Colombia Cosmetics Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
Colombia cosmetics products market is projected to grow at a CAGR of 4.1% during the forecast period (2020 - 2025).
Key HighlightsRising awareness about the significance of facial products so as to preserve healthy skin and decrease skin disorders is motivating the market for these products. Like other beauty and personal care categories, facial care cosmetics has relied on premiumization and product innovation. Consumers are prioritizing natural cosmetics over synthetic chemicals based products. Facial care is a fragmented category, with many international and local players offering a wide selection of products in different price brackets. The category is dominated by international brands that have products in the mass segment.
Significant Growth of Online Retail StoresE-commerce has revolutionized retail. It has evolved to meet the changing needs of consumers, as well as make online shopping easier for the modern-day customer. The sales of cosmetics through online channels has increased drastically in recent years, due to rising consumer inclination for online purchase of cosmetics, owing to the ease and convenience of online shopping. Online sales and marketing channels are adopted by several key vendors like Loreal S.A., Estee Lauder Companies Inc, among others, enabling them to reach mass markets and maintain closer relationships with the consumers.
Competitive LandscapeColombia cosmetics market is strongly dominated by the key players in the market such as L’Oreal Group, Avon Products Inc., the Estée Lauder Companies Inc., Shiseido Co. Ltd, and Oriflame holding AG, among others. The key strategy adopted by the companies is product innovation, these new and innovative products help the companies to strengthen their consumer base and gain a competitive edge among the competitors.
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