The Nigerian beauty industry evolved significantly over the past years. Growth in the industry is driving beauty companies to invest in research and development to come up with products specific to Africa’s hair and skin type. The Beauty Africa Exhibition & Conference (http://www.
The beauty market has also attracted lots of young entrepreneurs. The event offers participants networking opportunities, workshops and seminars that will provide them with the latest trends, techniques and updates in the cosmetic industry.
According to Oluseyi Yerokun, Head, Deal Strategy division, PwC Nigeria, “The beauty industry has grown along with consumer spending growth in Nigeria. It is currently increasing at approximately 9%. There are market opportunities in the Nigerian beauty industry, and great potential for international companies to develop and build their brands.”
Beauty Africa will host a three day conference offering a mix of educational skills training master classes, alongside a series of high quality workshops designed to assist in building the African industrial capacity in the beauty sector, as well as demonstrating how to take the marketing of consumer brands to new levels.
According to a report by PwC In 2012, Nigeria’s personal care and beauty market was estimated to be worth $1.7 billion and projected to grow to $2.7 billion at 9% growth rate per annum. The growth potential in the industry has attracted several international brands including MAC, PZ Cussons, Unilever Revlon, Maybelline, Avon and Estee Lauder.
The report also states that Nigeria is Africa’s top destination for foreign direct investment, receiving over $20 billion between 2010 and 2013. Top global cosmetics manufacturers, seeking new growth have recently begun entering the market through partnerships with indigenous brands e.g. House of Tara and Maybelline, as well as direct investment in stores.