Market Overview - Nigeria
Nigeria is the most populous country in Africa with over 200 million people
Did you Know?
Did you Know?
Nigeria is the most populous country in Africa with over 180 million people. It is projected that by 2030 it will be the world’s third most populous country behind China and India. As of 2015, Nigeria is the world’s 20th largest economy, worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively. It overtook South Africa to become Africa’s largest economy in 2014.
The commercial hub of the country Lagos has over 21 million inhabitants and is the largest city in Africa, in fact, Lagos State’s GDP is $131 billion in its own right, making it the 6th largest economy in Africa.
Beauty and Cosmetics
The cosmetics sector in Sub-Saharan Africa is expected to grow over the next two years. Overall, the African beauty and personal care market was estimated at €6.93 billion in 2012 and it currently increases between 8% and 10% per year against a global market growth rate of close to 4%. It was expected to have reached €10 billion in 2017 when the continent’s total population, the fastest growing in the world, passed 1.2 billion inhabitants.
The Nigerian beauty and personal care market is experiencing rapid and dynamic growth, providing lucrative opportunities for beauty businesses from around the region and beyond. The market is currently worth an estimated US$3 billion, according to Euromonitor International, and its value is likely to rise to keep pace, with an increasing number of working women with disposable income as well as sophisticated youth searching for new ways to care for and present themselves.
Strong population growth – particularly of the young, urban, and female populations – means beauty and personal care in Nigeria has plenty of scope for growth, especially in terms of exciting, new products. As part of the nation’s fast-growing middle class, young people are becoming more westernised through media exposure, and are expected to drive demand over the forecast period. (Euromonitor)
According to Kosmetica World, Nigeria has become a destination of choice for investment by international companies that aim to seize the opportunities presented by the beauty and personal care markets. This is due to the expected population growth and an impressive positive performance by beauty and care products.
Sub-Saharan Africa currently accounts for 3% of global beauty products sales but that share is expected to grow at double the rate of the market. (allafrica.com)