According to market research firm Canadean, the Mexican skin care market will post strong growth to 2017 thanks to a boost in consumption in the country, which was helped by a rapid recovery from the economic crisis in 2009.
“Its economy on the mend, Mexico is forecast to record faster GDP growth than Brazil by the end of this year,” says the researcher.
“Although healthy, a volume Compound Annual Growth Rate (CAGR) of 4.4 percent keeps skin care just out of the top three Health & Beauty sectors in Mexico to 2017, while the sector’s value is projected to grow at a slightly lower CAGR of 4.1 percent.”
Anti-aging is one of the most popular claims for facial skin care products, and has been for a number of years; with firming, tensing, lifting and regenerating properties offered by most anti-aging products.
The most popular ingredients for this purpose were collagen, antioxidants, arginine and hyaluronic acid, and the brands leading the anti-aging segment in Mexico are Avon Anew, L’Oréal Dermo-Expertise and Pond’s.
Unilever de México led skin care in 2012 due to its well-recognised brands Pond’s, Dove and Vasenol.
Within the category, it is Face Care that leads the way, accounting for over half of the entire skin care sector, but growth is expected to be slightly below average.
However, Body Care, with less than half the share, is forecast to see the highest growth in the sector, slightly above average, as consumers take advantage of promotional offers.
The third largest share was taken by Make-Up Remover, but the category is predicted to see the lowest value CAGR at just 3.4 percent during the forecast period.
The Depilatories sector, although the second smallest category, is forecast to see a robust 5 percent growth in volume to 2017.