Market Trends of Colombia Cosmetics Products Industry
Escalating Demand for Natural and Sustainable Cosmetic products
- Colombian consumers continue to pay more attention to the ingredients they use on their skin. With growing interest in pursuing more natural lifestyles, consumers in the market are more control over the ingredients used in their beauty products as they begin to be aware of the short and long-term effects of synthetic chemicals on their skin. Hence, the Colombian cosmetic industry is positioning and marketing cosmetics made using natural raw materials such as avocado oil and coconut seed butter (a flagship agricultural product in Colombia).
- For instance, Colombian brands, including CaryO and Green Andina Colombia, are developing innovative raw materials from resources such as the Cacay tree and aromatic plants and fruits. Thus, the manufacturer's initiatives to produce natural cosmetics products coupled with consumers' interest in vegan products are anticipated to drive market growth over the forecast period.
- On the other hand, the cosmetic sector in Colombia is transitioning towards sustainable alternatives, which contribute to the reduction of environmental impact. This shift is driven by the increasing environmental consciousness among consumers, who seek products that align with their values.
- For instance, Genomma Lab or Natura operating in Colombia are dedicated to sustainability through strategies such as the use of recycled material in packaging and the transformation of soap formulas to vegetable-based formulas in cosmetic products. Hence, the sustainable strategy followed by the cosmetic industry is expected to bolster the demand for cosmetics products among eco-conscious consumers in the country.
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Significant Growth of Online Retail Stores
- The sales of cosmetics through online channels have increased drastically in recent years due to rising consumer inclination for online purchases owing to the ease and convenience of online shopping. Additionally, e-commerce sites provide a wide comparison between different brands according to the various filters, such as skin type, color, price range, and products. Hence, consumers have more freedom to research and choose the products that best meet their needs and preferences.
- To cater to the rising demand for Colombia's cosmetics products, key vendors such as Loreal S.A. and Estee Lauder Companies Inc, among others, adopt online sales and marketing channels, enabling them to reach mass markets and maintain closer relationships with consumers. Thus, online or e-commerce stores have been increasing their market shares in the country in terms of revenue, popularity, and wide product offerings of both domestic and international brands.
