Nigerian Haircare Market Worth N457bn

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  • Nigerian Haircare Market Worth N457bn

Foreign and local companies are jostling for the heart of the Nigerian growing haircare market.

According to recent research, at least 26 million Nigerian women use attachment, wigs and weavons with prices ranging from N1,000 on the average to N250,000.

L’Oréal, Godrej, Solpia, NN Fems and other companies are embarking on broad research to get a slice of the N457 billion Nigeria’s fast-growing haircare market.

“We are collating data from the consumers to find out their reactions about our products,” said Kemi Ajibade, head of human resources, Lucky Fibres.

“We are looking at the first quarter of 2020 to launch fully into the market. At this stage, we are getting feedback,” she said.

Xuchang, a Chinese firm that exported $1 billion worth of wig in 2016, has entered Nigerian market. Data shows more than 80 percent of Chinese wig exported to Africa are shipped to Nigeria, South Africa and Benin.

Accordingly, Nigerian women account for 49.34 percent of the total population.

“For most women, hair maintenance is essential in order to maintain an attractive appearance. Therefore, the growing female population, particularly in major urban areas, and growth in the numbers of young women among Generation Z are set to boost sales growth and strengthen hair care over the forecast period,” Euromonitor International’s latest report on Nigerian hair industry said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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