In a testament to Nigeria’s increasing appetite for beauty and personal care products, the nation imported cosmetics, perfumes, essential oils, and toiletries worth over $1.1 billion in 2023.
Data from Beauty West Africa’s comprehensive report has revealed. The report highlights the country’s thriving beauty industry, projecting an impressive annual growth rate of 17.7 per cent from 2023 to 2027.
Surpassing growth rates in other African markets, this surge signifies a substantial rise in consumer demand. Beauty West Africa’s report underscores the significance of established channels, revealing that over 80 per cent of West Africa’s cosmetic imports flow through well-connected avenues, fostering relationships with key players such as buyers, wholesalers, and importers.
The report affirmed, “Nigeria imported over $1.1 billion in cosmetics, perfumes, essential oils, and toiletries products in 2023.” Globally, the cosmetics and personal care industry commands an estimated annual turnover of around $400 billion, positioning Nigeria as a prime investment destination for international firms aiming to tap into the burgeoning beauty and personal care market on the continent.
Research findings value Nigeria’s cosmetics industry at $3.4 billion, with major imports sourced from key players like India, the United States, and China. NATIONAL ECONOMY reported in August 2023 that Nigeria claimed a significant share of the African Beauty and Personal Care market, contributing $7.8 billion to the impressive total revenue of $57.12 billion.
Industry stakeholders express optimism about Africa’s untapped potential, emphasising the continent’s rapid economic growth.
Al Haramain Perfumes, LLC UAE, and Saeed Group of companies in Dubai see Africa, particularly Nigeria, as a market filled with opportunities, signaling positive responses and a commitment to expanding their presence in the region.
