by Ed Yourdon
Africa Cosmeceutical Market
The African Cosmeceutical market had a market share value of USD 431.7 million in 2015 and is estimated to reach a value USD 542.5 million by 2020 with a CAGR of 4.7%. Cosmeceuticals are defined as products with benefits similar to pharmaceuticals and are available as over the counter (OTC) products. 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.
A fast growing middle-class, increasing urbanization and improved business regulation has made Africa the next frontier in cosmetics and the market is segmented based on the Product type into Skin Care, Hair Care, Injectables, Lip care and Tooth Whitening. Also, the active ingredients being used in all such products are Anti-Oxidants, Botanicals, Peptides and Proteins, Exfoliants, Retinoids etc. The fastest growing middle class sector and increasing urbanization trends is driving the African Cosmeceuticals market. The appeal of such products is considered a pan-African phenomenon, with more and more consumers willing to spend on such beauty and health products.
South Africa and Nigeria remain the two biggest markets, with high projected growth rates. The factors that are crucial to the entry of global brands into the region depend on three variables: population size, presence of an emerging middle class, basic infrastructure, and regional stability. Many regions of Africa pass this check list and are expected to sustain the entry of large brands. Other than South Africa, Nigeria and Egypt also play an important role in the cosmeceuticals market.
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, Merges and Joint Ventures are some of the strategies being adopted by these players to increase their presence and thus the market share in African Cosmeceuticals market.
Key Deliverables in the Study
1) Market analysis for the Africa Cosmeceutical Market, with region specific assessments and competition analysis on global and regional scales
2) Market definition along with the identification of key drivers and restraints
3) Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
4) Extensively researched competitive landscape section with profiles of major companies along with their market shares
5) Identification and analysis of the macro and micro factors that affect the African Cosmeceutical market on both global and regional scales
6) A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
7) A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
8) Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped