In 2017, the absence of international brands and traditional products such as shampoo and conditioners continued, in spite of adjustments of price ceilings during the last quarter of 2016, which resulted in a temporary increase in supply during the first quarter of 2017. Whilst price regulations made retail prices the same, regardless of positioning, features and ingredients, domestic companies came up with a fairly homogenous strategy for product branding by replacing the word “shampoo” with “pre-treatment for hair” and by using “post-treatment for hair” instead of “conditioner”.
Venezuelans, especially women, like to follow beauty routines that involve the use of several products, so product diversification is a feature of the category. Consumers achieve their beautification goals by finding the least expensive products available since price differentials between mass products and premium products are so large that the latter are unaffordable to the majority of the public.
Salon professional hair care products are the only premium products available; they are present at high-end beauty salons and in specialists stores with price tags ranging from 10-80 times more than the average price of a regular conditioner or shampoo. Sales value in hair care is derived almost entirely from global mass brands sold through store-based retailing, whilst direct selling companies are marginal players.
Domestic companies led hair care in Venezuela in 2017, with a multinational firm ranking fourth. Mass brands dominate hair care products, whilst penetration of premium brands remains limited because costs are high for companies and final prices are unaffordable to most consumers.
Premium brands in hair care are becoming a niche because a deepening recession, hyperinflation and the departure of upper-middle and high-income consumers are reducing the consumer base significantly. Kerástase and L’Oréal Professional are top brands owned by L’Oréal Venezuela that maintain a solid presence in the premium segment.
Thermogroup (Mystic) ranked third in hair care in 2017 thanks to a robust performance in colourants since 2016, when the presence of Koleston and Clairol products began to decline. Two other domestic companies, Distribuidora Eurocolor and Slik de Venezuela, also compete in colourants by supplying economy products.
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This industry report originates from Passport, our Beauty and Personal Care market research database.