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Mexico to See Quality Skin Care Growth
Posted: August 2, 2013
A recent report from Canadean shows the Mexican skin care sector is predicted to see healthy growth to 2017. Consumption of skin care in Mexico has been boosted 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. Although healthy however, a volume CAGR of 4.4% keeps skin care just out of the top three health and beauty sectors in Mexico to 2017, while the sector’s value is projected to grow at a slightly lower CAGR of 4.1%.
Facial care accounts for over half of the entire skin care sector in Mexico, with value and volume shares at 55.5% and 55.4%, respectively. Growth is slightly below the average at 4.1% value and 4.3% volume. However, body care, with less than half the share, is forecast to see the highest growth in the sector. The category is projected to witness a value CAGR of 4.5%, with a higher volume growth at 5.5%, as consumers take advantage of promotional offers. The third largest share was taken by makeup remover, but the category is predicted to see the lowest value CAGR at just 3.4% during the forecast period. The depilatories sector, although the second smallest category, is forecast to see a robust 5% growth in volume to 2017.
Hypermarkets and supermarkets dominate supply channels in the Mexican skin care industry. They accounted for almost half of the skin care sector from 2009 to 2012, posting a slight growth in share. Convenience stores and health and beauty stores also grew marginally, taking a combined share of just above a quarter of the sector. In contrast, department stores and drug stores and pharmacies have lost share in recent years.
This information is based on findings from the Canadean report: “The Future of the Skincare Market in Mexico to 2017”, published in July 2013.