Market Size of South America Cosmetics Products Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Cosmetics Products Market Analysis
The South American cosmetics products market is projected to register a CAGR of 6.8% in the upcoming five years.
- South America is one of the world's fastest-growing and most vibrant cosmetics markets globally. Moreover, innovation in beauty products has continued to drive the sales of cosmetics products in the market. The increasing consciousness of customers about their appearance is one of the major reasons driving market expansion. Millennials are increasingly using color cosmetics items such as foundation, blush, lipsticks, and eye shadow as part of their regular grooming routine, which in turn, is fueling growth in the market across the region.
- On the other hand, the increasing demand for natural, organic, cruelty-free cosmetic products and innovative and eco-friendly packaging designs are expected to expand the overall size in the coming years. In line with changing consumer behavior, manufacturers are collaborating with other players to expand their portfolio in the natural cosmetic category. For instance, in 2020, Aveda partnered with LACES and Hair, an environment-conscious hair salon and spa, to expand its full range of Aveda's naturally-derived products and services, including customized hair color, shine, and conditioning treatments in Brazil.
- As product safety and efficacy testing brings added value to cosmetics, there has been an increasing demand for clinical testing in the region, supported by ongoing government efforts to impose strict regulations on the cosmetics industry. For instance, in November 2021, the National Health Surveillance Agency (Anvisa), the Brazilian agency responsible for inspecting the safety of drugs and cosmetics, published a technical note (Nota Tecnica (NT) 5/2021) specifying the procedures for labeling the ingredients in cosmetic products that are sold in the country.
