Colombia Cosmetics Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.24 % |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Colombia Cosmetics Market Analysis
The Colombia Cosmetics Products Market size is expected to grow from USD 241.15 million in 2023 to USD 358.28 million by 2028, at a CAGR of 8.24% during the forecast period (2023-2028).
- Colombia is one of the fastest-growing countries in the cosmetics industry in Latin America due to rising consumer interest in color cosmetics products. According to the National Business Association of Colombia (Spanish: Asociación Nacional de Empresarios de Colombia (ANDI)) data, Colombia ranks fourth in sales of makeup and cosmetics products in Latin America. The improving quality of life, the positive effects of beauty and personal care on self-esteem and social interaction, and the gradual consumer shift toward premium and luxury cosmetic brands are a few factors that are likely to propel the market growth during the forecast period.
- In recent years, the changing lifestyles and the increased purchasing power of consumers have fuelled the development of the cosmetics market in the country. Moreover, an intense desire among consumers to retain youthful appearances has fueled the demand for cosmetics in the country. Colombian consumers are becoming cautious of potential toxicity in chemical-based cosmetics products.
- Thus, manufacturers using natural and organic ingredients and essential oils will likely report substantial growth. Major players operating in the market are investing heavily in research and development to introduce more products/product lines manufactured from natural ingredients extracted from organic plants, herbs, and flowers under eco-friendly conditions.
Colombia Cosmetics Market Trends
Escalating Demand for Natural and Sustainable Cosmetic products
- Colombian consumers continue to pay more attention to the ingredients they use on their skin. With growing interest in pursuing more natural lifestyles, consumers in the market are more control over the ingredients used in their beauty products as they begin to be aware of the short and long-term effects of synthetic chemicals on their skin. Hence, the Colombian cosmetic industry is positioning and marketing cosmetics made using natural raw materials such as avocado oil and coconut seed butter (a flagship agricultural product in Colombia).
- For instance, Colombian brands, including CaryO and Green Andina Colombia, are developing innovative raw materials from resources such as the Cacay tree and aromatic plants and fruits. Thus, the manufacturer's initiatives to produce natural cosmetics products coupled with consumers' interest in vegan products are anticipated to drive market growth over the forecast period.
- On the other hand, the cosmetic sector in Colombia is transitioning towards sustainable alternatives, which contribute to the reduction of environmental impact. This shift is driven by the increasing environmental consciousness among consumers, who seek products that align with their values.
- For instance, Genomma Lab or Natura operating in Colombia are dedicated to sustainability through strategies such as the use of recycled material in packaging and the transformation of soap formulas to vegetable-based formulas in cosmetic products. Hence, the sustainable strategy followed by the cosmetic industry is expected to bolster the demand for cosmetics products among eco-conscious consumers in the country.
Significant Growth of Online Retail Stores
- The sales of cosmetics through online channels have increased drastically in recent years due to rising consumer inclination for online purchases owing to the ease and convenience of online shopping. Additionally, e-commerce sites provide a wide comparison between different brands according to the various filters, such as skin type, color, price range, and products. Hence, consumers have more freedom to research and choose the products that best meet their needs and preferences.
- To cater to the rising demand for Colombia's cosmetics products, key vendors such as Loreal S.A. and Estee Lauder Companies Inc, among others, adopt online sales and marketing channels, enabling them to reach mass markets and maintain closer relationships with consumers. Thus, online or e-commerce stores have been increasing their market shares in the country in terms of revenue, popularity, and wide product offerings of both domestic and international brands.
Colombia Cosmetics Industry Overview
Colombia's cosmetics market is strongly dominated by key players such as L'Oreal Group, Avon Products Inc., Estée Lauder Companies Inc., Shiseido Co. Ltd, and Oriflame holding AG, among others. The key strategy adopted by the companies is product innovation. These new and innovative products help companies strengthen their consumer base and gain a competitive edge. The leading companies predominantly focus on brand promotions via online marketing campaigns to increase brand revenue in the region.
Colombia Cosmetics Market Leaders
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L'Oréal S.A.
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The Estée Lauder Companies Inc.
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Shiseido Company, Limited
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Avon Products, Inc.
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Oriflame Cosmetics Global SA.
*Disclaimer: Major Players sorted in no particular order
Colombia Cosmetics Market News
- July 2022: Barcelona-based Puig Group acquired Loto del Sur, Columbia's leading natural cosmetics brand, which offers a range of natural products made from Latin American flora. With this acquisition, the brand will enter the Spanish market with the launch of a new store in Madrid.
- September 2021: Belcorp integrated Perfect Corp.'s artificial intelligence (AI) and augmented reality (AR) powered virtual try-on technology to provide every customer with a personalized online shopping experience. Perfect Corp. combines powerful AI with its industry-leading AR to provide stunningly lifelike virtual try-on experiences. The experience allows customers to select from the thousands of products available through the ésika, L'Bel, and Cyzone brands, virtually try on products, and find their perfect shade.
- April 2021: Ikänik Farms, Inc. announced that its wholly-owned Colombian subsidiary Pideka SAS completed the registration and commercialization process of six cannabis-based cosmetic products through the National Institute of Drug and Food Surveillance (INVIMA), the governing body in Colombia responsible for new product registrations.
Colombia Cosmetics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Color Cosmetics
5.1.1.1 Facial Make-Up Products
5.1.1.2 Eye Make-Up Products
5.1.1.3 Lip and Nail Make-up Products
5.1.2 Hair Styling and Coloring Products
5.1.2.1 Hair Colors
5.1.2.2 Hair Styling Products
5.2 Distribution Channel
5.2.1 Supermarket/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Specialist Stores
5.2.4 Online Stores
5.2.5 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Oriflame Cosmetics Global SA.
6.3.2 L'Oreal S.A.
6.3.3 Christian Dior SE
6.3.4 Shiseido Company, Limited
6.3.5 The Estee Lauder Companies Inc.
6.3.6 Avon Products Inc.
6.3.7 Natura cosmetico
6.3.8 Belcorp
6.3.9 Grupo familia
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
Colombia Cosmetics Industry Segmentation
Cosmetics encompass different categories of makeup products designed for the skin, from eye makeup to face makeup and hair colorants.
The Colombian cosmetics market is segmented by product type and distribution channel. Based on product type, the market is segmented into color cosmetics, hairstyling, and coloring products. Based on the distribution channel, the market is segmented into hypermarkets/supermarkets, specialty stores, convenience stores, online retail stores, and other distribution channels.
The market sizing has been done in value terms in USD for all the abovementioned segments.
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| Other Distribution Channels |
Colombia Cosmetics Market Research FAQs
What is the current Colombia Cosmetics Products Market size?
The Colombia Cosmetics Products Market is projected to register a CAGR of 8.24% during the forecast period (2024-2029)
Who are the key players in Colombia Cosmetics Products Market?
L'Oréal S.A., The Estée Lauder Companies Inc., Shiseido Company, Limited , Avon Products, Inc. and Oriflame Cosmetics Global SA. are the major companies operating in the Colombia Cosmetics Products Market.
What years does this Colombia Cosmetics Products Market cover?
The report covers the Colombia Cosmetics Products Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Colombia Cosmetics Products Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key challenges faced in the Colombia Cosmetics Products Market?
The key challenges faced in the Colombia Cosmetics Products Market are a) Economic instability or downturns can impact consumer spending on non-essential items like cosmetics b) Keeping up with rapidly changing consumer preferences for natural ingredients, sustainability, and ethical sourcing can be challenging
Colombia Cosmetics Industry Report
The Colombia Cosmetics Products Market is experiencing a robust growth phase, driven by the increasing influence of urban lifestyles and consumer purchasing power. The market size in value terms is expanding, reflecting the industry's positive market growth. There is a significant shift toward premium and luxury brands as beauty and personal care products play an essential role in self-esteem and social interactions. This aligns with the industry's trends towards natural and sustainable products, fueled by heightened consumer awareness about synthetic chemicals' potential effects.
Innovations such as using avocado oil and coconut seed butter are aligning products with eco-conscious consumer values. This includes the adoption of recycled materials in packaging and vegetable-based formulas, reflecting the industry's move toward sustainability. The market segmentation highlights various product types, including color cosmetics and hair styling and coloring products, distributed through channels like hypermarkets/supermarkets, specialty stores, convenience stores, and online retail stores.
Online retail's rising importance offers flexibility in product selection and comparison, supporting growth across various distribution channels, including e-commerce platforms and specialty shops. The industry overview indicates that market leaders are capitalizing on these trends, contributing to overall market growth. For a comprehensive market analysis and a forecast outlook, industry reports and market research provide valuable insights.
The market forecast suggests continued positive market outlook, with market data indicating an upward trajectory. The industry statistics support this, showcasing a growing market value. Industry analysis and industry research highlight the key factors driving this growth, including consumer preferences for natural ingredients and sustainable practices. The market review and market predictions further emphasize the potential for continued expansion in the Colombia Cosmetics Products Market.
For an in-depth look at market trends and industry information, a sample industry report is available for free download. This report example provides detailed industry outlook and market segmentation, offering valuable insights into the market size and growth rate. The industry sales data and market leaders' strategies are crucial for understanding the competitive landscape. The report pdf includes all the necessary information for a thorough market overview.
