Skin Care in Colombia

PRE-COVID-19 PERFORMANCE

Dynamism for K-beauty and premium products

Skin care saw another year of significant current value growth in 2019, as consumers continued to pay attention to their skin care regime. They are becoming more informed and discerning in their skin care purchases, checking for natural-derived ingredients to avoid harmful chemicals.

Cheaper brands add dermatological ingredients and CBD-based products enter the market

Dermocosmetic skin care products saw dynamic growth throughout the review period, with double-digit current value growth seen once again in 2019. However, mainstream brands continue to add dermatological ingredients to their skin care products, such as pure hyaluronic acid, vitamin C and glycolic acid, which were previously only used by dermocosmetic brands.

Skin care is fragmented, and retail expansion is expected to ensure this continues

Skin care is a fragmented category, with many international and local players offering a wide selection of products in different price segments. The category is dominated by international brands which have products in the mass segment.

2020 AND BEYOND

COVID-19 impact

Skin care is now expected to see 4% growth in 2020 in 2019 constant value terms in light of the impact of COVID-19. This is lower than the 6% growth forecast for 2020 during research conducted at the end of 2019 before the spread of COVID-19.

Affected products within skin care

COVID-19 is expected to lead to continued current value growth for hand care in 2020. Regular hand washing is widely communicated as being the best way to limit the spread of the virus, but this can lead to dry hands.

Recovery and opportunities

Skin care is only expected to see a minor negative impact to demand from COVID-19, and from 2021 the current growth rate is expected to higher rates. This will ensure the overall category sees a similar CAGR in the forecast period to that seen in the review period.

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