Kola
Farayola, Commercial Manager, First Aluminium Nigeria Plc, on Friday said that
premium cosmetics packaging revenue might appreciate to N48.6 billion by 2017.
Farayola
made this disclosure while speaking on the sidelines of the ongoing Packaging
and Labelling Exhibition (PROPAK) in Lagos. Quoting Euromonitor, a UK-based
market research company, Farayola said that the cosmetics and personal care
products packaging has grown from N22.8 billion in 2010 and N32.4 billion in
2012.
He
said that the growth indicates that there is a high market for cosmetics
consumption due to the changes in taste and fashion, especially by Nigerian and
African women.
He
said that the premium packaging of cosmetics which largely included the use of
high quality aluminium products like tubes would concurrently mean an
improvement in aluminium manufacturing in the country.
“The
Beauty and Personal Care Products in Nigeria is the second largest in Africa,
after that of South Africa which is the first.
“A
research conducted by Euromonitor states that Home, Beauty and Personal Care
Products Market in Africa was valued at $12.9 billion in 2011, making it one of
the fastest growing sub-sectors in Africa.
“What
we have had mostly in Nigeria is the mass production technique where local
manufacturers, especially small scale produce low quality products with no
manufacturing and expiry dates, and so on.
“When
some of them are interrogated, they tell you that Nigerians prefer cheap
products, which invariably means they are not really concerned if it is of good
quality or not.
“But
the good news is that the taste of most Nigerians is changing, more people,
especially women are getting conscious of the quality of beauty products they
use.
“Even
international brands like L’Oreal, Estee Lauder and Clinique, which are
international brands, tapping into this market.
“The
packaging industry as reported in a recent research is growing at a 12 per cent
rate annually, with food and cosmetics products taking a major part of the
growth.
“Obviously
this tells us that Nigerians now prefer premium packaged products to the mass
produced ones, and this should mean a turn for the better for local
manufacturers who are alert,” Farayola said.
He
said that the growth in the sub-sector was characterised chiefly by steady
economic growth and a growing population, where 62 per cent of Nigerians are 25
years and below.
According
to him, other factors are education and more exposure, new desire to acquire
expensive products, online shopping platforms, increasing number of women in
formal employment and a growing middle class.
He
further advised local manufacturers to take advantage of the current growth
rate and prediction to put the right requirements together for maximum returns.
“What
does this growth mean? It means SMEs (small and medium enterprises) should seek
ways to start producing premium quality cosmetics, as mass or low quality
products are going down the drain.
“Worthy
of note is compliance with international packaging regulations, especially the
European Union rules which states that every food, drug or cosmetics product
must state a maximum time of use after opening.
“This
is something we do not have in this part of the country; most people keep using
a body cream for up to one year after opening, not minding if it has become
harmful.
“Also,
consideration needs to be given to the quality and type of packaging materials
depending on the shelf life, chemical content and use of such product,’’ he
said.
NAN
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