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

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

The Brazil Beauty and Personal Care Products Market is projected to register a CAGR of 6.72% during the forecast period 2022-2027.

COVID-19 control measures, such as the closure of workplaces, non-essential establishments, and leisure venues, as well as enforced home isolation had a negative impact on the Brazilian economy, thereby resulting in lower consumer purchasing power. This had a negative impact on the sales in many categories of beauty and personal care products. Furthermore, the initial pandemic period 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.

Customers are increasingly looking for value-for-money products that are natural and beneficial for the skin, provide a range of combined benefits of high-priced premium products like anti-aging, whitening, and moisturizing, etc. at a lower than premium cost. This product class has been dubbed “masstige”. Mid-income customers in Brazil are trading down from premium to masstige, and from masstige to mass market depending on purchasing power and the multi-benefits offered in products.

Innovation continued to drive sales of beauty and personal care products from the last few years. Key players are focusing on product innovation as several important brands announced updates of their main brands, focusing on new formulas and especially on the new packaging.

Key Market TrendsEscalating Demand for Beauty Products

Beauty products offers many benefits such as nourishing skin, maintaining body odour, increasing hair growth etc. Chaging life styles due to increased consumer income, and increased demand for skin and sun care products due to changing climatic conditions are all contributing to the beauty and personal care products rise. According to ITC Trade Map, in 2017, the total imports of beauty or make up skin care preparations has increased from USD 178.13 million to USD 205.48 million in 2019, which rose to upto 14.29%. But in 2020, it reduced upto 9.1% due to covid-19 impact. Furthermore, rise of consumer awareness of the importance of skin care is expected to boost market growth further in forecast period.

Skin Care Products Dominating The Market

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 it against harsh weather or climatic conditions. In Brazil, for skin care, the majority of people focus on many brands like Loreal, Unilever, and The Procter and Gamble company brands. According to the ITC trade map, total skin care beauty product imports (HS code - 330491) accounted for USD 12.6 million in 2019. Whereas total skin care beauty products are exported at USD 4.2 million. The total imports of skin care products have been reduced up to 36.45% in 2020 due to the covid-19 impact, where there were lockdowns in many global countries. Brazil imports its major beauty products from China, United States, Italy, and Canada. However in 2021, due to the usage of chemical products which penetrate directly into the skin and harm the skin, the majority have started using organic beauty products.

Competitive Landscape

International key players in beauty and personal care market are focusing on acquisition and expansion in the country which helping them to divesify thier offerings and gives these players access to stable cash flows and further growth opportunities in Brazil. The beauty products market witnessed high competition, with the dominance of major international players. Various players are entering the market, to tap the untapped potential of the beauty and personal care products market. An advanced and diversified distribution network gives an upper edge to t he manufacturers to expand their range of products, across the Brazil. Key players in the market include Unilever PLC, L'Oreal SA, The Procter & Gamble Company, Shiseido Company Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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