Premium Beauty and Personal Care in Venezuela

PROSPECTS

Premium fragrances increases its lead in 2017

Premium fragrances led premium beauty and personal care in 2017, whilst increasing its relative dominance due to the decline in other important categories, such as premium colour cosmetics and premium skin care. At the same time, a large price gap between premium and mass fragrances continued to encourage substantial trading down, which resulted in a strong volume fall, driven by men’s and unisex premium fragrances.

Poor variety and abandoned categories in 2017

Premium colour cosmetics and skin care keep losing ground within the premium segment due to the high import costs in combination with an increasingly impoverished population. There is, however, a slightly better presence in eye make-up than facial make-up, most likely because the former tends to have a lower rotation and thus a longer shelf exposure.

Online channel expands growth opportunities

In 2017, premium hair care and sun care recovered from a large drop to pre-2015 levels thanks to an important change in the distribution channel mix. Official online stores on two marketplace platforms – MercadoLibre and Linio – enabled strong brands like L’Oréal Professionnel, Kerástase and La Roche-Posay to become present on them in 2017.

COMPETITIVE LANDSCAPE

Fragrances and facial care brands lead in 2017

Antonio Puig and L'Oréal Venezuela led premium beauty and personal care in 2017. Puig owes its top position to highly valued brands of premium fragrances like Carolina Herrera and Paco Rabanne, which are the top-selling brands of all premium products in Venezuela.

Companies streamline their portfolios, focusing on top sellers

Premium skin care brands such as Lancôme, Estée Lauder, Clinique, L'Oréal Paris, Vichy and La Roche-Posay keep promising the most advanced formulations as a strategy to support their relatively high prices. Companies are focusing on facial care and have withdrawn most premium body care products.

Continued low penetration in 2017

Penetration of premium brands in men’s grooming and baby and child-specific products is expected to remain limited over the forecast period. The majority of beauty and personal care companies operating in Venezuela are likely to focus on larger and potentially more lucrative categories, such as fragrances.

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