This was one of the key talking points at the first edition of in-cosmetics in Brazil, held in São Paulo, and Euromonitor’s Marcela Viana presented on the topic.
In her presentation, the research analyst says that Brazil has the potential to grow in Premium Beauty and Personal Care as consumers spending behaviour changes.
“The increase in credit to consumers, primarily through increased issuance of credit cards, has driven the premium market, since now many consumers can access and pay in instalments to purchase premium beauty and personal care products, which were previously inaccessible,” she said.
“Another factor that contributes to the expansion of consumption of premium beauty products and personal care is linked to the fact that many new brands have recently entered the country, offering a wider range of products to consumers.”
Thanks to the growth in digital and e-commerce, as well as traditional brick-and-mortar, beauty brands have become more accessible to Brazilian consumers.
And the digital revolution is not the only technological advancement making waves in the industry, as technological innovation was also a well-discussed topic at in-cosmetics Brazil.
Nanotechnology is building real traction in the industry, as is biotechnology, and this is seeing safer and more effective ingredients being developed and raw materials utilized.
According to Viana, as a market consensus, technological innovation is seen as the main tool to generate organic growth through product innovation.
“The technological innovation has been only appreciated if it is capable of addressing the company’s main worries of driving global competitiveness and developing safe products to consumers, an increasing concern in the industry,” she said.
The in-cosmetics Brazil event focused on one of the fastest growing markets in the world, and by far the largest market for cosmetics in the Latin America region.
It was organized by Reed Exhibitions, which launched the in-cosmetics event in Europe over twenty years ago, and has subsequently added other events in Thailand and Korea.
Sao Paulo is very much the industry hub for the cosmetics segment in Brazil, which is currently rated as the 15th largest cosmetics market in the world, according to Euromonitor.
The event took place at the World Trade Center and included a full program of conferences and workshop, alongside the free to enter exhibition that included around 180 exhibitors.