LONDON--(BUSINESS WIRE)--According to the latest research report released by Technavio, the cosmetics market in Brazil is expected to reach over to USD 6.4 billion by 2019.
This report titled ‘Cosmetics Market in Brazil 2015-2019‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. This market study also presents up to date analysis and forecasts for its various market segments, including eye make-up, facial make-up, lip products, and nail products.
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“The nail products segment dominates the cosmetics market in Brazil and is growing at a faster pace compared to the other segments. The nail products segment includes, nail polish, nail treatment or strengtheners, polish remover, and other nail products such as nail cream, nail gel, and nail oil. The market is driven by the introduction of new products such as special effect polishes and the rise of new entrants such as Studio 35 and Koloss,” said Arushi Thakur, one of Technavio’s lead industry analysts for cosmetics and toiletry research.
Some of the other driving forces behind the growth of the cosmetic market in Brazil are as follows:
- Increase in number of working women
- High demand for natural and organic products
- Increase in marketing and promotions
Increase in number of working women
Participation of women in Brazil’s workforce has increased substantially in the past decade, and as a result, they have grown financially independent with regards to spending and decision-making on household product consumption. Therefore, Brazilian women are spending more on cosmetics, and as a result, demanding high-quality and premium products thanks to their high purchasing power.
The need to look fresh and presentable in the workplace is one of the key reasons for the increase in expenditure on cosmetics by working women. The per capita consumption of cosmetics by women has therefore risen, resulting in increased revenue for vendors in the cosmetics market in Brazil.
High demand for natural and organic products
The demand for natural ingredients in cosmetics is gaining rapid popularity in Brazil. It is estimated that eight out of ten users of skin care products in Brazil prefer products comprised of natural ingredients. Consumers are now aware of problems caused by synthetic products and are more vocal about their desire to use natural and organic products that are free from harmful toxins or parabens.
To look after the environment and their wellbeing, consumers are thus refraining from the use of cosmetics that contain traces of pesticides, growth hormones, preservatives, additives, and artificial colors. To capitalize on this trend, brands such as Avon Naturals, Oriflame, Natura, and Ecobeauty are offering products with natural and organic ingredients. Companies are also undertaking marketing strategies for popularizing the use of aloe vera and other natural ingredients in cosmetics. Local vendors such as OCA Brazil are offering natural cosmetics such as natural cosmetic butter, natural fragrance oil, and natural and pure oils, and the market is anticipating the launch of many more novel products over the forecast period.
Increase in marketing and promotions
The cosmetics market in Brazil is intensely competitive with most manufacturers investing significantly on marketing and promotion of their products. To that end, vendors are constantly poaching on the consumer base of their rival brand. To achieve their goals, most companies are therefore roping in famous models, artists, sportspersons, and actors as brand ambassadors for influencing consumers. For instance, O Boticário Make B. Barroco tropical eye shadow trio is endorsed and designed by stylist Ronado Fraga and make-up artist Fernando Torquatto. Models, such as Thairine Garcia, Lais Ribeiro, and Flavia Lucini endorse O Boticário's Make B. collection.
Manufacturers are also offering innovative products in terms of attractive packaging and eye-catching campaigns. For instance, a campaign initiated by the OPI's Brazil color collection and ADIDAS get ready body collection, celebrated the FIFA world cup in 2014 in Brazil through innovative packaging that drew enormous attention. Similarly, Natura relaunched its Aquarela range of products with attractive new packaging and changes in the product mix to attract more customers. These trends will continue to expand the market while attracting many new entrants into the market during the forecast period.
Browse related reports:
- Color Cosmetics Market in the US 2016-2020
- Global Night Skin Care Products Market 2016-2020
- Global Blemish Balm and Color Correction Products Market 2016-2020
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