Market Insights Consumer Beauty & Personal Care

Skin Care - Nigeria

Nigeria

In 2024, the revenue in the Skin Care market in Nigeria amounts to US$2.44bn.
It is projected to experience an annual growth rate of 12.31% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in the market, amounting to US$24,350m in 2024.
Looking at the per person revenues in relation to the total population, in Nigeria generates US$10.63 in 2024.
Furthermore, by 2024, [max[maxNon-LuxuryRevenueShare]RevenueShareValue] of the sales in the Skin Care market will be attributed to [maxNon-LuxuryRevenueShare].
The demand for natural and organic skincare products in Nigeria is rising steadily, driven by increasing awareness of the benefits of using chemical-free products.

Key regions: United Arab Emirates, Malaysia, United Kingdom, South Korea, Indonesia

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Data coverage:

The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.