Beauty & Personal Care - Ghana

Ghana

In 2024, the Beauty & Personal Care market in Ghana is projected to generate a revenue of US$2.21bn.
This market is expected to experience an annual growth rate of 2.74% (CAGR 2024-2029).
The largest segment within this market is Personal Care, with a market volume of US$0.90bn in 2024.
When compared globally, in the United States leads in terms of revenue generation, with an estimated revenue of US$101bn in 2024.
In relation to the country's population, each individual in Ghana is estimated to contribute US$63.43 in revenue in 2024.
Furthermore, online sales are predicted to account for 4.0% of the total revenue in the Beauty & Personal Care market by 2024.
Ghana's beauty and personal care market is experiencing a surge in demand for natural and organic products, reflecting a growing preference for sustainable and eco-friendly options.

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

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Analyst Opinion

The Beauty & Personal Care market in Ghana is witnessing modest growth, influenced by factors such as limited disposable income, growing consumer awareness of product quality, and the rising popularity of natural and organic beauty solutions among the population.

Customer preferences: Consumers in Ghana's Beauty & Personal Care market are increasingly gravitating towards products that reflect their cultural heritage and local ingredients, highlighting a growing appreciation for authenticity and sustainability. The rise of social media influencers has amplified interest in natural and organic beauty solutions, as younger demographics prioritize eco-friendly options. Additionally, there is a notable shift towards gender-inclusive products, with men increasingly engaging in grooming and skincare routines, reflecting broader lifestyle changes and evolving societal norms.

Trends in the market: In Ghana, the Beauty & Personal Care market is experiencing a surge in demand for culturally inspired products that utilize local ingredients, emphasizing authenticity and sustainability. The influence of social media is propelling the popularity of natural and organic beauty solutions, particularly among younger consumers who prioritize eco-friendly choices. Furthermore, there is a rising trend towards gender-inclusive products, with men increasingly participating in grooming and skincare routines, reflecting shifting societal norms. These trends signify a transformative period for industry stakeholders, urging brands to innovate and adapt to meet evolving consumer preferences.

Local special circumstances: In Ghana, the Beauty & Personal Care market is shaped by a rich tapestry of cultural heritage and natural resources, with traditional herbal remedies and local ingredients gaining traction among consumers. The country's diverse ethnic groups influence beauty standards and preferences, leading to a demand for products that celebrate local customs and practices. Additionally, regulatory support for organic certifications is encouraging brands to focus on sustainable production methods. These unique factors are fostering a vibrant market that prioritizes authenticity and community engagement, setting Ghana apart from other regions.

Underlying macroeconomic factors: The Beauty & Personal Care market in Ghana is significantly influenced by macroeconomic factors such as consumer spending patterns, economic stability, and investment in local production. As the national economy shows signs of growth, rising disposable income allows consumers to invest more in beauty products, particularly those that emphasize natural ingredients and cultural authenticity. Additionally, fiscal policies supporting small and medium enterprises are fostering local brands, encouraging innovation and competition. Global trends towards sustainability and ethical consumerism further propel the market, as consumers increasingly seek products that align with their values, promoting a dynamic and evolving beauty landscape in Ghana.

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.