Beauty and Personal Care
Today beauty and personal care industry is among the growing sectors, thanks to new care trends that attract both female and male audiences.
In recent years, concerns about exposure to air pollution and solar radiation have grown. They have a detrimental effect on the skin like dryness, dark spots, and wrinkles’ appearance at an early age. These concerns have led the market for cosmetic products to increase. More and more brands are launching creams and cleansers with the promise of protecting and restoring skin against such damage.
BB creams have seen their popularity increase in countries like Brazil and Mexico as multifunctional creams made their debut on the market. In Brazil, these creams may be more expensive. Still, they continue to perform well as consumers perceive them as multifunctional and find it cheaper to buy a slightly more expensive product than several products separately. In 2012, the Garnier de L’Oreal brand launched the first BB cream in Mexico, and since then, several massive and premium brands have also found BB creams, helping to make the range of products in the country wider.
Nail products remain popular in markets such as Argentina and the Dominican Republic. In Argentina, enamel replaced lipstick as the guilty pleasure for women, and nail products are the best performing category in the country’s beauty and personal care industry. Although sales of beauty and personal care products saw a decline in the Dominican Republic, nail products are the big winners in the industry, with sales growth in terms of value and volume. Product innovation and wide ranges of available colors reinforce the trend.
Skincare products in Chile see innovation through product development and technological advancements. New anti-aging products that target both women and men keep appearing on the market. Meanwhile, the growing immigrant population in Canada prefers products with skin-lightening properties, and therefore they are not satisfied with the options that Canadian retail offers. It is creating opportunities for imported brands and ethnic retailers to lead the growth of the category. Within excellent skincare, Costa Rican consumers use cleansers, toners, and creams as part of their regular facial care routine, making them one of the top three Latin American consumers per capita for this type of product.
Direct selling in Bolivia relies on traditional advertising strategies such as TV commercials, print media, and billboards to promote its products to consumers. This new strategy has proven successful as many large companies continue to grow in the market. In Ecuador, direct sales are the channel that shows the fastest growth in real terms among all the distribution channels of beauty and personal care products. In the next five years, direct selling will bring these products to a broader range of socioeconomic classes and cause more consumers to try specialty products.
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