Brazil’s cosmetics market will reach a value of US$6.4 billion by 2019, according to a new report published by Technavio.
“The nail products segment dominates the cosmetics market in Brazil and is growing at a faster pace compared to the other segments. The nail products segment includes, nail polish such as nail cream, nail gel, and nail oil. The market is driven by the introduction of new products such as special effect polishes and the rise of new entrants such as Studio 35 and Koloss,” said Arushi Thakur, Lead Industry Analyst for Cosmetics and Toiletry Research at Technavio.
The report also identified an increase in the number of women in employment, high demand for natural and organic products and an increase in marketing and promotions as key growth drivers for the cosmetics industry.
Some eight out of 10 users of skin care products are said to prefer products formulated with natural ingredients, according to Technavio and consumers are drawn to environmentally friendly products.
On the marketing front, Brazil-orientated marketing campaigns fronted by local models and special edition products such as OPI’s Brazil color collection (Coty) proved popular during the World Cup and should intensify further around the Olympic Games this summer.