Brazil may be the fastest growing market in Latin America
Analysts Euromonitor International have analysed the markets of Latin American countries, to determine which of them will be the fastest growing in the next five years.
Currently, many countries in the Latin American region are experiencing difficult times, especially Venezuela, where the current political regime looks uncertain, while Argentina faces a number of serious economic problems. In recent years Brazil has experienced significant economic and political shocks, especially hard hit during the crisis 2015-2017. But that all changed recently that has led to the fact that the increased economic activity has a positive impact on the market of beauty and personal care in the country.
Analysts Euromonitor International believes that during the five-year period from 2017 to 2022, the Brazilian market will grow by 26.7%, which means average annual growth rate of 4.8%. Such forecasts put the country into first place in the ranking when it comes to the growth Outlook and augur well for the industry as a whole, given that Brazil is the largest market of cosmetics and personal care products in Latin America and the fourth largest in the world.
According to Euromonitor, in 2019, the Brazilian market will reach $ 35 billion, while the Japan market will reach $ 37 billion, China – $ 60.5 billion and the U.S. market remains the largest in the world – about $ 90 billion.
After recovery of the Brazilian market to the categories which showed the best growth, began to include segments of decorative cosmetics, perfumes and care products for the hair. Men’s cosmetics will continue to grow rapidly, albeit at a slower pace because the attitude of young people towards greater care of their appearance slowly changes. Hair care remains the largest category in the domestic market with the prevailing trend to natural styling that, according to analysts, continues to influence the market, as more and more money on hair care are produced for curls and wavy curls, not to straighten the hair.