Latin America Hair Care Market - By Products, Distribution Channels, Countries and Vendors - Market Trends and Forecasts (2015 - 2020)
Latin America is estimated to account for almost a quarter of the hair care and colour market of the world by 2016. This is a significant amount, reflecting the volume of demand that is generated in South America alone, for hair care products in the personal care category.
As has been the case for many sectors in the world, the emerging economies of the world constitute the bulk growth for personal care, and in that, hair care items. While this includes the Asian economies, other heavyweights of this market include countries like Brazil, which recently suffered an economic slowdown. In its wake, Mexico emerges as a new high growth sector for hair care. The Latin America hair care market growth is supposed to reach XX.XX% CAGR.
Despite the economic slump, and recession like environment for its people, Brazil continues to dominate the hair care market drive in Latin America, followed by Mexico and Argentina. In 2012, the sales of Brazil, Mexico and Argentina’s hair care market totalled US$ 5.9 bn, US$ 2.3 bn and US$ 1.1 bn respectively.
Latin American women’s awareness in their looks, particularly with their hair, has driven the market sales and revenues. In Brazil alone, the sales have surged more than 350% in the last decade.
Brazil ranks second in the global market, right after US. A number of Brazilian women are of the opinion that going to the salon for their beauty and personal care is a necessity and is a large part of their monthly budget. In 2014, Brazilian women collectively spend more than US$ 7.7 bn on hair care, which accounts for more than half their informally allocated budget for personal care. This reflects the importance placed on the health, look and styling of hair in the Latin American culture.
When it comes to hair styling, almost all Brazilian women treat their hair chemically. Post shampoo products, like conditioners, serums, and other treatment products for use at home, dominates a Brazilian woman’s wardrobe. The consumption is 4 times above the world average, and 3 times that of the US market.
Other markets for products include colourants, post colour care product class, appliances for hair care (like hair straighteners, hair curlers), salon hair treatments, and chemical treatments for a permanent/semi-permanent solution.
Dominant players in the Latin American market include L’Oreal, Unilever, P&G, and others. A number of professional brands, some by the above brands, and some others, have also dominated a large share of the salon market. A number of luxury brands have made their presence in the region (Mary Kay’s recent investment of US$8 m in Colombia is another example) because of high demand and high awareness regarding beauty.
Even here, hair care market rides on the back of increased customer awareness, particularly through social media, and in that, through beauty blogging. Moreover, the male hair care sector in Latin America looks promising.
The personal care bigwigs are bent on capturing as large a pie of this market as they can, with new brand launches, for example, that of TRESemme, P&G’s Wella range’s Pro series, and more.
Hair care product segmentation in Latin America is done in a variety of ways. Mass, masstige, and premium are the brand categories. Another driver is the high miscegenation, leading brands to provide several hair types in the region.
Distribution by means of direct selling and retailing through malls, department stores and local markets continue to hold a significant part of the distribution of hair care products, while e-commerce is an up coming method of distribution which Latin America, to different degrees, has adopted.
High demand for hair care products for hair colour or care, or both at home Inclination to spend in salons A large hair care segmentation on the basis of hair types across the geography Increasing purchasing power. Challenges
A slowing Brazilian economy Stagnant economies Colombian security situation Rising cost of products. What the report offers
Market analysis for the LAC hair care market, with country specific assessments. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a regional scale. Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares. Identification and analysis of the macro and micro factors that affect the LAC hair care market on regional scale. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
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