Beauty stakeholders urge investment to unlock Africa’s $66bn market

Africa’s beauty industry stakeholders have called on governments, financial institutions and development agencies to provide stronger support for a sector they say has significant potential to generate jobs and economic growth.

The call was made at the fourth Beauty in the Motherland gathering in Lagos, which brought together beauty entrepreneurs, manufacturers and other industry professionals to discuss investment, production and opportunities across the sector.

Speakers at the gathering, held at the Eko Convention Centre, Eko Hotel & Suites, Victoria Island, included Olamide Olowe, founder of Topicals; Joycee Awosika, founder of ORÍKÌ Group; and Pearl Ubani, founder of Myria Gee. They joined other industry figures in discussions on growth and positioning within Africa’s beauty economy.

Overlooked sector

Beatrice Eneh, founder of Beauty in the Motherland (BITML), said the sector remained overlooked by major institutions, partly because it was often associated mainly with makeup, hairdressing and retail.

She said the industry also includes manufacturing, agriculture, research, innovation, packaging, distribution and international trade.

“As an ecosystem leader, beauty entrepreneur, industry strategy investor and strategy expert with decades of research and empowerment initiatives focused on Africa’s beauty industry, I have compiled accurate organic data on Africa’s beauty industry that reveals mind-blowing economic impact and growth potential,” she said.

Ms Eneh said limited recognition had kept beauty professionals and businesses out of important policy and financing conversations.

A wider economic ecosystem

She said Beauty in the Motherland was established to connect entrepreneurs with business opportunities and promote beauty and personal care as an economic sector in its own right, as well as a contributor to other creative industries.

“We are the lion in the jungle, yet we are not given the attention we deserve. So this is the step to take the bull by the horns, which we do through Beauty in the Motherland,” she said.

Ms Eneh also disclosed a three-year investment initiative to establish a beauty and personal care production hub in Africa, beginning in Nigeria. She said the project aimed to create economic opportunities and strengthen local manufacturing.

She urged policymakers and investors to look beyond conventional business classifications and recognise the contribution of professions often dismissed as small-scale.

Calls for local production

Drawing on her exposure to international beauty industry events, including Cosmoprof, Beautyworld and Egypt Beauty, Ms Eneh urged stronger government commitment to the sector.

She cited South Korea and Turkey as examples of countries that have developed commercially competitive beauty industries through branding, manufacturing and exports.

She said the goal was to help grow Africa’s beauty economy beyond $100 billion within five years, through increased financing, credible market data, supportive policies and stronger local production.

The fourth edition of Beauty in the Motherland took place in Lagos in October 2026, bringing together entrepreneurs, exhibitors, industry leaders and investors for exhibitions, networking and discussions on innovation and market access.

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Market estimates

Figures provided by Ms Eneh estimate Africa’s beauty and personal care sector to grow at 9.6 per cent annually, compared with 7.25 per cent for the apparel and fashion market.

Independent industry estimates vary according to market definitions and research methods. Credence Research valued Africa’s beauty and personal care market at about $62.5 billion in 2022 and forecast growth to $103.46 billion by 2030. Technavio projects the market will expand by $10.84 billion between 2025 and 2030.

Euromonitor International reported that Nigeria’s beauty and personal care market recorded 23 per cent retail value growth in 2025. The figure measures retail sales value, not real economic growth.

The differing estimates point to a need for consistent industry classifications and reliable economic data to help policymakers assess the sector and develop relevant support.