Nigerian skincare market projected to rise by 14.20% between 2023 – 2028

By Oluwaseyi Lawal
The Nigerian skincare market has been projected to experience a growth of Compound Annual Growth Rate (CAGR) of 14.20% between the years 2023 and 2028, according to insights and analysis made available by Statista.
Statista market insights stated that presently in 2023, the revenue in the Skin Care market in Nigeria amounts to US$2.09bn. This translates to a market size of $4.5 billion within just five years. In global comparison, the United States generates the highest revenue in the market, amounting to US$23,590m in 2023.
According to this data, Nigerians are increasingly prioritizing skincare, with per capita spending reaching $9.34 in 2023. This is expected to climb steadily, reflecting a growing culture of self-care and beauty consciousness.
The increasing awareness of the advantages of chemical-free products is driving a steady rise in the demand for natural and organic skincare products in Nigeria. At the same time, a strong consumer demand for skin-bleaching products is also fueling a vibrant segment within the personal care industry, making skincare one of its most dynamic segments.
Fuelled by rising internet penetration and smartphone adoption, the Nigerian skincare e-commerce market is projected to touch $61 million in 2023, eventually reaching $88.9 million by 2027. Some notable key drivers of this forecast is the young and vibrant Nigerian population with a significant portion falling within the prime spending bracket for skincare products and the embrace of natural and local ingredients like shea butter, black soap, and moringa oil.
This trend reflects a desire for authenticity, cultural connection, and gentle yet powerful skincare solutions.
Presently, major players in the Nigerian skincare market include, Shea Tribe, Amila Naturals, Arami, Aweni Organics, Oriki Skincare and House Of Coco. These brands are known for made in Nigeria and 100% organic. Their ingredients are local and natural with a mission to promote healthy living and African beauty to the world.
The Nigerian skincare market is a dynamic force with immense potential for sustained growth. By understanding the key drivers, embracing emerging trends, and addressing evolving consumer needs, brands can not only thrive in this competitive landscape but also empower Nigerians to achieve their healthiest, most radiant skin.


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