Africa’s Fashion Market Projected to Grow by 12% in four years
The Fashion market in Africa is projected to grow by 12.14% (2023-2027) resulting in a market volume of US$10.12bn in 2027, data by Statista has shown.
According to the report, Nigeria and Egypt are set to dominate the African fashion landscape, encompassing accessories, apparel, and footwear.
The two nations are primed to collectively rake in a whopping $2.5 billion in revenue by the close of 2023.
The report indicates that the Nigerian fashion market is anticipated to scale to $1.31 billion by 2023.
This figure is poised for robust annual growth at a compelling rate of 10.03% (CAGR 2023-2027), ultimately culminating in an estimated market volume of $1.92 billion by 2027.
Furthermore, Nigeria is projected to boast a burgeoning user base of approximately 83.8 million users by 2027. With a user penetration rate of 24.4% in 2023, this is expected to ascend to an impressive 34.1% by 2027.
The average revenue per user (ARPU) is anticipated to reach $24.00.
Also, Egypt’s fashion market is on a soaring trajectory, projected to touch $1.28 billion in 2023. With an annual growth rate (CAGR 2023-2027) surging at an impressive 16.40%, this market is forecasted to attain a market volume of $2.35 billion by 2027.
In the realm of the Fashion market, Egypt is predicted to amass a user base of 56.4 million by 2027. Egypt’s user penetration, standing at 33.3% in 2023, is anticipated to ascend to an impressive 47.1% by 2027.
- Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 12.14%, resulting in a projected market volume of US$10.12bn by 2027.
- With a projected market volume of US$265.50bn in 2023, most revenue is generated in China.
- In the Fashion market, the number of users is expected to amount to 393.6m users by 2027.
- User penetration will be 20.5% in 2023 and is expected to hit 28.3% by 2027.
- The average revenue per user (ARPU) is expected to amount to US$24.58.
Statista/Nairametrics/Hauwa Abu
