Latin America Beauty And Personal Care Market 2022-2028
MARKET OUTLOOK
The beauty and personal care market in Latin America is estimated to depict growth, with a CAGR of 3.36% in the forecast period between 2022 and 2028, according to Triton Market Research’s report. Brazil, Mexico, and Rest of Latin America are scrutinized in the market in this region.
Peru is an important market in Rest of Latin America. The Peruvian market has witnessed the entry of new direct selling companies, which indicates that this is still the preferred channel of consumers for multiple categories like skincare, fragrances, and color cosmetics. As a result, it is anticipated that various product categories in the country’s beauty and personal care market will continue to grow in the next few years.
Innovation in beauty and personal care products continues to drive sales in the Brazilian market. Several important brands have announced upgrading their key products, focusing on new formulations and especially on new packaging. For instance, the baby product line of Johnson & Johnson’s announced the entire renewal of its portfolio. Besides, Unilever also renewed its entire portfolio of TRESemmé products. The brand has introduced several new items focusing mainly on curly hair types, in addition to offering new packaging to consumers. These factors are expected to support the growth of the beauty and personal care market in the coming years.
COMPETITIVE OUTLOOK
Some notable players in the beauty and personal care market include Estée Lauder Cos, Amorepacific Corp, Unilever Group, Natura & Co, Procter & Gamble Co, Puig SL, LVMH Moët Hennessy Louis Vuitton SA, and Beiersdorf AG.
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