The economic crisis in Brazil has made other larger economies of Latin America, inclusive of Mexico, interesting investor destination. Mexico, as in the case of Latin America, has an evolved beauty and personal care market, inclusive of hair care.
Mexican personal care market is evolved in organic care, and a large segment of the population insists on using products free of chemicals and
The Mexican hair care market is worth US$X.XX billion, and is projected to grow at CAGR X.XX% to US$ X.XX bn by 2020.
Shampoo was the largest and most mature & competitive category in Korean hair care industry, being the largest by volume and value, holding market share of XX.XX% and XX.XX% respectively. Hair styling is another category which will post a modest growth of X.XX% over the next year, although this category is expected to decline due to increasing concerns about health of hair, and social media fuelled awareness about harmful chemicals added to these products. These ingredients include parabens, silicones, sulphates, ammonia, and more.
Shampoo held the largest market share, both by value and volume, at XX.XX% and XX.XX% respectively.
There are increasing concerns about the health of hair due to a number of reasons. An increase in factors like pollution, sun damage, scalp issues, hair thinning and loss, there is an increased focus on categories offering benefits of maintaining the health of hair – including hair thickness, faster regrowth, damage repair, deep nourishment and other such categories gaining importance.
Another trend in hair styling and hair colouring product categories will be the inclusion of natural ingredients based products which will minimize hair damage, and will contain properties which promote hair health.
Furthermore, customers remained polarized with and customers going for premium items, or mass market purchases. The newest global innovation of “masstige” market is pervasive in this market as well.
Dominant players Proctor & Gamble Mexico, accounting for more than a quarter of the brands prevalent in the Mexican market, Unilever, Palmolive-Colgate, and others.
High demand for hair care products for hair colour or care, or both at home, inclination to spend in salons, a large hair care segmentation on the basis of hair types across the geography, and increasing purchasing power are the main drivers for the hair care market in Mexico.
A slow economic growth, preference for natural products & the rising cost of products, represent key challenges in the hair care market of Mexico.
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