Polishes in Costa Rica

PROSPECTS

Polishes continues to be characterised by low levels of innovation, while leading players benefit from strong brand awareness and wide distribution

In 2019, polishes continued to be characterised by low levels of innovation, reflected in the strong dominance of SC Johnson and Reckitt Benckiser, the two leading international players; both of these players benefit from strong brand awareness amongst consumers and wide distribution and affordable value-for-money relations and both engage in strong promotional campaigns. In this context, they take advantage of their strong umbrella brands when they launch new brand extensions, such as the new Pledge proposals for different furniture materials, which often rely on providing cleaning solutions along with their corresponding bright polishing finishes for multiple surfaces.

In highly consolidated polishes landscape, a wider assortment of domestic and imported brands is set to be seen over the forecast period

Over the forecast period we expect to see a wider assortment of domestic and imported brands on offer in Costa Rica as local consumers increasingly seek convenient and more functional polishes. Reflecting the contemporary demand, brands will adopt more modern positionings, while making multiple types of functional and performance claims.

COMPETITIVE LANDSCAPE

Top four brands account for more than two thirds of total sales of polishes in 2019

Well-known international brands such as Klaro and Pledge (SC Johnson), Brasso and Rex (Reckitt Benckiser) dominated value sales of polishes in Costa Rica, with the top four brands accounting for more than two thirds of the total sales in 2019. These brands benefit from consolidated top-of-mind positions, especially among mature and more traditional consumers, given their participation in other categories across the home care market, and because of this they also can leverage on multiple economy-of-scale savings ranging from manufacturing to distribution across modern and traditional grocery retailers.

Brand success will depend on how players adapt to millennials’ demand for environmentally friendly products with additional levels of specialisation

Brand success over the forecast period will partially depend on whether companies can adapt to the environmentally friendly demands of the expanding millennial consumer base, a population segment that also continues to search for additional levels of specialisation across most home care categories, including polishes. Because millennials have more sophisticated expectations, major brands are expected to appeal to this demographic by focusing on developing more natural and functional products that rely less on petroleum derivatives.

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