Mexico Beauty and Personal Care Market Outlook 2031:
The Mexico beauty and personal care market size was valued at USD 9.65 Billion in 2022 and is projected to reach USD 18.04 Billion by 2031, expanding at a CAGR of 7.2% during the forecast period 2023 - 2031. The growth of the market is attributed to the rising disposable income, growing beauty consciousness, and changing consumer taste in fashion. Mexico is one of the largest nations in terms of economy and size in North America.
Mexican culture is described by limits of riches and poverty, with a restricted working class wedged between a tip top unit of landowners and financial backers from one perspective and masses of country and metropolitan poor on the other.
Be that as it may, disregarding the difficulties it faces as an emerging nation, Mexico is one of the chief economic and political powers in North America. It has a unique mechanical base, huge mineral assets, a wide-going help area, and the world's biggest population of Spanish speakers, more than that of Spain and Columbia.
Beauty and Personal Care Market Trends, Drivers, Restraints, and Opportunities
- Increasing urbanization, growing influence of fashion and media through various social applications and websites, and rising per capita income are major factors spurring the market expansion during the forecast period.
- Rapid growth of the beauty and cosmetic industry and growing self-consciousness among the youth of the nation is projected to drive the market growth in the coming years.
- High cost of the products and concerns regarding the harmful substances used to manufacture these beauty products are expected to hamper the market growth in the coming years.
- Lack of skilled labors, high cost of raw materials, and complex manufacturing process present as major challenges that can impede the market expansion during the forecast period.
- R&D investment and technological advancement are estimated to offer immense opportunities for the market players.
Scope of Mexico Beauty and Personal Care Market Report
The report on the Mexico beauty and personal care market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Mexico Beauty and Personal Care Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Facial Care, Lip Care, Body Care, Foot Care, and Hand Care), Types (Premium Products and Standard Products), Distribution channel (Retail Stores, Supermarkets, Convenience Stores, Drug Stores, Online Retail Channels, Spas and Beauty Clinic and Others)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Avon Cosmetics, Colgate-Palmolive Company, Unilever PLC, Procter & Gamble, and L’Oréal Paris
Mexico Beauty and Personal Care Market Segment Insights
Facial Care Segment is Anticipated to Register Robust Growth Rate
Based on products, the Mexico beauty and personal care market is segmented into Facial Care, Lip Care, Body Care, Foot Care, and Hand Care. The facial care segment is anticipated to register robust growth rate during the forecast period owing to increasing awareness and urge to have a beautiful and healthier facial appearance among the consumers.
The facial care segment comprises of face creams, sun care protection, cleansing cosmetics, and lotions. On the other hand, the body care segment is expected to witness a healthy CAGR in the coming years. The segment growth is attributed to growing concerns regarding skin diseases in the recent years owing to increasing population levels in the country.
Premium Products Segment to Exhibit high CAGR
In terms of types, the Mexico beauty and personal care market is bifurcated into premium products and standard products. The premium products segment is projected to exhibit significant CAGR during the forecast period.
The premium product is expected to witness a growth rate of 12%. The segment growth is attributed to market entry of several new brands in the recent years and the aspirational values which these premium products boast over the standard products.
Retail Stores Segment is Anticipated to Account for Large Market Share
On the basis of distribution channel, the Mexico beauty and personal care market is segregated into retail stores, supermarkets, convenience stores, drug stores, online retail channels, spas and beauty clinic and others.
The retail stores segment is expected to represent major market share of more than 35% during the forecast period. However, the online retail channels are projected to expand at a substantial growth rate in the coming years owing to shift in consumer buying experiences over the last few years.
- Facial Care
- Lip Care
- Body Care
- Foot Care
- Hand Care
- Premium Products
- Standard Products
- Retail Stores
- Convenience Stores
- Drug Stores
- Online Retail Channels
- Spas and Beauty Clinic
Key players competing in the Mexico beauty and personal care market include Avon Cosmetics, Colgate-Palmolive Company, Unilever PLC, Procter & Gamble, and L’Oréal Paris.
Some of these players are adopting several market strategies including acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares.