LATAM Personal Care Market Segment Analysis By Product:
The LATAM Personal Care Market based on the product can be further segmented into Personal Hygiene and Cosmetics. The Personal Hygiene Segment held the largest market share in 2021. This growth is owing to the increased demand for skincare products for better, more youthful, and beautiful skin among customers. Benzoyl peroxide is utilized for treating acne. The increased application of other personal hygiene products like bath and shower and baby care products for babies are further propelling the growth of the Personal Hygiene segment.
Furthermore, the Cosmetics segment is estimated to grow with the fastest CAGR of 7.1% during the forecast period 2022-2027 owing to the proliferating demand for makeup products like eye makeup and facial makeup in conjunction with increased utilization of non-comedogenic sunscreen. The soaring inclination for organic cosmetics is further propelling the growth of this segment.
LATAM Personal Care Market Segment Analysis By Distribution Channel:
The LATAM Personal Care Market based on distribution channel can be further segmented into Hypermarkets And Supermarkets, Convenience Stores, Discounters, Drug Stores, Specialty Stores, Online and Others. The Hypermarkets And Supermarkets Segment held the largest market share in 2021. This growth is owing to the ready availability of an extensive assortment of personal care products like non-comedogenic sunscreen in one location for customers to choose from. The accelerated enhancements in the distribution network resulting in an easily accessible chain of supermarkets and hypermarkets are further propelling the growth of this segment.
Furthermore, the Online segment is estimated to grow with the fastest CAGR of 7.4% during the forecast period 2022-2027 owing to the soaring internet penetration and effortless availability of a wide assortment of products like non-comedogenic sunscreen online just a click away in these difficult times ushered in by the COVID-19 pandemic amidst the lockdowns and stay-at-home -restrictions in conjunction with greater availability of products at discounted rates online with home-delivery options.
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LATAM Personal Care Market Segment Analysis By Country:
The LATAM Personal Care Market based on the country can be further segmented into Mexico, Argentina, Brazil, Chile, Colombia, Uruguay, Bolivia, Ecuador, and the Rest of South America. Brazil (LATAM Personal Care Market) held the largest share with 19% of the overall market in 2021. The growth of this region is owing to the soaring demand for personal care products that provide value for money while being organic and offering advantages to the skin like anti-aging and moisturizing termed as masstige being defined as premium but attainable. Product innovation with attention on novel formulas and novel packaging and techniques like laser resurfacing are further propelling the growth of the LATAM Personal Care Market in the Brazilian region.
Furthermore, the Mexico region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like rising awareness of beauty amidst the male customers and a boost in the count of brands making inroads into internet retailing. The increasing women workforce, the increased application of laser resurfacing and the enhanced lifestyles are further fuelling the progress of the LATAM Personal Care Market in the Mexican region.
LATAM Personal Care Market Drivers
Increased Application Of Benzoyl Peroxide For Treatment Of Acne Is Projected To Drive The Growth Of LATAM Personal Care Market:
Acne is one of the most typical dermatological ailments observed by dermatologists in Latin America. It is a chronic inflammatory technique that requires to be treated early and efficiently to reduce the hazard of physical and emotional sequelae. Benzoyl Peroxide (PB) is an antimicrobial agent with action against P. acnes by the discharge of reactive oxygen species (ROS), and mild comedolytic effect. Irritant contact dermatitis (erythema, pruritus, desquamation), raised risk of photosensitivity and postinflammatory pigmentation are contaminated by the utilization of moisturizers and photo protectors. They may be utilized alone or integrated with benzoyl peroxide (PB) and topical antibiotics. These applications of benzoyl peroxide in the treatment of acne are fuelling the growth of the LATAM Personal Care Market during the forecast period 2022-2027.
Innovative Personal Care Products Are Expected To Boost The Demand Of LATAM Personal Care:
Non-comedogenic sunscreen and amphoteric surfactants may be in demand in the LATAM Personal Care Market. In August 2021, the line of Boticário Cuide-se Bem Bendito Cacto was established for Northeastern women. Light hydration, fast assimilation, fresh feeling, and powerful perfume were the four features that women from the Northeast recorded for the manufacture of the novel body care line of the Apothecary. Consequent to two years of research and development, Cuide-se Bem Bendito Cacto reached e-commerce and brand stores. With a perfume selected by way of a blind test with women from Recife, the products possess cactus water in their formula, an activity that advances hydration for the skin. These kinds of innovative personal care products are driving the growth of the LATAM Personal Care Market during the forecast period 2022-2027.
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LATAM Personal Care Market Challenges
The Price And Accessibility Of Organic Personal Care Products Are Hampering The Growth Of The LATAM Personal Care Market:
Organic cosmetic and personal care products persist in being a developing niche in the Latin American region. Customers in Latin America are having an increasing preference for healthy options like consuming healthy food selecting less hurtful constituents to eat and drink and utilizing more free-from cosmetics and personal care products. An increasing count of Brazilians is interested in organic beauty products and cosmetics. Organic hair-care and skin-care products are in demand. But the issue is to identify these products with natural constituents. Also, such products are frequently more high-priced than their chemical counterparts. These issues are hampering the growth of the LATAM Personal Care Market.
LATAM Personal Care Market Landscape
Innovative personal care launches, novel technologies, novel global trends, collaborations, mergers and acquisitions, partnerships, joint ventures, and increased financing in R&D are key strategies adopted by players in the LATAM Personal Care Market. Key companies of this market are:
The Estée Lauder Companies Inc.
LOréal, Latin America
Coty, Latin America
Revlon, Latinoamerica
Avon Products Inc., Latin America
Oriflame, Latin America
Proctor & Gamble, Latin America
Unilever Unilever North Latin America
Groupe Clarins SA
Grupo Boticário
Acquisitions/Product Launches:
In July 2021, Dassault Systèmes declared that Boticário Group, the worlds biggest beauty franchise with more than 4,000 points of sale in Brazil and in over fifteen nations, has chosen the 3DEXPERIENCE platform to digitally convert the production of over 300 million products per year marketed under its consumer brands like O Boticário, Eudora, quem disse, berenice?, and Vult. Boticário Group will utilize the Perfect Production industry solution experience on the basis of the 3DEXPERIENCE platform to enhance the shop floor administration of its production operations and advance the production technique at its two production plants in Brazil. Expanded perceptibility and authority will minimize inventory costs and defects and guarantee regulatory compliance. These benefits in quality and effectiveness will back the competitive streak of the firm.
In September 2020, Estée Lauder declared that the brands iconic Advanced Night Repair Synchronized Multi-Recovery Complex will be introduced into space. Estée Lauder is the earliest-ever beauty brand to take part in NASAs endeavors to allow business opportunities on the International Space Station. Advanced Night Repair serum was anticipated to kick off aboard a Cygnus spacecraft atop an Antares rocket on Northrop Grummans 14th commercial resupply services mission for NASA on October 1, 2020, and to reach at the International Space Station on October 4, 2020.
In May 2020, Coty Inc. declared the introduction of Kylie Skin at Douglas, turning one of the fastest-growing and most-engaged beauty brands on social media accessible to purchasers in Europe. Kylie Jenner is one of the most treasured personalities of the globe with more than 250 million followers across her personal and brand social media channels, and also is one of the most powerful voices amidst beauty customers worldwide. Kylie Skin was introduced in May 2019 and rapidly became a top-selling skincare brand in the U.S.
Key Takeaways
By country, Brazil LATAM Personal Care Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the surging utilization of skincare products including non-comedogenic sunscreen, color cosmetics, and fragrances in the Brazilian region.
LATAM Personal Care Market growth is being driven by the soaring acceptance of innovative products, novel technologies, and novel global trends in cosmetics like non-comedogenic sunscreen. However, the difficulty in discovering organic cosmetic and personal care products is one of the major factors hampering the growth of the LATAM Personal Care Market.
LATAM Personal Care Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the LATAM Personal Care Market report.
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