Skin care suffered decline in Latin America, but finally is improving as consumers’ confidence recovers. Modest growth in most countries, benefited from premiumisation, innovation, and the trend in prevention, where consumers are embracing new products in their daily routine. Latin America is a vast territory and companies are expanding their reach beyond urban areas, investing in infrastructure and offering a wider variety of products.
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Skin care suffered decline over 2012-2017, but finally is improving as consumers’ confidence recovers. Modest growth in most countries, especially Chile and Mexico, benefited from premiumisation, partially offsetting the economic crises in Brazil and Venezuela.
Consumers in Latin America tend to pay closer attention to facial care. An increasing focus on prevention has led Latin Americans to add new steps in their facial care routines, propelled by innovation. Products like face masks, are thriving in the market. Brazil differs from this pattern, and prioritises body care, where natural ingredients and immediate results are desired.
Latin America is a vast territory where direct sellers thrive, as the channel can reach consumers in smaller cities where retail does not offer specialised skin care products. However, retailers are understanding consumer needs, already physically expanding their reach beyond urban areas, investing in digital infrastructure and offering a wider variety of products.
Along with new trends in prevention, a combination of factors such as the reach of new markets outside urban areas, constant innovation, consumers embracing new products in their daily routines and improvement in GDP per capita, means a positive forecast for skin care. In smaller economies, consumers are eager for a wider variety of goods that fit their specific needs, thus opening a wider market opportunity for growth.