MAKE UP SERVICES BUSINESS PLAN Templates
Nigeria has the largest economy in Africa with a population estimated at 173.6 million people. And as an emerging market, the rise in spending and growing sales in the beauty and personal care sector were valued at $595.8m in 2011, up from $439.8m in 2006. Economists predict that by 2016, Nigeria’s young yet increasingly sophisticated population will drive industry sales to $620.2m. This is not far-fetched as 77 per cent of Nigerian women use skin enhancement products– the highest percentage in the world. In 2014, the industry reportedly generated over $35 billion with makeup owning a market share of 17 per cent. In addition there is also an expected market growth of over $42 billion in 2015 due to increase in the construction of shopping malls, beauty, wellness, spa and aesthetics centers across different cities in Nigeria.