The Latin American cosmeceuticals market is projected to grow at a healthy CAGR from 2023 to 2028.
The growing prevalence of hair and skin disorders across Latin America is one of the major factors propelling the cosmeceuticals market growth in Latin America. Latin America reports a high incidence of acne, affecting approximately 96 percent of the adult population. Factors such as increasing pollution, lifestyle changes, hormonal fluctuations, unhealthy dietary habits, and imbalances in blood levels contribute to the occurrence of skin and hair issues. In response to these concerns, there is a growing consumer preference for natural ingredients like milk and honey in cosmetic products to minimize potential side effects. Cosmeceuticals, which combine cosmetic and pharmaceutical properties, offer a solution by incorporating high levels of active ingredients such as vitamin C, vitamin E, and hyaluronic acid. This convergence of cosmetics and medicine caters to the evolving needs of consumers seeking effective solutions for their hair and skin conditions.
The growing geriatric population and rising awareness about cosmeceuticals in Latin America further boost the growth rate of the Latin American market. The rise in aging individuals contributes to an increase in concerns related to wrinkles, scars and acne. Cosmeceutical products play a significant role in addressing these issues by reducing wrinkles, diminishing acne, and providing moisture to the skin. As a result, the geriatric population seeks the adoption of cosmeceuticals, guided by dermatologists, to enhance their appearance and boost self-confidence. These factors contribute to the expansion of the market, providing opportunities for businesses to cater to the needs of the aging population and fulfill their desire for effective cosmeceutical solutions.
The growing number of advancements in the manufacturing of cosmeceutical products drive regional market growth. Manufacturers are dedicated to developing innovative cosmeceutical solutions for various skin conditions, driven by the rapid adoption of these products among the Latin American population. The focus lies in providing complete natural cosmeceutical formulations enriched with vitamins and natural ingredients. This commitment to research and development coupled with advancements in manufacturing technologies ensures the delivery of high-quality cosmeceuticals to meet consumer demands.
The higher cost of cosmeceutical products compared to cosmetic products primarily hampers the Latin American cosmeceuticals market growth. Limited awareness, availability challenges, and high manufacturing costs further hinder regional market growth. The presence of non-approved products in the market and low-quality substitutes impede the growth of the Latin American market. Strict regulations and compliance requirements inhibit the growth rate of the Latin American market.
Impact of COVID-19 on the Latin American cosmeceuticals market:
A major problem affecting all supply chains, including natural ingredients, is that countries closed their borders during the shutdown or erected trade barriers. One of the impacts of the COVID-19 pandemic on the market for natural ingredients for cosmeceuticals is the imbalance of supply chains. As a result, producers and exporters faced strong competition to export their cosmetic products. In addition, airfreight has been drastically reduced for commercial use, as many goods are typically shipped via this mode of transportation. As a result, producers found it difficult to fulfill their orders, and operations slowed down for the Latin American cosmeceuticals market.
The research report on the Latin American cosmeceuticals market has been segmented and sub-segmented into the following categories.
By Product Type:
By Distribution Channel:
By Country:
Latin America accounted for a substantial share of the worldwide market in 2022 and is expected to register notable growth during the forecast period owing to the presence of prominent market players and increasing investments by cosmetic organizations. Notable demand from the younger population, particularly among college students and office-goers and a higher adoption rate for cosmeceutical products further support the regional market growth.
Brazil led the market in Latin America in 2022 and is expected to hold the leading share of the Latin American market during the forecast period owing to its robust manufacturing facilities, a rise in mergers and acquisitions and the accessibility of products through online and offline pharmacies. The introduction of dedicated websites for cosmeceutical products further drives the Brazilian market growth. Argentina is projected to grow at a healthy CAGR during the forecast period owing to the establishment of numerous dermatology hospitals, clinics and beauty centers and the presence of clinical trial centers and research laboratories.
KEY MARKET PLAYERS:
A few prominent companies dominating the Latin American cosmeceuticals market profiled in this report are L'Oreal SA, Procter & Gamble, Unilever PLC, Shiseido Co. Ltd, Revlon Inc., Groupe Clarins SA, Beiersdorf AG, and Johnson & Johnson Inc.
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