LATIN AMERICA BEAUTY MARKET OVERVIEW
- Latin America is one of the fastest-growing and most vibrant cosmetic markets across the world.
- The beauty and personal care market in the region will reach a value of $69.9 billion by 2021.
- 75% of Latinas consider beauty an important part of their culture.
- Brazil, Mexico, Colombia, and Chile are the top markets in Latin America showing high growth rate in the cosmetics industry.
- Wellness and the desire for a holistic, healthy lifestyle has gained momentum giving a path to functional beauty that promise to nurture from the inside out.
- Natural and organic cosmetic and personal care products continue to be a growing niche in the region.
- The movement towards clean formulations is expanding with health conscious consumers who are concerned about what they put on their skin, and the expertise they are gaining regarding ingredients.
- Latin America consumers are more connected than ever before. Social media platforms are the go-to source for discovering and learning how to use beauty and personal care products. They are more engaged with beauty and personal care than before, and are savvy about brands.
- New shopping retailers are blooming to meet consumers’ needs and desires. The convergence of physical and digital retail is also evident across the region with e-commerce showing promising signs of growth.