Although the COVID-19 pandemic altered consumers’ spending habits in 2020, the global demand for skincare products is rising as a result of changing lifestyle habits, increasing disposable income, and the development of innovative products by manufacturers. Over the years, the African skincare market, particularly in South Africa, Kenya and Nigeria has expanded, owing to a growing population of approximately 1.3 billion people, an increasing middle class, rising urbanisation, and rising personal care awareness.
The skincare industry in Nigeria is classified under the manufacturing sector, which accounted for 8.99% of the country’s Gross Domestic Product (GDP) in 2020. The industry is faced with similar challenges as the manufacturing sector and remains vulnerable to weak macroeconomic fundamentals such as high inflationary pressures, a weak domestic currency and scarcity of foreign exchange. Operators in the Nigerian skincare industry are broadly classified into formal and informal players. However, this report focuses primarily on the activities of the formal segment, which accounts for approximately 75% of the entire skincare market in Nigeria
Agusto & Co. conducted a Skincare Survey to gain a better understanding of the Nigerian skincare market. The survey highlights consumer preferences as well as the factors that influence purchase decisions. Furthermore, Agusto & Co’s 2021 survey enables us to assess the post COVID-19 factors that may have influenced consumer behaviour.
The Skincare Industry report provides answers to questions on: