Beauty & Personal Care - Africa

Africa

The revenue generated in the Beauty & Personal Care market in Africa is projected to reach US$66.19bn in 2024.
It is expected that the market will experience an annual growth rate of 5.17% (CAGR 2024-2029).
The largest segment in this market is Personal Care, which is estimated to have a market volume of US$31.24bn in 2024.
When compared globally, in the United States stands out as the country generating the highest revenue in the Beauty & Personal Care market, with an estimated revenue of US$101bn in 2024.
In terms of per capita revenue, in Africa generates approximately US$50.92 per person in 2024.
Furthermore, online sales are becoming increasingly important in the Beauty & Personal Care market, with an anticipated contribution of 4.9% to the total revenue by 2024.
In Nigeria, the demand for natural and organic beauty products is on the rise as consumers prioritize sustainable and eco-friendly options.

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

Market

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Region comparison

Currency

Analyst Opinion

The Beauty & Personal Care market in Africa is witnessing modest growth, influenced by factors such as shifting consumer preferences towards natural products, growing urbanization, and the rise of e-commerce, despite challenges like economic fluctuations and limited distribution channels.

Customer preferences: Consumers in Africa are increasingly gravitating towards beauty and personal care products that emphasize natural ingredients and sustainability, reflecting a growing awareness of health and environmental issues. This trend is particularly pronounced among younger demographics, who prioritize authenticity and ethical sourcing. Additionally, the rise of social media influencers has amplified the demand for niche brands that celebrate cultural diversity and local traditions, fostering a deeper connection between consumers and their beauty choices.

Trends in the market: In Africa, the Beauty & Personal Care market is experiencing a surge in demand for products that prioritize natural ingredients and eco-friendly practices, driven by a heightened consumer awareness of health and environmental sustainability. As younger consumers lead this movement, they increasingly seek brands that embody authenticity and ethical sourcing. The influence of social media has further propelled interest in niche and culturally inspired products, creating opportunities for local brands to thrive. This evolving landscape presents significant implications for industry stakeholders, who must adapt to these preferences to remain competitive and relevant.

Local special circumstances: In Africa, the Beauty & Personal Care market is shaped by diverse cultural traditions and a rich tapestry of natural resources unique to the continent. Different regions prioritize local ingredients, such as shea butter in West Africa and baobab oil in East Africa, reflecting cultural preferences and practices. Additionally, regulatory frameworks vary significantly across countries, influencing product formulation and marketing. The rise of local artisans and cooperatives is also notable, as they harness indigenous knowledge to create authentic, culturally resonant products that appeal to both local and international consumers.

Underlying macroeconomic factors: The Beauty & Personal Care market in Africa is significantly influenced by macroeconomic factors such as economic stability, consumer spending power, and investment trends. As the continent experiences a growing middle class, increased disposable income is driving demand for beauty products, particularly those that emphasize natural and organic ingredients. Additionally, foreign investment in the beauty sector is on the rise, fostering innovation and expanding distribution channels. However, currency fluctuations and inflation rates can impact pricing and accessibility, while varying regulatory environments across countries affect market entry and product development. These factors collectively shape the landscape and growth potential of the market.

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.