Despite the growing economic challenges in Nigeria, the retail sales of beauty and personal care products in the country have reached their highest level in over 15 years, according to a recent report by global market research firm Euromonitor International.
Beauty Product Sales exceeded $1 billion in 2022
The report highlights that sales within the formal market surged by 23 percent, reaching $1.64 billion in 2022, up from $1.34 billion in the previous year. This growth is attributed to a rise in unit prices, although the volume sales faced challenges due to weakened consumer spending power caused by inflationary conditions.
Key categories such as bath and shower, oral care, skin care, and color cosmetics products saw positive retail volume growth, as these are considered essential items by many consumers, particularly women.
The report also acknowledges the role of a growing urban population in expanding the consumer base, while strong competition among brands, particularly affordable ones, further contributed to the sector’s growth.
Industry insiders emphasized the importance of affordability in the current economic climate. Gbemisola Adebayo, founder and CEO of Hegai & Esther Cosmetics, highlighted the significance of lower-priced brands driving market expansion.
While Nigeria’s economic challenges, including foreign exchange liquidity issues and high inflation, persist, the demand for beauty products remains relatively robust. Beauty products are positioned as discretionary essentials, particularly for women.
Nigeria’s youthful and urban population, coupled with innovative product offerings, suggests continued growth potential in the beauty and personal care market.