According to several economic reports, Nigeria is the second biggest beauty market in Africa, valued at €1.57Bn. The performance and growth of the Nigerian beauty and personal care market is driven by a growing middle-class, population growth, and higher spending power for women especially in the middle class. Higher education is allowing many middle class Nigerian women pursue promising careers in the workplace. As a result, more women have the extra income that to spend on the latest fashion and beauty trends, to help boost their personal image.
This increase in demand for beauty and lifestyle products have made Nigeria a destination of choice for investment by international companies that aim to seize the opportunities presented by the beauty and personal care markets. We have seen the entrance of international beauty giants like MAC, MAYBELLINE, LANCOME, ESTEE LAUDER, BLACK UP, INGLOT, CLINIQUE, YVES ROCHER, HAIRFINITY, FOREO and so much more in the past 5 years, taking up a major share of the Nigerian beauty market.
The Nigerian market is also an excellent platform and a gateway for the African market. With a beauty market almost doubling the Kenyan, Ghanaian, Ugandan, Tanzanian and Egyptian market, and the projection that the Nigerian beauty and personal care market could reach €3.2 billion by 2020, Nigeria is definitely the rising star in Africa.
