Inconsistent economic policies and regulations issued by the Venezuelan government continue to negatively impact the performance of beauty and personal care. In 2012, the government set price ceilings on beauty and personal care products regarded as essential, such as shampoos, 2-in-1 products, conditioners, bar soap, toothpaste, razors and deodorants.
Players involved beauty and personal care must contend with the threat of new or revised government regulations and controls, not only along the supply chain, but also within distribution channels. In 2017, access to foreign currency was no longer an issue but it had to be purchased at black market exchange rates, thus causing significant rises in the costs of imported raw materials, intermediate inputs and final products, which could trigger new price ceilings on the part of the government.
A host of domestic companies and laboratories was taking over beauty and personal care categories in 2017, such as hair care, baby and child-specific products, skin care, mass fragrances, colour cosmetics and bath and shower. Greater opportunities for domestic companies appeared as multinational companies started abandoning the market – and the country altogether – from 2013.
In 2017, companies in the premium segment of beauty and personal care, such as L’Oréal Venezuela and Vichy Laboratoires, were using online marketplaces like MercadoLibre and Linio to offer products through official brand stores for Kerástase, La Roche-Posay, Vichy, Maybelline New York and L’Oréal Professionnel. Direct selling companies – such as René Dessés and Alticor Venezuela (Amway) – were also using this channel to lower transaction and financial costs by removing the need for printed catalogues or sales representatives and increasing disappointing sales.
Hyperinflation will be the key variable shaping the beauty and personal care market in the forecast period. From the supply perspective, it will add another element of uncertainty to an already hectic business environment, as firms continue facing the threats of price ceilings and government inspections and raids.
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Discover the latest market trends and uncover sources of future market growth for the Beauty and Personal Care industry in Venezuela with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Beauty and Personal Care market research database.