Premium Beauty and Personal Care in Nigeria

PROSPECTS

Premium beauty and personal care predicted to grow strongly

Due to the slow economic growth in recent years, premium beauty and personal care category saw limited sales growth in 2018. However, the strong economic growth expected over the forecast period is set to stimulate improved volume sales in the category.

Status level seekers to drive growth

There are significant numbers of consumers that are not prepared to compromise when it comes to purchasing premium beauty and personal care products due to their status level. Most of the consumers in this segment will always want to associate themselves with international premium brands in categories such as premium fragrances in an effort to enhance their appearance.

Price stability to drive growth

The average unit price of premium beauty and personal care remains relatively high due to the high cost of imports as most premium brands are imported by international companies. However, the expected stability of the naira exchange rate is expected to reduce the cost of importation, thereby making imported premium brands more affordable to consumers, particularly the growing numbers of middle-income consumers.

COMPETITIVE LANDSCAPE

Estée Lauder Cos Inc leads premium beauty and personal care

2018 saw Estée Lauder maintain its leading position in premium beauty and personal care. The company’s strong presence is supported mainly by the reputation for high quality that its brands have in premium fragrances.

Direct selling player Forever Living ranks second

Forever Living Products Nigeria Ltd remained the second leading player in premium beauty and personal care in 2018. The brand’s value share continues to increase as it performed better during the year.

International brands remain dominant

International brands maintained the dominant position in premium beauty and personal care in 2018 due to the strong global recognition and the high quality and reliability of their products. These international brands have consistently adhered to international standard of consistency and sustainability.

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