According to a recent Statista report, Nigeria’s hair care segment (which is within the country’s $7.8 billion beauty and personal care market) has evolved into a billion‐dollar market.
This growth is driven by a combination of factors including rising disposable incomes, increased urbanisation, and a growing consumer emphasis on personal grooming.
The market is significant not only because of its current value but also due to its potential for sustained expansion in the coming years.
Market Size And Growth
Over the past decade, the hair care market in Nigeria has demonstrated robust growth. The data indicate that the Nigerian hair care market generated $1.16 billion in revenue in 2023, with an average spend of $5.16 per person.
The segment is projected to generate a revenue of $1.46 billion representing an increase by 11.6%. The revenue generated per person is also projected to increase to $6.23 this year.
Key Segments and Categories
The hair care market is segmented into various product categories used for styling and generally hair care.
It includes shampoos, conditioners, hair masks, hair dyes, and styling products like extensions and weaves.
Outlook
The Statista report projects that the upward trend in market revenue will continue, driven by both organic growth and strategic investments by local and international brands. The forecast data suggest that as consumers become more informed and discerning about their personal care choices, the hair care segment will not only maintain its growth trajectory but could also offer lucrative opportunities for new entrants and established players alike.
With robust historical growth, a promising forecast, and dynamic consumer trends, the market represents both a significant achievement and a compelling opportunity for brands looking to tap into Nigeria’s vibrant consumer base.
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