According to Mordor Intelligence, “the Latin America Cosmetic Products Market was valued at USD 48.05 billion in 2015 and is projected to reach USD 68.92 billion by 2020”.
In addition, Americas Market Intelligence placed the Beauty Industry as the fastest growing and strongest market in Latin America (followed by Energy Drinks, Pharmaceuticals, Malls, Personal Computers and Smartphones).
Who are the consumers?
The markets with a higher demand for beauty and personal care products in Latin America are:
- Brazil – As an interesting note, in 2018 Brazil was the fourth largest beauty market in the world.
Middle class with slightly aspirational values form the largest portion of these consumers. They are very engaged with beauty and personal care. They are worried about what people think about them and are open to innovations.
Nielsen categorizes the Latin American consumer by age:
1. Millenials (who are willing to pay for premium products mostly in the Hair Care sector).
2. Generation X (who are willing to pay for premium products mostly in the Oral Care sector).
3. Baby Boomers (who are also willing to pay for premium products mostly in the Hair Care sector).
4. Silent Generation (who are also willing to pay for premium products mostly in the Body Care sector).
What do they want?
These are the products with the highest levels of demand in these regions:
- Skin care
- Hair care
- Deodorants and bath products
- Color cosmetics
- Male grooming
- Oral care
- Sun care
A very interesting fact that Mordor Intelligence found that there's an increased preference for vegan, organic, and natural beauty products to mitigate the harmful effects of pollution, sun, dust, and harmful ingredients that are typically a part of cosmetic products.