During 2018, most beauty and personal care categories remained affected by extraordinary levels of economic uncertainty that emerged in Costa Rica after the second semester of 2018. The uncertainty caused a broader base of middle- and low-income consumers to adopt cautious spending habits and look for more affordable value proposals, whilst constantly responding to discounts and promotional activities.
Sales of most basic and essential beauty and personal care categories including bath and shower, skin care, hair care, oral care and depilatories continued to be boosted by more affordable and promotional-orientated activation strategies. An expanding base of upper- and middle-income millennials kept gaining interest in added-value options promoted by modern retailers, where herbal and natural ingredients claims continued to lead the pace.
Benefiting from their consolidated manufacturing and distribution capacities across the region, strong international companies such as Colgate-Palmolive de CV, Corporación Belcorp de Costa Rica, Procter & Gamble Interamericas de Costa Rica and Unilever de Centroamérica maintained their competitive edges in beauty and personal care in 2018. Their top-of-mind positions, broad levels of segmentation, point of sale availability and affordable pricing strategies continued to set the pace in terms of mass beauty and personal care demand.
As seen during the review period, multiple functional and natural ingredients’ claims that include a broad base of herbal, antioxidant and essential proteins’ formulations (keratin and collagen for instance), continued to drive most new product development in 2018. In skin care, for example, Chanel introduced an added-value premium anti-aging serum containing Costa Rican green coffee.
As a broader base of younger middle- and high-income buyers become interested in health, wellness and convenience, there will be many opportunities for development of preventive beauty approaches over the forecast period. Herbal/natural-based formulations including plant-based blends, vitamins, enzymes, minerals, and even probiotics will continue to gain further penetration, targeting mostly millennials with higher incomes.
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This industry report originates from Passport, our Beauty and Personal Care market research database.