Skin care was negatively affected by a diminished product offering in 2017, caused by higher costs of production in combination with a significant drop in demand due to falling purchasing power. Both negative movements stem from a recessionary and hyperinflationary environment that has been developing in Venezuela since 2015 and which caught companies short of inventory, resulting in massive shortages of products on retail shelves.
Declining purchasing power continues to encourage changes in consumption habits and priorities, with consumers putting critical products first. For instance, in general purpose body care, mass products accounted for the total value sold in 2017, as these are popular products that can serve multiple purposes and be used by different family members; this explains why firming/anti-cellulite body care represents a very small fraction of the body care sales.
Most Venezuelans do not wear sun protection and facial moisturisers at the same time, because the majority of moisturisers for daily use include an acceptable sun protection factor. Sun protection is considered necessary only when going to the beach or practising outdoor sports, whilst few people are aware risks from sun exposure during routine activities.
Corporación Degil took the lead in skin care in 2017 thanks to a strong presence in mass general purpose body care, ahead of private label Farmatodo and Drocosca (Valmy). Corporación Degil markets Body Fresh, a brand of body moisturiser widely available across the country.
Drocosca is a leading domestic player in skin care, offering a line of products under the Valmy umbrella brand known as Valmy Skin Solutions. The range contains products with basic skin care features, such as moisturising and cleansing and more specific features such as exfoliating and anti-cellulite creams.
Natural/organic skin care products are underdeveloped largely because most Venezuelans are unaware of or not used to organic products and in turn, are not willing to pay extra for naturally related benefits. Skin-whitening facial products is a small category in Venezuela.
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This industry report originates from Passport, our Beauty and Personal Care market research database.