Beauty & Personal Care - Haiti

  • Haiti
  • In 2024, the revenue in the Beauty & Personal Care market in Haiti is projected to reach US$1,009.00m.
  • It is anticipated that the market will experience an annual growth rate of 4.04% (CAGR 2024-2029).
  • The largest segment within this market is the Personal Care segment, which is expected to have a market volume of US$477.30m in 2024.
  • When comparing global figures, in the United States generates the highest revenue in the Beauty & Personal Care market, with US$101bn in 2024.
  • In terms of per capita revenue, each person in Haiti is expected to generate US$85.04 in 2024.
  • Furthermore, it is estimated that 3.4% of the total revenue in the Beauty & Personal Care market will be generated through online sales by 2024.
  • Despite the challenges faced by Haiti, the Beauty & Personal Care market is steadily growing, with an increasing demand for natural and organic products.

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

 
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Analyst Opinion

The Beauty & Personal Care market in Haiti is facing sluggish growth, influenced by limited access to quality products, economic constraints, and a lack of awareness about personal grooming. Despite these challenges, there is a budding interest in beauty innovations that may spark future development.

Customer preferences:
In Haiti, consumers are increasingly prioritizing natural and locally sourced beauty products, reflecting a cultural shift towards sustainability and authenticity. The rise of social media influencers has also sparked interest in beauty trends, encouraging younger demographics to experiment with personal grooming. Additionally, there is a growing demand for inclusive beauty brands that cater to diverse skin tones and hair types, highlighting the importance of representation in the market. These evolving preferences are shaping the future of beauty and personal care in the country.

Trends in the market:
In Haiti, the Beauty & Personal Care market is experiencing a significant shift towards natural and locally sourced products, driven by a growing consumer preference for sustainability and authenticity. The influence of social media is propelling younger audiences to explore new beauty trends, fostering experimentation in personal grooming. Additionally, there's an increasing demand for inclusive brands that address diverse skin tones and hair types, emphasizing representation. These trends are crucial for industry stakeholders, as they signal a need for innovation, localized sourcing, and a broader understanding of consumer identity in product offerings.

Local special circumstances:
In Haiti, the Beauty & Personal Care market is shaped by the country's rich cultural heritage and the diverse natural resources available locally. The use of indigenous ingredients like coconut oil and shea butter reflects a deep-rooted tradition of herbal remedies and natural beauty practices. Additionally, the aftermath of environmental challenges has heightened awareness around sustainability, prompting consumers to favor eco-friendly products. Regulatory frameworks are gradually evolving to support local artisans and businesses, fostering an environment where authenticity and cultural identity play pivotal roles in consumer choices.

Underlying macroeconomic factors:
The Beauty & Personal Care market in Haiti is significantly influenced by macroeconomic factors such as local economic stability, consumer purchasing power, and global beauty trends. Economic growth, albeit gradual, has led to increased disposable income, allowing consumers to invest in personal care products. Additionally, the rise of e-commerce and social media has facilitated access to global beauty standards, driving demand for diverse product offerings. Fiscal policies that encourage local production and reduce import tariffs on beauty products are further enhancing market opportunities. Furthermore, the global shift towards natural and sustainable products aligns with consumer preferences in Haiti, fostering a vibrant market for locally sourced, eco-friendly beauty solutions.

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.

Overview

  • Revenue
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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