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The Market

As manufacturers scour the globe for new growth opportunities, few markets offer greater long-term potential than Nigeria, which boasts an enormous domestic population and limited market penetration. With a huge consumer market, growing economy and increasingly urbanised population base, Nigeria represents one of the biggest opportunities for the beauty and wellness industry in Africa.

"What is interesting is that half of Africa's consumer spending market is in Nigeria."
Grant Hatch, Head of Strategy & Products, Accenture South Africa Branch

Based on UN forecasts Nigeria's population is expected to expand to 239 million in 2025 to 440 million by 2050, making it the third most populous country in the world behind only China and India.

According to the United Nations Fund for Population Activities (UNFPA) one third of the population is aged between 11 and 24 years old and hugely fashion and brand conscious, with 49.8% aged 15 – 54 making up the economically active population; it is a market that is coming of age, and big name players have already started to infiltrate.

The International Monetary Fund 2014 estimates Nigeria as the largest economy in Africa.

The World Bank recently carried out a GDP rebasing initiative which now confirms Nigeria to be the largest economy in Africa. With a current GDP of $510 billion, the weight of the oil and gas industry sits at a mere 14% of GDP, proving that Nigeria is much more than just an oil enclave.

Beauty and Wellness

Economists predict that by 2016, Nigeria’s young yet increasingly sophisticated population will drive industry sales to $620.2m. This is not far fetched as 77 per cent of Nigerian women use skin enhancement products– the highest percentage in the world. In 2014, the industry reportedly generated over $35 billion with makeup owning a market share of 17 per cent. In addition there is also an expected market growth of over $42 billion in 2015 due to increase in the construction of shopping malls, beauty, wellness, spa and aesthetics centres across different cities in Nigeria. This continued growth is also supported by the number of local companies that are gradually building plants within Nigeria to compete with foreign brands.

Aesthetic Medical Devices

The medical device market, including aesthetic medical devices, was valued at USD154.4mn in 2013, making it the seventh largest market in Africa. In per capita terms, spending is very low at less than USD1.0, compared to a regional average of around USD5.0, indicating huge potential for expansion. The medical device market is forecast to grow at a CAGR of 8.0% in US dollar terms over the 2013-2018 period, to reach a value of USD227.0mn.

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