Is This the Year You Launch Your Beauty Brand?
The African beauty market is also one of the most lucrative. Why?
According to market research, the Middle East and Africa's beauty industry was valued at approximately $27.1 billion in 2018. South Africa alone accounted for $4.5 billion of this total; Nigeria and Kenya rank second and third among Sub-Saharan African nations, with Kenya's market totalling more than $320 million. In the same year, the Asian market was estimated to be worth $128 billion.
As a result, the outlook for the African cosmetics, beauty, and personal care products market in the coming years is very positive, as there is so much room for growth and parity with Asian markets. The fundamental reason for Africa's massive and growing demand for beauty and personal care products could be linked to Africa having the world's youngest population, with more than half of its one billion people under the age of 20.
It's no wonder that beauty and skincare products are the fastest-selling items in Africa, besides food. With an estimated population of one billion people, and projections to reach 2.3 million by 2050, the demand for these products will only continue to grow. So, embrace your inner beauty and take care of yourself!