L’Oréal Backs African Scientists To Level Up In The $11 Billion Beauty Market
By CultureBanx Team
L’Oréal awarded three leading African scientists its African Hair & Skin Research grant award
In 2017, Africa’s beauty and personal care market was estimated at $11B
L’Oréal is ramping up activity across Africa as the region accounts for 25% of skin problems, but only 1% of global research output. Face products and make-up have remained marginal but have strong potential, especially in a region with the fastest growing population. This is a big reason why the company is focused on the continent and awarded three leading African scientists its African Hair & Skin Research grant award.
Why This Matters: There is some scientific truth to the saying, “Black don’t crack” and researchers are delving deeper into what that is. Africa’s beauty and personal care market came in at $11 billion in 2017, something that L'Oreal plans to have a big share of. Consumers on the continent typically expect high quality products that are both reliable and affordable.
Specifically, Nigeria is the rising star of Sub-Saharan Africa’s beauty market due to its high population and projected growth. In other countries such as Kenya, only 15% of beauty and personal care products are sold in supermarkets.
Back in 2013, L’Oréal acquired the Kenyan company behind Nice & Lovely, a well-known mass-market skin and hair brand, for an estimated $17.6 million. Research shows that while wrinkles are the main sign of aging on caucasian skin, aging from sun damage manifests itself in a different way on darker skin, in the form of uneven pigmentation and dark spots.
Situational Awareness: Brands need to take a page out of Rihanna’s Fenty playbook. She released 40 shades and the darker ones were the first to sell out, showing a great need in this market. Rih Rih’s Fenty makeup also went on to make a reported $100 million in the first 40 days and nearly $600 million in the first year.
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