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Markets & trends

Makeup industry projects continued growth in 2016 with innovative and more price-accessible products

Brazil is ranked third in the global makeup market and has recorded an average annual growth of 15.6% in the category over the last five years.

The year 2015 will not be recalled with great enthusiasm by the Brazilian makeup industry but, on the other hand, neither it will be entirely forgotten. The category had revenues of US$ 3.455 million in 2014 according to Euromonitor and should report a slightly better performance at the end of this year, which was marked by political instability and economic recession.

Makeup products developed by Brasquim

Makeup products developed by Brasquim

The customer did not stop buying in 2015, but ended up switching to cheaper brands,” says Luciane da Cunha, Sales and New Business Manager at Lipson, a company that has been developing, producing and bottling cosmetics for third parties since 1989. This view is shared by Natalia Antunes, Co-owner of perfume and makeup brand LUMI Cosméticos. “The higher dollar has led many customers to look for alternatives at lower prices and which are produced domestically,” she says. The company has been on the market for 10 years and saw its revenues increase in 2015 thanks to a 20% expansion in its network of sales representatives. “The economic downturn has supported the growth of the informal sales market across the country,” she says.

Makeup products for the eyes, lips, face and nails represent 7.7% of the total cosmetics market in Brazil. The country currently holds third place in global makeup sales and has been recording an average annual growth rate of 15.6% over the last five years, according to data from Mintel.

The reason behind these results may lie in the launch of formulas that are lighter, more efficient, and adapted to the skins and needs of Brazilian women. “There has been a change in consumer behavior,” says Cunha, who believes that customers do not just take color, fashion and trend into account when buying makeup.

Paula Aires, technical marketing specialist at Brasquim

Paula Aires, technical marketing specialist at Brasquim

Today’s woman is looking for multifunctional makeup, products with moisturizing and anti-aging properties, which help correct skin imperfections and protect against sun damage, as well as long-lasting products that do not need to be reapplied very often,” says Paula Aires, Technical Marketing Specialist at Brasquim, a company that imports and sells raw materials for special cosmetics. She believes that more aggressive initiatives at the sales point, self-makeup courses offered by leading companies, and the popularity of makeup bloggers who share beauty tips and video tutorials have also helped boost the performance of makeup products in Brazil.

A recent research study in the UK carried out by The NPD Group highlighted another factor supporting the makeup market: selfies. The mania for sharing self-taken photographs on social media channels is encouraging women to make themselves up so they look good in the photos. “Many celebrities who post pictures wearing makeup end up serving as models and inspiration for fans. Kim Kardashian and Beyoncé have a combined following of over 100 million in their Instagram profiles. These are huge markets that move brands and products,” Aires says.

Despite the cooling in growth rates expected for the coming years, the makeup category should continue to expand in Brazil. Mintel points to a forecast of an annual growth rate of 11.8% in the next five years. The industry is set to invest in high quality, yet more price-accessible makeup products to keep the Brazilian market heated.

The year 2016 will be challenging. Brands will have to find a balance between innovation and competitive prices for the consumer,” Cunha says. “However, beauty is closely associated with happiness and self-confidence and women will never cast these values aside, even in harsh economic times,” Aires adds.

Renata Martins

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© 2016 - Brazil Beauty News - www.brazilbeautynews.com

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