Major players in the global beauty and cosmetics industry are making the most of the boom projected for the sector in sub-Saharan Africa.
Thanks to a burgeoning population expected to double to 2.4 billion in 2050, the rising middle class and amplified urbanization have positioned the region as the “next frontier” in the sector, with the beauty market expected to double in size over the next decade.
The cosmetics and personal care industry globally generates an estimated annual turnover of $400 billion. Over the past 20 years, the industry has grown on average 4.5% annually.
Sub-Saharan Africa accounts for 3% of global beauty product sales but that share expected to grow at double the rate of the market.
The Toiletries and Cosmetics sector focuses on creating an enabling environment for the growing toiletries and cosmetics market. This industry is made up of producers of cosmetics such as lipsticks, makeup and for the toiletries, tissues, wipes amongst others.
However, the available statistics on the industry’s value in Africa shows that it is worth some billions of dollars. According to market research firm Euro monitor International, the beauty and cosmetics industry in the Middle East and Africa is estimated at about US$25.4 billion – with the market tipped to grow by 6.4% yearly over the next four years, making the Middle East and Africa the fastest growing region in beauty and personal care products. Also, the African Independent reports that the cosmetics and personal care industry globally generates an estimated annual turnover of US$400 billion, growing on average 4.5% annually over the past 20 years.
The worldwide skincare, beauty and cosmetics industry is predicted to be worth over US$675 billion by 2020. In the UK, the beauty industry employs over a million people and is worth £17 billion.