Africa Cosmeceutical Market - Growth, Trends And Forecasts (2019 - 2024)
Africa Cosmeceutical Market is forecasted to reach USD 653 million by 2024, witnessing a CAGR of 4.9% during the forecast period (2019 - 2024).
Fascination to look younger is increasing among the African population and the developing markets provide a huge platform for the growth of the market. The personal care and beauty industry has been growing at a fast pace over the past few years across all regions of Africa.
The increasing awareness regarding personal hygiene and the importance that commercial products play in it is helping the market root itself strongly into the region.
The fastest growing middle-class sector and increasing urbanization trends are driving the African cosmeceuticals market. The appeal of such products is being considered as a Pan-African phenomenon, with more and more consumers willing to spend on such beauty and health products.
Scope of the Report
The African cosmeceuticals market offers a wide range of products broadly categorised under skin care, hair care, lip care, and oral care. Also, the market covers the products available across distribution channels Supermarket/Hypermarkets, Convenience stores, online Retail, specialist stores, others. Moreover, the study provides an analysis of the cosmeceuticals market in the emerging and established markets across the region, including South Africa, Nigeria, and Egypt.
Key Market Trends
Hair care And Skin Care Segments Holds Maximum Share
Skincare and hair care is expected to be the dominating segment, followed by oral care in the forecasted period. Among skin care, anti-aging sub-segment is expected to contribute maximum revenue over the forecasted period. Black South Africans’ skin care requirements are in stark contrast which increases the demand for skin care product including Anti-Aging, Anti-acne, sun protection, Moisturizers, Skin Whitening, etc. The latter’s skin care requirements rotate around anti-aging products, whereas the former’s prime concern is uneven complexion and dark spots. Similarly, Africans likely to experiment with different hair and fashion styles, leading the growth of Hair care products such as shampoo and conditioners, Hair Colorants and Dyes.
South Africa Dominates The Cosmeceuticals Market
Though the term ‘cosmeceuticals’ started gaining momentum in the South Africans recently, it has now become one of the most preferred product categories in the country. The consumers are increasingly becoming more focused while purchasing beauty and personal care products, owing to a number of awareness campaigns and promotions run by associations and prominent players. Online retailers, such as Clicks, Absolute Skin, and Care to Beauty South Africa offer a wide range of cosmeceuticals products by international players, in order to cater to the rising demand from consumers. DermaFix and SOiL are few of the country-based manufacturers engaged in the manufacturing of advanced skin care products, including anti-aging, hyperpigmentation, acne, etc.
L’oreal, P & G, Unilever, and retailers such as Shoprite, Pick ‘n Pay, Massmart, Spar, and Metcash are opening the region for successful foreign goods entry. Acquisitions, expansions, mergers and joint ventures are some of the strategies being adopted by these players to increase their presence and market share in African cosmeceuticals market.
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