Africa and Nigeria have become a destination of choice for investment by international companies that aim to seize the opportunities presented by the beauty and personal care markets.
Presently, the market is put at an estimated $3 billion and its value is likely to rise to keep pace, with an increasing number of working women with disposable income as well as sophisticated youth searching for new ways to care for and present themselves.
Strong population growth particularly of the young, urban, and female populations means beauty and personal care in Africa and Nigeria have plenty of scope for growth, especially in terms of exciting, new products.
As part of the continent’s fast-growing middle class, young people are becoming more westernized through media exposure, and are expected to drive demand over the forecast period, according to Euromonitor.
To this end, Seddy Makeover has concluded plans to organised ‘The Africa Beauty and Awards” to honour the entrepreneurs in the beauty and personal care market, this month in Lagos.
Speaking on the purpose and objectives of the event, Chief Executive Officer Seddy Makeovers, Temitope Sedi , said Africa and Nigeria have become a destination of choice for investment by international companies that aim to seize the opportunities presented by the beauty and personal care markets.
She said the project seeks to create wealth in the following ways by aiding and promoting local beauty businesses and product by putting them on an international pedestal, adding that the project would also create a link for foreign investors to invest in local business and beauty product.
According to her, the project is to honor stakeholders in the industry and create a healthy competition among brand striving to achieve more.
She explained: “The awards categories will be thrown open to members of the populace to nominate key players in the sector. These industries will include: Entertainment, fashion, film and sport.”