Market Insights Consumer Beauty & Personal Care

Cosmetics - Nigeria

Nigeria

In Nigeria, the revenue generated in the Cosmetics market is projected to amount to US$1.85bn in 2024.
It is expected that the market will experience an annual growth rate of 8.95% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in the Cosmetics market, reaching US$20,130m in 2024.
In terms of per capita revenue, each person in Nigeria is estimated to generate US$8.06 in 2024.
Furthermore, by 2024, approximately 98% of the sales in the Cosmetics market will come from Non-Luxury.
The demand for locally-made, natural beauty products is on the rise in Nigeria, as consumers prioritize supporting domestic brands and embracing their cultural heritage.

Key regions: Malaysia, Singapore, Worldwide, Indonesia, India

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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.