Market Intel: Beauty and Personal Care
The Nigerian beauty and personal care market is experiencing rapid and dynamic growth, providing lucrative opportunities for beauty businesses from around the region and beyond. The market is currently worth an estimated US$3 billion, according to Euromonitor International, and its value is likely to rise to keep pace, with an increasing number of working women especially in the services sector with good disposable income as well as sophisticated youth searching for new ways to care for and present themselves. As part of the nation’s fast-growing middle class, young people are becoming more westernised through media exposure, and are expected to drive demand over the forecast period reports Euromonitor. As I write, the federal government of Nigeria has issued provisional licences to twenty new private universities bringing the total number of universities in the country to 197. Strong population growth – particularly of the young, urban, and female populations – ...