LONDON--(BUSINESS WIRE)--Technavio analysts forecast the beauty and personal care market in Africa to grow at a CAGR of over 7% during the forecast period, according to their latest market research report.
The growing online retailing of beauty and personal care (BPC) products is one of the major trends being witnessed in the beauty and personal care market in Africa 2018-2022. Rising urbanization, rapidly changing technologies, evolving demographics, internet penetration, and use of smart gadgets have improved the online shopping landscape. Vendors operating in the BPC market in Africa are focusing on distributing their offerings through the online platform, which is supported by advances in technology. Easy and convenient shopping experiences, wide options of brands and products, hassle-free product returns, easy online transactions, and cash on delivery (COD) are some of the other factors driving this shift. Some e-retailers in Africa include Zando, Takealot Online, and Jumia that sell a wide variety of BPC products across different categories. Thus, these trends are expected to help the BPC market in Africa have a positive outlook during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the beauty and personal care market in Africa is the increasing number of surgeries coupled with growing prevalence of diseases:
Beauty and personal care market in Africa: Product innovation and product line extension
Innovation is vital for the BPC market in Africa as the demand for innovative products offering optimal use and functionalities is high. The preference for BPC products that address multiple concerns within a minimal time span is also gaining momentum. Customers, of late, are opting for natural, instant ways of healing their problems related to either skin or hair. To meet the evolving customer needs, vendors focus on manufacturing innovative products. They also focus on extending their existing product lines by introducing new BPC products, tailored to customer requirements. A rise in the disposable income of customers is heightening the spending power on BPC products and triggering market growth. These BPC brands focus on differentiating themselves, based on product quality, reliability, price point, and packaging. They also invest in procuring innovative ingredients and technologies that can positively impact the health and appearance of their skin and hair. Moreover, BPC products made of natural, organic, and other innovative and technology-driven ingredients are priced at a premium with higher margin opportunities for the manufacturers.
According to a senior analyst at Technavio for research on cosmetics and toiletry, “Currently, growing health consciousness and awareness of the harmful effects of toxic chemicals used in BPC products have spurred the demand for products with natural ingredients. Consumers in Africa seek products that are less harsh and have low chemical composition. Therefore, some vendors are focusing on manufacturing products without chemical ingredients and focusing on natural and organic ingredients.”
Beauty and personal care market in Africa: Segmentation analysis
The Beauty and personal care market in Africa research report provides market segmentation by product (skin care products, hair care products, color cosmetics, fragrances, other products), and by region (South Africa, Nigeria, Egypt, Algeria, Kenya, rest of Africa). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
In 2017, South Africa, dominated the BPC market in Africa with a market share of more than 31%. During the forecast period, three regions namely Nigeria, Egypt, and Kenya are expected to register similar incremental growth of close to 0.50%, followed by the rest of Africa.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market sizing
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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