According to market a report from research provider RNCOS, the market for skin care products has continued to grow at well into double digit figures in recent years and reached an estimated BRL2.5bn (Euros1.1bn) by the end of 2010.
The market researcher predicts that this growth will continue at an equally rapid rate over the course of the next five years, and should reach a staggering BRL3.9bn by the year 2014.
Look out for men's grooming
It goes without saying that ever-popular anti-ageing segment is likely to carve out a significant part of this growth, but likewise the evolution of the men’s care category is also likely to see this segment catching up.
“More and more Brazilian males are becoming conscious about their appearance and are increasingly looking forward to grooming products to enhance their appearance,” said RNCOS chief executive Shushmul Maheshwari in an exclusive interview.
“According to our study, Brazilian men are progressively spending more time and money to spruce up their looks. This has led to the increasing share of male grooming products in Brazilian cosmetic and personal care market."
Anti-ageing still the mainstay
But reflecting global trends, the market for anti-ageing products is likely to overshadow the more niche men’s grooming market, triggered by growing spending power amongst female consumers and a cultural emphasis on beauty.
“As per our research, anti-aging creams are gaining fast momentum on the back of growing preferences from the Brazilian consumers,” said Maheshwari.“This is amongst the fastest growing segment in the personal care products, as consumers increasingly prefer maintaining youthful appearance."
The RNCOS report, simply entitled Cosmetics and Peraonal Care Market in Brazil, highlights the fact that the growth of the retail environment, which has been particularly marked in smaller towns and cities throughout the country, is also likely to trigger further growth in the skin care category.
Leading players in the Brazil skin care market currently include O Boticario and Natura, which currently leads the way with an estimated 25 per cent slice of the total market, followed by Avon, which has an estimated 21 per cent share.
It is also interesting to note that RNCOS data reveals that nearly half the market, or 49 per cent, consists of other smaller or independent players, underlining the fact that the country’s skin care market still remains relatively fragmented.