Beauty & Personal Care - Colombia

Colombia

In 2024, the Beauty & Personal Care market in Colombia is projected to generate a revenue of US$4.01bn.
This market is expected to grow at an annual rate of 5.13% (CAGR 2024-2029).
The largest segment within this market is Personal Care, which is estimated to have a market volume of US$2.27bn in 2024.
When compared globally, in the United States leads in revenue generation, with an estimated revenue of US$100bn in 2024.
In terms of per capita revenue, in Colombia is expected to generate US$76.64 per person in 2024.
Furthermore, it is projected that 9.6% of the total revenue in the Beauty & Personal Care market will be generated through online sales by 2024.
Colombia's Beauty & Personal Care market is experiencing a surge in demand for natural and eco-friendly products.

Key regions: United States, Worldwide, India, Indonesia, Canada

Market

Region

Region comparison

Currency

Analyst Opinion

The Beauty & Personal Care market is thriving and one of the fastest growing consumer markets, driven in particular by the Cosmetics and Skin Care segments. The main reason for this strong growth is the generational shift with young consumers entering the market. At the same time, this change is reinforced by social media, internationality, and eCommerce, which have a lasting effect on buying behavior when it comes to beauty products. Trends from all over the world are spreading and changing the daily beauty and care routine.

Methodology

Data coverage:

The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.