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In line with wider trends in beauty and personal care, skin care saw value share gains for premium products in 2019. This was however linked to aggressive price promotions for premium brands, with mass products struggling to compete with well-regarded brands when these were offered with only a small price gap due to discounting.
As consumers continued to become more aware of their own skin condition and skin health, the purchasing process became more extended, with many consumers researching products online before buying. Specific requirements became increasingly valued by many consumers.
L'Oréal remained the clear leader in skin care in 2019 and achieved an impressive growth in value share over the previous year. The French multinational successfully maximised its vast portfolio against the backdrop of a complex economic scenario and the disruption that social unrest caused to modern retail channels.
Sales of skin care are now expected to decline by 1% in 2020 in 2019 constant value terms in light of the impact of COVID-19. This compares to an expected 1% rise forecast for 2020 during research conducted at the end of 2019 before the spread of COVID-19.
Most product areas are expected to see a slight worsening in performance in 2020 in comparison to 2019, with this linked to economic uncertainty and the time pressures faced by parents working and home schooling at home. The product areas likely to see the sharpest value decline at constant 2019 prices will be those viewed as less essential, such as lip care and firming/anti-cellulite body care.
The impact of the COVID-19 pandemic on sales growth for skin care is expected to be short-lived, with value growth at constant 2019 prices returning from 2021 onwards and the overall forecast period seeing growth largely in line with that seen during the review period. Growth is however likely to remain low, due to economic uncertainty and the ongoing impact of heavy discounting for premium products.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Skin Care industry in Chile with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Skin Care industry in Chile, our research will save you time and money while empowering you to make informed, profitable decisions.
The Skin Care in Chile market research report includes:
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Why buy this report?
This industry report originates from Passport, our Beauty and Personal Care market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.