NAIRAMETRICS
In 2023, the African Beauty and Personal Care market is raking in an impressive $57.12 billion in revenue, with Nigeria dominating the scene with a commanding share of $7.8 billion as of August 2023.
These insights, exclusively compiled by Nairametrics using data from Statista across various African nations, shed light on Nigeria’s thriving beauty and personal care landscape.
The Nigerian market takes the lead with an expected annual increase of 14.43% in the next 5 years.
The Personal Care segment amounts to $3.49 billion in 2023. Furthermore, a notable 2.9% of the total revenue will be generated through online sales.
What you should know
Diving into the intricacies of this market, it is essential to recognize its diverse spectrum, encompassing beauty essentials like facial and lip cosmetics, skincare products, captivating fragrances, and an extensive range of personal care items, spanning haircare, dependable deodorants, and shaving essentials.
For a closer look at some of the spending patterns within these categories, Nigerians, on average, allocated approximately $2.21 on lip cosmetics, contributing to an impressive revenue of $0.47 billion.
Facial cosmetics, which are part of the beauty and personal care market, generate $343 million in revenue.
Additionally, the nail care market generates about $229.70 million in revenue, which means that, on average, each person spent roughly $1.03 on nail-related products or services.
The hair care niche also records an estimated total revenue of $1.16 billion, translating to an average spend of $5.16 per person.
The fragrance market generates an estimated $0.89 billion in revenue, with expectations that 94% of sales in this sector will be attributed to non-luxury goods. More so, the shave-related product and service market generated an estimated $1.13 billion in revenue.
When we compare Nigeria’s revenue in the beauty market to other African countries, here’s a brief list to show how these countries stack up.
10. Sudan
Beauty & Personal Care revenue: $1.35 billion
Projected annual growth rate: 2.13%
9. Angola
Beauty Industry: $1.64 billion (2023)
Projected annual growth rate: 7.73%…
