS) yearly conference in Lagos, Grace Abamba, President of the organisation, shared the report.

There was 11 sub categories (personal care, skincare, hair care, deodorants, bath and shower, baby care, oral care, fragrances, premium beauty, sun care) with hair and oral care coming out top with 17% growth, and bath and shower products at the bottom of the list with 8% growth.

The total turnover amassing to N1.034 trillion came with a breakdown. Regardless of their lower growth percentage, between hair care, bath and shower and deodorants recorded a sales performance of between N70 and N100 billion. The highest turnover being N470 Billion for personal care and 45.5% of the industry profits. Skincare followed with N128 billion.

“We have seen double-digit growth in most categories except bath and shower slowing down with falling sales of sanitizers. We look forward to seeing some innovation in this category. The premium category also experienced slowing growth where consumers are struggling with rising prices and so are looking for more affordable options.

“The sun care category is very interesting where people want to look after their skin. Just because we have more melanin in our skin, we still need to protect it from the sun. The retail sales value of Sun care, like colour cosmetics, is now worth N1 billion,” Abamba said.

Whilst speaking she said that the society was ready to work alongside SON and NAFDAC to regulate the beauty industry and use that as a catalyst for its growth.

“It is a really important industry in terms of health and wellbeing, so we want to talk about how we build the future in terms of safety quality and we want to be on the world stage,” she said.

Vice President, NICOS, Olusola Ojo, said one of the objectives of the society was to create awareness of international standards so that the local cosmetics industry could compete on the global scene.

“That’s what we’re doing by creating awareness, the right education and making people realize that local researches are being recognized internationally and so being able to put us Nigerians; formulators, business owners on the global map.

“To create that international standard for them to know what’s happening in the global scene to position their products to meet up with international best practices and also give us better opportunity to compete” Ojo stated.

Source: The Guardian, July 2022

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