The beauty and personal care market in Nigeria and other African countries is projected to grow by $8.18bn between 2024 and 2028, according to a report by Technavio.
The market is expected to expand at a compound annual growth rate of 8.51 per cent over the forecast period.
Rising demand for anti-aging products is driving market growth, with a trend towards the emergence of beauty and personal care products with natural ingredients. However, adverse health effects of synthetic chemicals used in beauty and personal care products poses a challenge.
According to the report, key market players include Adidas AG, Africology Pty Ltd., Amka Products Pty Ltd., Amway Corp., Beiersdorf AG, Christian Dior SE, Church and Dwight Co. Inc., Coty Inc., Esse Skincare, Godrej Consumer Products Ltd., House of Tara International, Johnson and Johnson Services Inc., LOreal SA, Natura and Co Holding SA, Oriflame Cosmetics S.A., Revlon Inc., The Estee Lauder Companies Inc., The Procter and Gamble Co., Unilever Plc, and Zaron Cosmetics and Beauty.
The report noted that the African beauty and personal care market is witnessing an increasing demand for skincare products due to the growing consciousness among consumers about skin care.
According to the report, Nigerian company, House of Tara International, is a successful example of a skincare brand catering to this need, focusing on high-quality products for women of color.
African ingredients like shea butter and baobab oil, recognized for their moisturizing and nourishing properties, have gained popularity.
It noted, however, that the Beauty and Personal Care market in Africa faces challenges due to increasing consumer awareness regarding the adverse effects of synthetic chemicals in cosmetic products.
The report highlighted that synthetic ingredient such as benzoyl peroxide, triclosan, parabens, hydroquinone, sulfates, fragrances, and resorcinol can cause irritations, allergies, skin cancers, and reproductive problems.
“Retinoid, a common skincare ingredient, can lead to skin irritation, redness, and peeling. These low-priced products attract price-sensitive consumers, but their harmful effects have led consumers to prioritize safety.
“African governments have banned skin-whitening creams, whitening lotions, and bleaching products due to hazardous ingredients like mercury, which blocks melanin production and can cause health risks. Despite bans, some brands continue to use toxic chemicals illegally, posing a significant challenge to market growth in the region,” it said.