In 2021, beauty and personal care rebounded after steep declines in the previous year that were stimulated by the onset of COVID-19. The strongest corrections were in sun care, fragrances and colour cosmetics as consumers were able to venture outside their homes and return to their places of work.
Panama had been experiencing strong economic growth prior to the onset of the pandemic, becoming the country with the highest GDP per capita in Latin America. However, Panama was one of the worst affected countries from the pandemic registering the highest number of COVID-19 cases per capita in Latin America and ranking eighth in the world.
The US has a strong influence on consumers' style and preferences in Panama, with many keeping an eye on the styles of a wide range of US celebrities, such as Kim Kardashian and Emma Stone. The US is also the leading importer of beauty and personal care into Panama, due to the impact of free trade agreements.
During 2021, mid- to high-income consumers resumed their spending on beauty and personal care products and were often keen to buy the latest launches and added-value specialised products. High-income consumers also have a strong interest in luxury brands, with aspirational middle-income consumers also often treating themselves to premium purchases, especially as an auto indulgence to make themselves feel better after experiencing considerable anxiety during the pandemic.
There is a sound road infrastructure in Panama, with an effective logistics network supporting the distribution of beauty and personal care. Due to its strategic location, Panama serves as a hub for distribution throughout North and Latin America.
According to industry experts, Panama is expected to be among the highest growing countries in the region in terms of real GDP growth in 2022. This will further assist the beauty and personal care market to recover.
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Understand the latest market trends and future growth opportunities for the Beauty and Personal Care industry in Panama with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Beauty and Personal Care
This is the aggregation of baby and child-specific products, bath & shower, deodorants, hair care, colour cosmetics, men's grooming, oral hygiene, fragrances, skin care, depilatories and sun care. Black market sales and travel retail are excluded.See All of Our Definitions
This report originates from Passport, our Beauty and Personal Care research and analysis database.
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