CITIC Securities: vast growth space in Africa's personal care industry.

According to the research report from CITIC Securities, the market size of the personal care industry in Africa is expected to grow at a CAGR of 6.8% from 2020 to 2024, leading the global growth rate. In the future, factors such as population growth, increased penetration rates and usage frequency, and upgraded consumption are expected to drive the industry's rapid growth and provide ample room for development. The African personal care market faces high barriers to entry, with challenges including weak infrastructure, reliance on imported raw materials, lack of mature distribution systems, a fragmented market, and a shortage of high-end talent. To achieve long-term growth, companies must establish local factories and implement fine-tuned local operations. Considering the characteristics of local products, production, and channels, CITIC Securities believes that Chinese companies with the advantage of "integration of industry and trade" and the ability to deeply cultivate the local market are significantly better positioned to benefit from the industry's development dividend.