Market Insights Consumer Beauty & Personal Care

Cosmetics - Nigeria

Nigeria

In Nigeria, the revenue generated in the Cosmetics market is projected to amount to US$1.94bn in 2024.
It is expected that the market will experience an annual growth rate of 13.47% (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$8.47 in 2024.
Furthermore, by 2024, approximately 92% 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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Methodology

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, regression analysis and Monte Carlo simulations are particularly suited for forecasting in the Home and Laundry Care market, due to the unpredictable variability and complex dynamics in consumer behavior and product adoption. The main drivers are GDP and consumer spending.