Beauty & Personal Care - Nigeria

Nigeria

In Nigeria, the revenue generated in the Beauty & Personal Care market is projected to reach €8.85bn in 2024.
It is expected that the market will experience an annual growth rate of 10.09% (CAGR 2024-2029).
The largest segment in this market is the Personal Care segment, which is estimated to have a market volume of €4.01bn in 2024.
When compared globally, in the United States generates the most revenue in the Beauty & Personal Care market, with an estimated revenue of €93bn in 2024.
In terms of per capita revenue, in Nigeria generates approximately €38.62 per person in 2024.
Furthermore, online sales are expected to contribute 4.6% of the total revenue in the Beauty & Personal Care market by 2024.
Nigerian consumers are increasingly embracing natural and organic beauty products, driving demand for locally sourced ingredients and eco-friendly packaging.

Key regions: United States, Worldwide, India, Indonesia, Canada

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Beauty & Personal Care market is thriving and one of the fastest growing consumer markets, driven in particular by the Cosmetics and Skin Care segments. The main reason for this strong growth is the generational shift with young consumers entering the market. At the same time, this change is reinforced by social media, internationality, and eCommerce, which have a lasting effect on buying behavior when it comes to beauty products. Trends from all over the world are spreading and changing the daily beauty and care routine.

Methodology

Data coverage:

The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.