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Why West Africa?

$5.28 bn

Beauty market size in
2026 from $4.2bn in 2021 

6.5%

CAGR with Accelerating
Momentum

7.25%

Estimated YOY growth

Trends

  • Consumer preferences are shifting
    towards natural and organic products
  • Cultural identity plays a significant
    role in shaping beauty standards.

Market Growth Factors

  • Growing middle class, urbanization
  • The rise of e-commerce.

 

Major Product Segments

Haircare

$1.4B

Skincare

$1.1B

Make up

$900M

Fragrances

$700M

 

By Countries

Population : 220 million and forecast to be over 260 million by 2030
Annual population growth rate: 2.6%
GDP (2021): US$441 billion (₦203 trillion)
Economy growth rate forecast: 3.2% (2022-2024)

Nigeria's Beauty Market

  • Was worth over US$2.2 billion (₦1.034 trillion) in 2021.
  • Forecast to see annual growth of 16.48% (CAGR 2023-2027).
  • Beauty sector has seen 14.5% annual growth in retail sales from 2020 - 2021, with hair care increasing by 17%.
  • Mass beauty/personal care is worth more than US$1 billion ((₦470 billion) accounting for more than 45% of Nigeria’s total beauty sector (2021).
  • Skincare is worth around US$280 million (₦128 billion) (2021).

 

 

Ghanaian Beauty Market

  • Forecast to reach US$29.3 million (GH₵355 million) in 2023.
  • Midterm forecast is for an annual revenue growth rate of over 12% (CAGR 2023-2027) making the market worth US$46.2 million (GH₵562 million) by 2027.
  • Personal care sector could be worth US$70.0 million (GH₵853 million) in Ghana in 2023.
  • The forecast annual growth rate of 11.7% (CAGR 2023-2027) could take the market value to US$109 million (GH₵1.4 billion) by 2027.
Population – 33 million and forecast to reach 38 million by 2030
Annual population growth rate: 2.19%
GDP (2021): US$78 billion (GH₵951 billion)
Economy growth rate forecast: 5.4% (2021)

Traditional Markets

  • largest importers of goods from
    across the world
  • Two of Nigeria’s largest beauty markets
    – BBA and Oke Arin – are only a 45-minute drive from the exhibition venue

Malls & Retail Outlets

  • There is an increasing presence of these, similar to
    those in global shopping hot spots like London, New York & Dubai.
  • BWA hosts all the buyers from major retailers including; Casa Bella, Kuddy Cometics, Essenza, Montaigne Place, Persiana’s etc…

 

Future OUTLOOK

With opportunities for innovation and expanding product offerings, the future outlook for the West African beauty market is very promising.

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