The fast-evolving Nigerian beauty industry is currently estimated at US$2.9 billion, and attracting young entrepreneurs and leading global beauty products’ manufacturers.
According to a research by Price Waterhouse Coopers (PwC), the growth has driven top beauty companies like MAC, PZ Cussons, Unilever Revlon, Maybelline, Avon and Estee Lauder into
investing in research and development to come up with products specific to Africa’s hair and skin type.
“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,” Oluseyi Yerokun, Head, Deal Strategy Division, PwC Nigeria said.
Nigeria is Africa’s top destination for foreign direct investment, receiving over $20 billion between 2010 and 2013, with top global beauty products’ manufacturers now jostling for a market share in the country with the continent’s biggest population.
Meanwhile, Beauty Africa will host a three-day conference at the Eko International Convention & Exhibition Center in Lagos, Nigeria between October 7 and 9, where participants are expected to establish successful partnerships in the beauty industry within Nigeria and beyond.
‘The event (Beauty Africa Exhibition and Conference) offers participants networking opportunities, workshops and seminars that will provide them with the latest trends, techniques and updates in the cosmetic industry, a release states.