GROWING MIDDLE CLASS FUELS COSMETICS SALES IN SUB-SAHARAN AFRICA
November 1st, 2012
BY ANDREW GREEN, IN KAMPALA; AND BILLCORCORAN, IN CAPE TOWN
THE TRIPLING in the size of Africa's middle class over the last 30 years to what the African Development Bank estimates is now 313 million people coupled with increased urbanisation, are driving the growth of the continent's cosmetics industry and markets.
In Nigeria, one of the world's 10 fastest-growing economies, the UK-based market research firm Euromonitor International valued sales in the country's beauty and personal care sector at USD595.8 million in 2011, up from USD439.8 million in 2006.
Bath ...
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