Colombia cosmetics products market is projected to grow at a CAGR of 4.1% during the forecast period (2020 - 2025).
- The changing lifestyles and the high purchasing power of the consumers due to high disposable incomes have fuelled the growth of cosmetics market in the country in recent years.
- Consumers today, have become more conscious about the use of cosmetics in their daily life. Moreover, strong desire among the consumers to retain youthful appearances has fuelled the demand for cosmetics in the country.
- Further, the leading companies are predominantly focusing on brand promotions via online marketing campaigns in order to increase the brand revenue in the region.
Key Market Trends
High Demand for Facial Care Products
Rising awareness about the significance of facial products so as to preserve healthy skin and decrease skin disorders is motivating the market for these products. Like other beauty and personal care categories, facial care cosmetics has relied on premiumization and product innovation. Consumers are prioritizing natural cosmetics over synthetic chemicals based products. Facial care is a fragmented category, with many international and local players offering a wide selection of products in different price brackets. The category is dominated by international brands that have products in the mass segment.
Significant Growth of Online Retail Stores
E-commerce has revolutionized retail. It has evolved to meet the changing needs of consumers, as well as make online shopping easier for the modern-day customer. The sales of cosmetics through online channels has increased drastically in recent years, due to rising consumer inclination for online purchase of cosmetics, owing to the ease and convenience of online shopping. Online sales and marketing channels are adopted by several key vendors like Loreal S.A., Estee Lauder Companies Inc, among others, enabling them to reach mass markets and maintain closer relationships with the consumers.
Colombia cosmetics market is strongly dominated by the key players in the market such as L’Oreal Group, Avon Products Inc., the Est?e Lauder Companies Inc., Shiseido Co. Ltd, and Oriflame holding AG, among others. The key strategy adopted by the companies is product innovation, these new and innovative products help the companies to strengthen their consumer base and gain a competitive edge among the competitors.
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