Argentina Beauty and Personal Care Products Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Argentina Beauty and Personal Care Products Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Argentine beauty and personal care products market is expected to register a CAGR of 7.23% during the forecast period 2022-2027.

The COVID-19 pandemic’s control measures, such as the closure of workplaces, non-essential establishments, and leisure venues, as well as enforced home isolation, had a negative influence on the Argentine economy, resulting in lower consumer purchasing power and greater unemployment rates. In 2020, this resulted in a negative impact on sales in many categories of beauty and personal care. Furthermore, the initial period of the outbreak witnessed a reduction in key usage occasions for products such as color cosmetics and fragrances. Additionally, direct sellers and online e-commerce platforms performed well across several beauty and personal care categories in 2020.

Over the medium term, as consumers become more conscious of health and hygiene, it is expected that the sales of the personal care products segment would witness an acceleration as compared to the cosmetics segment.

Skin is the human body's largest organ and a protective barrier that may be quickly harmed by the weather, and other factors. Skincare primarily focuses on the application of cosmetics and other materials in order to protect or take care of the skin against harsh weather or climatic conditions. In Argentina, for skincare, the majority of the people focus on brands like Loreal, Unilever, and Amway. According to ITC Trademap, total skincare beauty product exports amounted to USD 58.78 million in 2020. Meanwhile, the total skincare beauty products imported amounted to USD 98.06 million. However, in 2021, due to the usage of chemical products that penetrate directly into the skin and cause harm, a majority of consumers have started using organic beauty products.

Argentina is a useful source of flora and fauna, mostly used in natural beauty products and growing export products. Argentina is also known for its wines and is now also using the Vitis vinifera complex found in grapes as an antioxidant. In Argentina, natural cosmetics products have witnessed significant growth in demand in line with the growing consumer awareness, coupled with the desire of cosmetics companies to replace synthetic ingredients with natural variants such as essential oils, oleoresins, vegetable saps and extracts, vegetable- or animal-derived oils, fats, and waxes, etc. Consequently, these factors have given rise to a demand for natural additives and ingredients used in cosmetics in place of chemicals such as parabens, phthalates, and sodium lauryl sulfate, which are associated with health risks. Moreover, an aging population with greater access to organic products has also driven the growth of the organic cosmetics market. Furthermore, the demand for aloe vera has increased owing to its increased usage in hand sanitizers during the pandemic.

The Argentine beauty and personal care products market is fragmented and highly competitive, with the major players trying to maintain their market share and leadership by adopting various business strategies like product innovations, partnership, expansion, mergers and acquisitions, as well as building an online presence and developing online marketing strategies by tying up with various e-retail platforms like Amazon. Some of the major players in the beauty and personal care products market in Argentina are Shiseido, Beiersdorf AG, L'Oreal SA, Procter & Gamble, and Unilever, among others. Currently, the most common strategy utilized by companies to capture the attention of consumers in Argentina has been to launch products with natural ingredients and environmentally-friendly packaging.

• The market estimate (ME) sheet in Excel format
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