By Fábio Yamamora, CEO of Yamá Cosméticos
The results of the "Global Cosmetics Products Market" survey have outlined the outlook for the Beauty Industry up to 2023. According to the survey, which describes key factors such as production value, key regions and growth rate, the global cosmetics products market was valued at 532.43 billion dollars in 2017 and is expected to reach a market value of 805.61 billion dollars by 2023, registering an annual growth rate of 7.14% during 2018-2023.
Of course, the study could not predict the impact of the pandemic in 2020 and 2021, but the results are still valid, since the global cosmetics industry seems relatively immune to the ups and downs of the economy. This doesn't exclude the challenges posed by the current scenario, but it does point out that even if overall sales are affected, we can count on a certain overall volume relating to everyday products, for example.
However, other factors are leading the sector's growth prospects and need to be analyzed closely. The first is online sales - which have grown even faster due to the quarantine situation. The global study carried out by Salesforce Inc with 12,000 consumers and 3,600 businesses from 27 countries points out that 58% of consumers said they expect to make more purchases online even after the pandemic.
In this way, it seems to be an international consensus that online shopping environments should gradually take center stage in sales strategies from now on. Another point that should guide the sector's strategies is the arrival and growth of an audience that, historically, was not a priority for the segment: men. As a result, along with the growth in female consumption, we will see an increase in sales to the male public.
From a global point of view, the Middle East and Africa are emerging as key markets. The good news is that along with the growth in consumption and the possibility of export, there is also a rise in interest in the benefits of natural and sustainable raw materials. In this sense, Brazil stands out globally for the vast availability of regional active ingredients - such as Açaí, Buriti, Cacau, among many others.
Thus, the national and international scenario supports confidence in the industry's growth and indicates a path of hard work ahead, but with the prospect of important results for the expansion and consolidation of a new phase in the global beauty market and Brazil's participation in this ecosystem.
