South America Cosmeceuticals Market - Growth, Trends And Forecasts (2019 - 2024)
South America Cosmeceuticals Market is forecasted to reach USD 9.3 billion by 2024, witnessing a CAGR of 9.51% during the forecast period (2019 - 2024).
Fascination to look younger is increasing among the South American population and as the developed markets are seeing an increase in the median age of their population the demand for the cosmeceuticals market is bound to grow.
The rising per capita income, coupled with improved purchasing power, offers a lucrative market for cosmeceuticals products in the Region
The market dynamics in South America are being impacted by the growing consumer awareness regarding the harmful effects of conventional cosmetics, as well as the increase in demand for better and high-quality products.
Scope of the Report
The South America cosmeceuticals market offers a wide range of products broadly categorized under skin care, hair care, lip care, and oral care. Also, the market covers the products available across distribution channels Supermarket/Hypermarkets, Convenience stores, online Retail, specialist stores, others. Moreover, the study provides an analysis of the cosmeceuticals market in the emerging and established markets across the region, including Brazil, Argentina and Rest od South America.
Key Market Trends
Growing Aging Population
Consumers, especially the aging population, are increasingly looking for methods and products to maintain and improve their appearance to look youthful and beautiful, more so with the rising awareness about anti-aging products. The middle-aged people are increasingly witnessing aging anxiety, due to the high prevalence of extrinsic signs of aging. Anti-aging skin products are known as cosmeceuticals, as they overlap the distinction between cosmetics and pharmaceuticals. Rapidly aging demographics have led to robust demand for anti-aging products, in order to prevent wrinkles, age spots, dry skin, uneven skin tone, and even hair damages, creating room for new innovations in cosmetics, thus, boosting the industry growth. Product manufacturers are focusing on active aging-based skin cosmetic products, for appealing to a larger section of the population, looking to increase their life span.
Brazil Contributes The Highest Share
The Brazilian cosmeceuticals market is projected to register an estimated CAGR of 10.82%, over the forecast period. The aging population of Brazil is increasing, with the proportionate rise in the general population, which is most likely to boost the cosmeceuticals market in the country. It is estimated that, by 2050, the country may witness significant growth in the number of people aged more than 60 years, covering 66 million Brazilians, which is relatively three times more than the current number. Moreover, the millennial and younger generation are developing a considerable interest in nutria cosmetics, owing to the rising obsession for features, such as SPF, anti-aging creams, anti-oxidants, etc.
The South America cosmeceutical products market enjoys the presence of various global and regional players, including private labels. The market studied was led by L'Oréal SA, followed by Procter & Gamble Co, Estee Lauder, Shiseido Group, Unilever PLC, Avon Products Inc., and Johnson & Johnson. The other prominent players in the market include Beiersdorf AG, Clarins Group, and Revlon Inc. among others. The prominent players have been observed to incorporate a few major strategies to target the consumers in the region, such as branding of the internet through strong digital marketing operations, social media campaigns to gain consumer’s attention, and the establishment of regional hubs in the most developed economies of the region, such as Colombia, Guatemala, and Uruguay.
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