According to a Euromonitor analysis, the value of cosmetic retail sales in Nigeria increased by an average of 14.5% last year and contributed hundreds of billions of naira to the national economy.
The research was presented at the annual conference of the Society of Cosmetic Scientists of Nigeria (NICOS) in Lagos by Grace Abamba, the organization’s president.
According to the report, bath/shower services performed the worst, with an annual growth rate of only 8%, while hair and oral care services led the way with 17% growth.
The report examines 11 subcategories of cosmetics, including men’s grooming, deodorants, bath/showers, skincare, hair care, and mass beauty/personal care. Others include premium personal care products, baby care, oral care, perfumes, and sun care.
The industry saw a N1.034 trillion turnover for the year, with mass beauty/personal care accounting for 45.5% of that, or N470 billion. Skincare was next, bringing in N128 billion.
Deodorants, bath/shower products, and hair care all had exceptional performances with combined sales of between N70 and N100 billion.
Abamba attributed the increase in population to urbanization, modern retailing expansion, the use of natural products, and the acceptance of regional goods. She continued by saying that many Nigerians now prioritize personal cleanliness and grooming.
The majority of the categories, with the exception of bath and shower, have had double-digit increase, however sanitizer sales have decreased. We hope this category experiences some innovation. The premium category also saw slower growth as consumers searched for more affordable options as a result of rising pricing.
“Where people want to take care of their skin, the sun care area is highly interesting. We still need to shield our skin from the sun even though it contains more melanin than usual. Sun care retail sales are currently approximately N1 billion, similar to the value of color cosmetics, according to Abamba.
She said that the society was prepared to collaborate with pertinent government organizations, such as SON and NAFDAC, to standardize the sector and transform it into a growth engine.
It is a crucial industry for people’s health and wellness, therefore we want to discuss how to create the future in terms of safety and quality if we want to compete globally, she added.
Olusola Ojo, vice president of NICOS, stated that one of the society’s goals is to raise understanding of international standards so that the domestic cosmetics business can compete on a worldwide scale.
We are able to put Nigerians, who are formulators and business owners, on the map of the world by raising awareness, providing the proper education, and letting people know that local research is being acknowledged abroad.
In order for them to position their products to comply with international best practices and offer us a greater chance to compete, it is important to establish that international standard, according to Ojo.
