The South American cosmetics market size is projected to record a CAGR of 3.3% during the forecast period.
The ever-expanding glamor industry has played a vital role in boosting the trend of grooming and self-care, especially among the younger generation. More young people are using makeup products to enhance their facial features. Social media has been instrumental in promoting the latest beauty and self-care trends, which has further increased the demand for cosmetics. Furthermore, several reputed beauty brands are incorporating advanced technologies and smart ingredients to not only offer the benefits of makeup but also improve their clients skin health.
Moreover, rising usage of social media platforms and rapid urbanization have also been responsible for bolstering the sales of a wide range of cosmetic products, thereby expanding the South American cosmetics market share.
Fortune Business Insights displays this information in a report titled, “South America Cosmetics Market, 2023-2030.”
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LIST OF LEADING ORGANIZATIONS PROFILED IN THE REPORT
- L’Oral S.A. (France)
- Unilever plc (U.K.)
- The Este Lauder Companies Inc. (U.S.)
- Beiersdorf AG (Germany)
- Shiseido Co., Ltd. (Japan)
- Coty Inc. (U.S.)
- Kao Corporation (Japan)
- Johnson and Johnson Services, Inc. (U.S.)
- Grupo Boticrio (Brazil)
- Natura and Co. (Brazil)
Segments:
In terms of category, the market is divided into hair care, skincare, makeup, and others.
Based on gender, the market is bifurcated into men and women.
In terms of distribution channels, the market is segmented into specialty stores, hypermarkets/supermarkets, online channels, and others.
This report on the South American cosmetics market covers the following countries/regions: Brazil, Argentina, and the Rest of South America.
Report Coverage:
The report offers in-depth qualitative and quantitative insights into the market and an elaborative analysis of the regional markets size and growth rate for all possible segments in the market. This report also gives information on the market dynamics, competitive landscape, and forecast. A wide range of key insights are presented in this report, such as an overview of the new product launches, regulatory scenario in key countries, top industry developments mergers, acquisitions and partnerships, and the effect of COVID-19 on the market.
Drivers and Restraints:
Technological Innovations by Leading Companies and Expansion of Middle-Income Group May Accelerate Market Growth
Brazilian citizens have recently started adopting the health and wellness trends due to the growing income of the middle-class population. Robust economic growth and industrialization have played a key role in boosting the income level of people belonging to the middle-class group. Cosmetic products, such as hair and skin products and makeup items, are being manufactured on a large scale in Brazil, Columbia, and Argentina. Moreover, start-ups across Brazil and Argentina are bringing continuous developments and improvements in AR technology-based consultative cosmetic solutions. These efforts are expected to boost customers confidence in their products, further enhancing the market growth.
However, the side effects of using cosmetics that contain harmful chemicals are expected to constrain the South American cosmetics market growth.
Competitive Landscape:
With respect to the markets competitive landscape, Natura and Co, Grupo Boticrio, LOral S.A., the Este Lauder Companies Inc., Kao Corporation, Shiseido Co., Ltd., Unilever, Johnson and Johnson In., PandG Co., and Beiersdorf AG are the leading players in the market. These companies are focusing on fortifying their supply chains and distribution networks while expanding their product portfolios. They are also signing partnership and acquisition deals to gain a competitive edge over their rivals.
Key Industry Development:
October 2022: LOral Brasil announced that it expanded its product portfolio for sun care to meet the countrys diverse skin needs. The company said that it created 11 new shades of sunscreen formulas, which increased its shade range from 32 to 43 shades. The beauty brand also coined a new color terminology based on a numerical scale dedicated to Brazilian skins.
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Press Release Distributed by The Express Wire
COMTEX_440713661/2598/2023-09-22T03:54:49
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