Business

Skincare market in Nigeria, others to hit $1.26bn by 2025

Beauty and personal care market size in Nigeria and other African countries is expected to grow to $1.26 billion by 2025. Specifically, the market in Africa by product consists of skin care, hair care, colour cosmetics, fragrances with distribution channel containing offline and online. The area of coverage consist of South Africa, Kenya, Egypt (Arab Republic of Egypt), Nigeria and the rest of Africa, According to the report, the key factor driving growth in the beauty and personal care market in Africa is product innovation and product line extension.

It emphasised that innovation was vital for the beauty and personal care market in Africa as the demand for innovative products offering optimal use and functionalities is high. “The preference for beauty and personal care products that address multiple concerns within a minimal time span is also gaining momentum. “To meet the evolving customer needs, vendors focus on manufacturing innovative products.

They also focus on extending their existing product lines by introducing new beauty and personal care products tailored to customer requirements. “A rise in the disposable income of customers heightens the spending power on beauty and personal care products and triggers market growth,” the report said. While highlighting the market challenges, the report said that the availability of counterfeit beauty and personal care products would be a major chal-lenge for the beauty and personal care market in Africa. “Counterfeits are often contaminated with petrochemicals, bacteria and other harmful chemicals.

“Hence, their use can cause many health problems. Low production cost is an advantage that the manufacturers of counterfeit beauty and personal care products enjoy. “This is a major factor that adversely affects the sales and pricing strategy of the major vendors.

“The advent of e-commerce further supports the sales of counterfeit products in the region. Moreover, differentiating between authentic and fake products is difficult,” it added. The report observed that the beauty and personal care market share growth in Africa by the skincare segment would be significant for revenue generation. The skincare products segment consists of two main categories that include face skincare products and body skincare products. Products that fall under this segment include antiaging skin care products, moisturizers, skin brightening products, wrinkle removers and others. Consumers demand decent-quality and valueadded skincare products at affordable prices. This intensifies market competition due to the presence of international and regional vendors. Fifty-three per cent of the market’s growth will originate from South Africa during the forecast period.

Nevertheless, the beauty and personal care market in Africa is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market, namely, Avon Products Inc., Beiersdorf AG, Coty Inc., Godrej Consumer Products Ltd, Johnson and Johnson, LOreal SA Revlon Inc, the Estee Lauder Companies Inc., the Procter and Gamble Company, and, Unilever Group. Indeed, the foam-based beauty and personal care products market share is expected to increase by $2.04 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.3 per cent. The mass beauty care market share is expected to increase by $153.55 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.92 per cent.

 

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