Men and women are increasingly vain: Colombia is a leader in the beauty products industry
The popular phrase “clothes make the man” highlights the spending preferences of Colombian households. According to the analysis conducted by Kantar World International, 74% of households are consumers of beauty products.
Indeed, in the aftermath of the pandemic there was a notable change in the consumption patterns of Colombian households, especially with regard to their health and self-care.
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According to ANDI, during 2022 retail sales of beauty products exceeded 50,000 million pesos in Bogota D.C., experiencing an exceptional growth of more than 30% compared to 2021, which was 15.5%. In addition, it was determined that the average customer spending on beauty products amounted to 85,000 pesos per month.
Over the course of 2022, beauty products in Colombia had a turnover of approximately 58.7 billion pesos, undoubtedly a remarkable figure. According to the Chamber of Cosmetics and Toiletries of the National Association of Colombian Businessmen (ANDI), of the total sales of beauty products, 30.4 billion pesos were for personal care and cleaning products.
Boom in male beauty and care
Colombia stands out as one of the countries in the region with a high level of spending on beauty products, along with Peru, Mexico and Chile. Specifically, in the Colombian market, the male beauty category has experienced sustained double-digit growth over the last five years, according to the same firm.
According to projections by the Chamber of Cosmetics and Toiletries, Colombians are expected to increase their spending on beauty products. In 2022, spending in this market experienced a growth of 9.5%, and it is estimated that by the end of this year it will reach approximately 12.1%.
Among the wide range of beauty products consumed by Colombians, cosmetics such as powder, mascara, lipstick and nail polish stand out. These products are highly demanded in the Colombian market, according to ANDI.
In addition, interest in beauty is not limited to makeup products; it also covers a variety of complementary products, such as perfumes, creams and masks, which define consumption and production trends in the beauty products industry in the country.
Where do the beauty products consumed by Colombian households come from?
Although Colombia has several leading companies in the market, the main beauty products for domestic consumption are not led by national products. In the competitive cosmetics market in Colombia, Vogue has achieved a prominent position by leading with 18% share (ANDI).
In second place is Bel-Star, owner of well-known brands such as L’Bel, Ésika and Cyzone, with 12% of the market. Prebel, responsible for the Vitú and Yardley brands, is in third place, with 9%. Avon and Natura share a joint market share of 16%.
Colombian beauty and personal care products around the world
According to data provided by the entity Promoting Investment, Tourism and Exports (Proexport), Colombia is positioned as the third most relevant country in Latin America in terms of cosmetics exports.
According to DIAN figures, the country has a trade surplus in beauty products. During 2022, cosmetics exports experienced a positive performance, totaling more than US$260 million.
Beauty, make-up and skin care preparations are the country’s most exported cosmetics, accounting for 39% of sales. They are followed by perfumes and toilet waters (31%), eye and lip make-up preparations (18%), manicure and pedicure products (6.8%) and other powder preparations (5.2%).
Of these six product groups, only perfumes and toilet waters and manicure and pedicure products had a negative performance in 2022 compared to what was reported in 2021.
On the other hand, cosmetics imports reached US$250 million in 2022. Among the main products purchased by the country were beauty, makeup and skin care preparations (64.6%) and perfumes and toilet waters (16.9%).
These figures reflect the strength and favorable prospects of the cosmetics industry in Colombia, which justifies the attraction of foreign investment in the sector.
What to expect from the industry over the rest of the year?
The beauty industry has an indisputable global reach. According to Statista, revenues generated by this sector are expected to continue to grow steadily, reaching an estimated figure of more than US$130 billion annually worldwide by 2023.
In particular, Colombia is positioned as one of the most important markets in Latin America in this industry, with a national market value exceeding 9.4 billion Colombian pesos for the remainder of 2023 (Statista).
This year’s outlook presents several factors that may influence the beauty products sector. It will be key to consider the impact of inflation and the availability of inputs, which may be affected by the behavior of the exchange rate. In any case, the industry shows relevance and growth potential, driven by the demand for products and services related to personal care and wellness.
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