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The Brazilian cosmetics and perfumes market took a hit in 2015, but new reports suggest that the sector is making a fast recovery, with 11% growth predicted between 2016 and 2019. What is fueling the turnaround? According to the cosmetics trade show MakeUp in Sao Paulo, there are two main factors involved; product innovation and the growing popularity of niche goods. An improvement in female integration into the country’s jobs market has also had a positive result on the industry — after all, some 65.7% of Brazilian women consider makeup a necessity rather than a luxury, with an alleged 49.4% considering cosmetic procedures an investment in professional lives.
The evolution of beauty products across all areas, in terms of increasingly sophisticated ingredients and ever refined formulas, has also piqued interest and boosted sales — something Joao Carlos Basilio, President of the ABIHPEC, (Brazilian industry of Personal Hygiene, Perfumery and Cosmetics), thinks will be important. “Companies with good insight, proper understanding and good ideas, especially at this delicate period for Brazil, will stand out in the market,†he says.
When it comes to ‘niche’ cosmetics, male grooming is still dominating the industry. Men’s beauty products are experiencing a sales increase of 7.1% in Brazil — a figure that is expected to remain stable or even increase through 2019. Higher incomes are partly to thank, as well as a growing awareness among consumers with regards to skincare, according to the ABIHPEC. And diversity is set to increase over the coming years — in fact, national statistics institute the IBGE estimates that there is currently a potential consumer base of up to 104 million Brazilians who find it difficult to find cosmetics to suit their specific needs for skincare, haircare and bodycare.