Key Trends in the Beauty Care Market
In this article, Jaime Vasquez shares ten “key” trends in the Latin American beauty and personal care market.
The Latin America personal care and beauty market is an attractive option to pursue for any company seeking global growth within this industry. LATAM is not only a large market (~ $69B USD in Retail Value), but is also expected to show solid post-pandemic recovery. As an example, Mordor Intelligence expects the South America market to have a CAGR of 6.8% in the ’22-’27 time period (with Mexico even higher, at 9.6% CAGR). As an interesting note, Brazil is the 4th largest beauty market in the world. Further, Mexico is a top 10 in cosmetics and personal care according (Source: US International Trade Association). Also, given the USMCA free trade agreement, Mexico is a highly accessible market for entry for North America beauty and personal care firms.
For beauty and personal care firms already present or thinking about entering Latin America, below are ten of the most relevant industry trends which I see emerging in this attractive region:
Growing relevance of “Natural Based” ingredients – the strong link between natural ingredients as “better-for-you” has always been strong and well-entrenched in the psyche of the Latin American beauty and personal care consumer. However, as Latin American beauty consumers become savvier, coupled with the rising global importance of natural, organically sourced and/or vegan ingredients, “well backed” claims will become increasingly relevant.
Preventive ”Self-Care” – More and more, Latin American consumers are looking for clear BFY preventive self-care benefits such as sun protection (SPF), relevant vitamin-enhancements (i.e., Vitamin A), and anti-pollution/anti-oxidants/dust protection. Accelerating growth of the dermo care type products within the skin care industry evidences this trend. Functional and vitamin enhanced cosmetic products are increasingly emerging across the region.
Ingredient “Safety” re-assurance – There is also greater concern for assuring products do not contain any ingredients which may be seen as harmful (i.e., parabens, sulphates, silicones, etc.) in hair care and other beauty/PC categories.
Key points include:
- Environmental awareness
- The digital market
Read the full article, 10 “key” trends in the Latin America Beauty & Personal Care market, on Linkedin.