The import of powders for skin care and make-up to Nigeria is projected to decrease significantly over the next five years. In 2024, the import value is forecasted at 760.85 thousand US dollars. This value declines to 639.21 thousand in 2025, then further drops to 520.01 thousand in 2026, 403.2 thousand in 2027, and finally 288.72 thousand in 2028. These forecasts indicate a significant downward trend when compared to the actual values observed in previous years.
The year-on-year variation shows a sharp decline:
- 2024 to 2025: -15.99%
- 2025 to 2026: -18.65%
- 2026 to 2027: -22.45%
- 2027 to 2028: -28.37%
Over the last five years, the Compound Annual Growth Rate (CAGR) indicates an average annual decline of approximately -21.32% from 2023 to 2028.
Future trends to watch for include shifts in consumer preferences towards natural or locally-made products, changes in economic conditions affecting disposable income, and potential regulatory changes impacting imports. Additionally, increased awareness and demand for sustainable and ethical products could further influence the market dynamics.