Although growth in the beauty and personal care space throughout Latin American has generally been strong in the past few years, high tariffs for multinational businesses have led to significant hurdles.
in this video interview, Goodsitt indicates that in Brazil in particular, big multinational players like Lush and Khiel's have had to exit the market because high costs mean their products are not competitive.
Opportunity for indie brands
This presents a great opportunity for local brands, who can not only target consumers with products that are competitively priced, but Goodsitt also believes that these smaller brands are better placed to respond to the exact needs of local consumers.
In this interview, three brands are highlighted, including Brazilian company Simple Organics. Brands like this have met with considerable success because they have taken a very personal approach to targeting consumers.
As Goodsitt explains, they are presenting product with stories about the formulation and ingredients that engage consumers, as well as hitting on big trends such as gender neutral, naturals and organics, as well as personalization.
Please watch the full video to find out more about this fascinating development and get more ideas about how this trend looks set to evolve in the future.