With the growth of the Nigerian cosmetics industry showing significant promise in the last few years, business people are continuing to invest in R&D while exhibitions such as Beauty Africa Exhibition continue to provide opportunities to forge new business deal and boost the market further.
A report by PwC has reported that Nigeria’s personal care and beauty market was estimated to be worth $1.7 billion, with a projected growth to $2.7 billion at a 9 per cent growth rate per annum. With many entrepreneurs focused on capitalizing on the growing market and creating products specific to African skin and hair types, beauty companies are now said to be using the Beauty Africa Exhibition as a platform for their ideas and as a networking opportunity.
The event is now in its second year and takes place from 7th to 9th October, 2015, with a focus on networking opportunities, workshops and seminars that will provide them with the latest trends, techniques and updates in the cosmetic industry. Likewise there will be a three-day conference offering a mix of educational skills such as training master classes, alongside a series of high quality workshops designed to assist in building the African industrial capacity in the beauty sector. It will also look at how to boost the marketing of brands to a consumer level.
Oluseyi Yerokun, Head, Deal Strategy division, PwC Nigeria, says, “The beauty industry has grown along with consumer spending growth in Nigeria. It is currently increasing at approximately 9 per cent. There are market opportunities in the Nigerian beauty industry, and great potential for international companies to develop and build their brands.”
Indeed, such is the pull of the Nigerian beauty market that it has attracted global cosmetic brands such as MAC, PZ Cussons, Unilever Revlon and Estee Lauder, while it is also Africa’s top destination for foreign direct investment, receiving over $20 million between 2010 and 2013.