Nigeria’s cosmetic market grows 14.5 percent to reach N1 trillion turnover

Nigeria’s cosmetic market grows 14.5 percent to reach N1 trillion turnover

THE WHAT? Nigerian beauty sales hit a value of N1.034 trillion in 2021, up 14.5 percent on the prior-year period, according to data compiled by Euromonitor and reported by The Guardian.

THE DETAILS Hair care and oral care were the star sectors, with 17 percent growth, while bath and shower products was the only category to register growth in the single figures, up 8 percent yoy.

Personal care accounts for some 45.5 percent of the market, or N470 billion, while skin care has a more modest N128 billion share.

THE WHY? Grace Abamba, President of the Society of Cosmetic Scientists of Nigeria, sharing the data at the organization’s annual conference, commented, ”We have seen double-digit growth in most categories except bath and shower slowing down with falling sales of sanitizers. We look forward to seeing some innovation in this category. The premium category also experienced slowing growth where consumers are struggling with rising prices and so are looking for more affordable options.”

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