Mass beauty and personal care products were negatively impacted by COVID-19 in 2020, with double-digit current value and volume decline. With consumers’ disposable incomes taking a hit, due to the economic fallout of COVID-19, consumers cut back on the non-essentials such as colour cosmetics.
One major factor supporting sales growth in mass beauty and personal care towards the end of the review period was the increasing numbers of beauty specialist retailers opening across the country. Among the leading chained players are Euphoria and Yoyoso and these retailers, among others, have been opening new outlets in large and medium-sized cities throughout Ecuador in a bid to expand their reach and improve their position in the retailing of beauty and personal care products.
In 2020, Ecuador introduced new hemp laws legalising the cultivation of the cannabis plant up to a THC limit of 1.0%.
Mass beauty and personal care products are expected to register a moderate recovery over the forecast period. With the economy expected to take a few years to recover from COVID-19, consumers will be price sensitive over the forecast period.
COVID-19 put even more of a spotlight on natural ingredients and also protecting the environment. As people were forced to step back, it put into focus how damaging modern, hectic lifestyles are on the environment.
Value for money will remain top priority for most consumers, with the result that private label will gain value share over the forecast period. At the end of the review period, the economy private label products offered by major chained retailers such as Supermaxi and Mi Comisariato benefitted from improved shelf positioning as the economic slowdown led to branded manufacturers such as Florasintesis taking an interest in private label manufacturing to support overall increases in production volumes.
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Understand the latest market trends and future growth opportunities for the Mass Beauty and Personal Care industry in Ecuador with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Mass Beauty and Personal Care industry in Ecuador, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Mass Beauty and Personal Care research and analysis database.
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