Nigeria: Cosmetics Market 2024

Cosmetics Market Size in Nigeria

The Nigerien cosmetics market skyrocketed to $X in 2022, jumping by X% against the previous year. In general, consumption, however, showed a pronounced downturn. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Cosmetics Production in Nigeria

In value terms, cosmetics production amounted to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Cosmetics Exports

Exports from Nigeria

In 2022, approx. X tons of cosmetics were exported from Nigeria; jumping by X% compared with the previous year's figure. Overall, exports, however, saw a deep downturn. The growth pace was the most rapid in 2013 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, cosmetics exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Ghana (X tons) was the main destination for cosmetics exports from Nigeria, accounting for a X% share of total exports. Moreover, cosmetics exports to Ghana exceeded the volume sent to the second major destination, Congo (X tons), threefold. The third position in this ranking was taken by Mali (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ghana amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Congo (X% per year) and Mali (X% per year).

In value terms, Ghana ($X) emerged as the key foreign market for cosmetics exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by Congo ($X), with a X% share of total exports. It was followed by Libya, with an X% share.

From 2012 to 2022, the average annual growth rate of value to Ghana amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Congo (X% per year) and Libya (X% per year).

Export Prices by Country

The average cosmetics export price stood at $X per ton in 2022, dropping by X% against the previous year. Over the period under review, the export price continues to indicate a mild curtailment. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Libya ($X per ton), while the average price for exports to Kenya ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (X%), while the prices for the other major destinations experienced a decline.

Cosmetics Imports

Imports into Nigeria

In 2022, the amount of cosmetics imported into Nigeria surged to X tons, jumping by X% compared with the previous year's figure. In general, imports, however, showed a pronounced contraction. The pace of growth appeared the most rapid in 2020 with an increase of X%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, cosmetics imports surged to $X in 2022. Over the period under review, imports, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Cote d'Ivoire (X tons) constituted the largest cosmetics supplier to Nigeria, accounting for a X% share of total imports. Moreover, cosmetics imports from Cote d'Ivoire exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was held by Togo (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Cote d'Ivoire was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Togo (X% per year).

In value terms, Cote d'Ivoire ($X) constituted the largest supplier of cosmetics to Nigeria, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by Togo, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Cote d'Ivoire amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Togo (X% per year).

Import Prices by Country

In 2022, the average cosmetics import price amounted to $X per ton, reducing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2013 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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