Given the weak local economy in 2020 as a result of the pandemic including decreasing disposable incomes, premium beauty and personal care performed very poorly and significantly worse than its mass counterpart. The premium segment already held a niche presence in most categories of beauty and personal care and as consumers focused on purchasing essentials and reduced their spending on luxuries as they were confined to their homes for several months, demand was negatively impacted.
The key category driving premium beauty and personal care is fragrances with premium products dominating the category. A reduction in social activities and adoption of remote working due to the lockdown and ongoing restrictions in various areas depending on the threat level of the virus, therefore weakened demand as a key driver of demand for fragrances is based on usage during outings and social gatherings.
Premium beauty and personal care remained highly fragmented in 2020 with smaller players under “others” holding the largest combined value share. In line with declining demand across the premium segment, all major players experienced significant drops in sales.
A recovering economy will be key to greater demand for premium beauty and personal care over the forecast period, as rising consumer disposable incomes will drive spending on luxuries. Value growth (at constant 2020 prices) is predicted to be more robust from 2022 onwards as consumer confidence is boosted by an improving economy and a return to professional employment and socialising.
Women are key consumers of premium beauty and personal care in Nigeria, particularly within categories such as fragrances, colour cosmetics, and skin care. A growing population of young women involved in professional employment will therefore offer potential for expansion and give a boost to demand over the forecast period.
Beauty specialist retailers such as Clarins, Mac Cosmetics, and Maybelline are key to growth for the category as they offer visibility for brands as well as support for consumers seeking information on the benefits of key brands. With a more stable economy, such retailers will be able to expand their visibility, particularly through online channels and through digital marketing utilising social media platforms, with the latter becoming an essential tool for marketing premium beauty and personal care in Nigeria, particularly through Instagram.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in Nigeria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Premium Beauty and Personal Care research and analysis database.
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