Summary

Mexico beauty and personal care market is forecasted to grow at a CAGR of 9.42% during the forecast period (2020 - 2025).

Key Highlights
Growing beauty consciousness among the male consumers and increase in the number of brands foraying into internet retailing is driving the growth of cosmetic products in Mexico. Advertising campaigns are being developed for men, and more companies will be producing products aimed specifically at satisfying this demand.
Improved consumer lifestyles and an increase in women employees at the workplace are expected to heavily impact the consumption of beauty and personal grooming products in Mexico. With the advent of smaller and easily accessible packaging, manufacturers are intending to reach the consumer base with less purchasing power.


Key Market Trends

Skin Care Products Hold a Major Share in the Market

The segment comprises of moisturizers, face and neck creams, cleansers, hand and body lotions, sun care products and other skin protection and cleansing cosmetics.The skin care market is one of the leading shareholders amongst other product segments, owing to increasing awareness about skin rituals and urge to have a beautiful and younger appearance among users. Mexico being one of the fastest growing population in the world greatly supplements the growth of skin care products, as Mexicans are likely to consume a considerable amount of skin care cosmetics. Innovation in this segment is driving product sales, allowing deeper penetration and expansion to new markets within the country. Furthermore, high internet reliability is driving the consumption of skin care from online retail, owing to lower costs and flexibility offered by the channel.

E-Commerce to Foster the Market Growth Significantly

Key players are directing consumers to go online for buying cosmetic products. This dynamic turn with an innovative model is increasingly disrupting the longstanding industry norms. The e-commerce industry has witnessed tremendous growth in Mexico in the past three years, taking the lion’s chunk, with the 18-45 age group continuously engaged in shopping and contributing to the growth. The percentage of the population using the internet in Mexico was recorded as 44% in 2016 and is expected to reach nearly 50% by 2022, which can be considered as a trend that supports the growth of e-commerce. Availability of a wide range of products, coupled with discounted prices offered as compared to other distribution channels, is expected to drive the growth of e-commerce sales in Mexico.

Competitive Landscape

Colgate-Palmolive, Unilever PLC, and Procter & Gamble are some major key players in the country manufacturing beauty and skin care products. Leading companies were active in terms of innovation. New product developments included line extensions of already well-recognised brands, manufacturers entering new categories, new versions with natural ingredients associated with skincare benefits, new application formats and improved formulations to differentiate from other competitors.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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