There has been an increase in the Revenue made by Skincare Brands in Nigeria in the past 6 years according to a Statista survey.
The total amount of money made by skincare brands on an average individual increased from N8,565 in 2018 to N14,159 (using the March 19 exchange rate of N1,516 per dollar). In dollar terms, the average revenue went from $5.65 in 2018 to $9.34 in 2023.
The thorough and consistent advertisement of skincare brands with the use of public figures and celebrities in Nigeria led to an increase in the money made on skincare products by Skincare brands in Nigeria.
This increase shows that Nigerians are conscious of their skin and that they are willing to care for themselves.
Another genuine reason is due to the increased population and a general increase in prices of goods and services over the years.
According to a report by Business Day, it was made known that the appetite for light skin as a standard of beauty is boosting the growth of Nigeria’s multimillion-dollar skincare market, with many users ignoring the risks posed by some products. The consumers also feed the market with demand for skin bleaching products making skin care one of the most vibrant segments of the personal care industry.
The recent research conducted by Statista as of March 2024 showed that skincare brands in Nigeria made more money from facial care products. According to the research, about N28,804 was spent over the years on facial care, N20,314 on body, N8,565 on natural skincare (they contain botanical or nature-derived formulations as they do not contain harsh chemicals like other commercial products) and N2,213 on baby and child by an average Nigerian (using March 19 exchange rate of N 1,516 per dollar). In dollar terms, $19 was spent over the years on facial care, $13.40 on the body, $5.84 on natural skincare and $1.46 for baby and child by an average Nigerian.
As good as skincare can be, it also has a lot of disadvantages to the skin. A lot of Nigerians dive into the skincare business because of the massive profit that comes with it, without proper knowledge of what skincare is.
Skincare companies had a massive rise in their total revenue generated on all their products as their revenue increased from over $1 billion dollars to over $2 billion in 2023.
This massive increase in revenue made Nigeria the highest in West Africa and third in Africa, with Egypt and Ethiopia ahead of Nigeria.
A massive revenue of about 9.3 billion dollars from Egypt, about 8.9 billion dollars from Ethiopia and about 8.7 billion dollars from Nigeria.
Skin can reflect the health of an individual. A good skincare routine helps a person’s skin to look more hydrated. A good skincare routine will reduce visible pores, wrinkles, and under-eye circles, protection from harmful sun rays will prevent sun damage, blemishes, and hyperpigmentation and many more. This calls for proper care of the skin and staying far away from skincare products that will mess up the skin.
Oluwasegun Abidoye is a data analyst at Dataphyte with a background in Statistics, where he analyses data and brings out facts and insight from data focused on leveraging socio-economic development in Nigeria and beyond.
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