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Latin America Set To Become World's Second-Largest Beauty Market, Analysts Say

November 25, 2013: 12:00 AM EST
Latin America’s beauty market is one of the world’s fastest growing, expanding 314 percent in the last decade and with annual sales reaching approximately $80 billion in 2012. In Brazil, which together with Mexico is leading the region’s beauty market growth, a compound annual growth rate of 10 percent has been reported for the last 17 years. Sales rose from $2.2 billion in 1996 to more than $15.4 billion in 2012, according to data from the Brazilian Association of the Cosmetic, Toiletry and Fragrance Industry. Data from Euromonitor International revealed the country became the biggest perfume market in 2012, displacing the United States from the top spot, with sales growing 33 percent from $4.5 billion in 2009 to $6 billion in 2010. In Mexico, 64 companies are operating in the beauty market, which is estimated to be worth $14 billion. With the industry having attracted $6.2 billion in direct foreign investment in the last decade, the market is forecast to grow 7–8 percent in 2013, according to industry group CANIPEC.
Cristina Kroll, "The Beauty of Latin America", GCI Magazine, November 25, 2013, © Allured Business Media
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