Brazil becomes major contributor to growth
According to Euromonitor’s just released 2008 cosmetics and toiletries data, the global cosmetics and toiletries market experienced another year of strong growth in 2007, registering 6% growth over 2006.
Innovation and premiumisation are just two of the factors helping to secure growth for the future, especially in the skin care category.
Increasing consumer desire for healthy, younger-looking skin is proving to be beneficial for the entire beauty market. The data also reveals a shift in country rankings placing Brazil as the largest single contributor to growth, with skin care, hair care and fragrances set to benefit most from the strong demand in the country.
In comparison to Euromonitor International’s 2006 figures, the growth in the global beauty market represents only a slight slowdown, which may be attributed to a weakened economic state in most developed markets and declining penetration of emerging markets. However, the performance of skin care and sun care has helped maintain growth in the global beauty market. Sun care, although slowing slightly from its double-digit growth of previous years, remained the most dynamic sector in the industry reaching US$6.9 billion in global sales for 2007.
In 2007, the industry experienced a few changes in country ranking, with Brazil and the UK in the spotlight. “Aside from major contributions from both the global skin and sun care sectors, our new data shows Brazil becoming a primary player in the industry and is expected to add US$9.5 billion to global sales over the next five years, supplanting China as the number one contributor to future growth,” says Alexander Kirillov, Global Cosmetics and Toiletries Research Manager.
“Country rankings had a shake up in Western Europe too, with the UK overtaking France and Germany in 2007 to become the region’s top beauty market,” he adds.