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REPOR T

THE BEAUTY LANDSCApE To improve economic integration there are various regional

In the realms of beauty and personal care Brazil trade agreements; Mercosur (Southern Common Market),
and Mexico are the main players in the region however Pacific Alliance and ALADI (Latin American Integration
other countries such as Colombia and Chile are becoming Association) as well as international trade partnerships
increasingly important with Argentina, Peru, Paraguay, including EU (European Union) and USMCA (United States,
Uruguay and Bolivia also gaining traction. Mexico and Canada). For international brands looking to
Brazil has the largest beauty market in the region, with a enter the region it is important to be aware of the pricing
projected 2024 revenue of US$26.78bn and anticipated requirements as imported brands are often notably
annual growth rate of 5.07% (CAGR 2024 – 2029) making more expensive due to high tariffs and taxes.
it the primary driver in the region’s development. This price disparity influences consumer behaviour,
The younger generations are fuelling the strong resulting in a preference for locally manufactured products
demand for beauty and personal care products, or international brands with a strong local presence.
which is also linked to the high level of urbanization However imported beauty products hold a strong appeal,
(over 85% of the 216 million population live in cities). particularly among middle and upper-income consumers
This youthful consumer segment is furthering Brazil’s who value premium and international brands so more
strong interest in the sustainability and innovation trends. and more global names are targeting the region.

NATURAL INSpIRATIoN

Latin America is rich source of inspiration for beauty brands
and the exceptional local ingredients are utilised by local
and global brands. For years the region has been the beauty
industry’s secret treasure trove of clean beauty and skincare.
As one of the most biodiverse regions in the world
there is a wealth of natural ingredients that have inspired
beauty founders both locally and internationally.
The oldest Brazilian pharmaceutical brand Granado
(launched in 1870) crafted remedies from local plants,
flowers, and herbs which have now evolved and
become worldwide sensations with stores such
as Liberty in London featuring their distinctive collection.
Mexico follows next in the rankings with an impressive More recent brands that are tapping into their cultural
17% growth in 2023 to reach €7billion, with strong heritage and native ingredients include Vamigas,
contributions from specialty stores and international brands. Sol de Janeiro, Ceremonia, Rahua and further afield
Colombia’s beauty sector is growing rapidly, with consumers the multi-award winning Tata Harper who credits
prioritizing wellness, fragrance and skincare trends while the inspiration for starting her luxury beauty brand
Chile’s stable economy and digital-savvy population have to the beauty treatments she experienced at her
enhanced demand for premium beauty and sustainable grandmother’s house in Colombia. An emphasis on nature
options while the remaining countries are capturing attention unites two leading names in the region. Natura, founded
for their emphasis on local traditions, natural ingredients in 1969 in São Paulo, Brazil; promotes a beauty experience
and emerging premium and niche beauty markets. rooted in the delicate balance between nature and science.

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