With insights from leading Nigerian and South African cosmetic scientists, we look at the huge diversity and potential within the African cosmetics market.
The continent of Africa is the secondmost populous continent in the world after Asia. With 1.3 billion people living within its 54 countries, Africa offers a huge amount of potential for Africabased and international companies willing to address the specific skin care, hair care and beauty needs of its wide range of ethnicities.
According to Beauty Africa, the overall beauty and cosmetics market across the continent was worth €7.5 billion in 2018, a figure which is predicted to increase at a rate of 8% and 10% per year against a global market growth rate of close to 4%. The figure is predicted to reach €12 billion by 2022.
South Africa is the largest market in sub-Saharan Africa with €3.5 billion of revenue in 2018. Nigeria, is seen as a rising star with a potential €3.2 billion of revenue by 2022.
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