Market Insights Consumer Beauty & Personal Care Cosmetics

Face Cosmetics - Nigeria

Nigeria

In Nigeria, the revenue in the Face market for the year 2024 is estimated to be US$363.00m.
This market segment is projected to experience an annual growth rate of 4.79% (CAGR 2024-2029).
When compared to other countries, in the United States generates the highest revenue in this market, with an estimated value of US$7,461m in 2024.
In terms of per capita revenue, each person in Nigeria is expected to generate US$1.58 in 2024.
Nigeria is experiencing a surge in the demand for face masks due to the increasing awareness about health and safety.

Key regions: United Arab Emirates, India, Indonesia, South Korea, Worldwide

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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.