Beauty & Personal Care - Mexico

Mexico

In Mexico, the revenue in the Beauty & Personal Care market is projected to reach US$9.47bn in 2024.
This market is expected to witness an annual growth rate of 2.61% (CAGR 2024-2029).
Among the various segments in this market, the largest one is Personal Care, which is estimated to have a market volume of US$4.14bn in 2024.
When compared globally, in the United States generates the highest revenue in this market, with an expected revenue of US$101bn in 2024.
In terms of per capita revenue, in Mexico is projected to generate US$73.18 per person in 2024.
Furthermore, online sales are anticipated to contribute 26.6% of the total revenue in the Beauty & Personal Care market by 2024.
Mexico's Beauty & Personal Care market is experiencing a surge in 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 Mexico has been facing stagnant growth, influenced by factors such as shifting consumer preferences towards natural products, economic challenges affecting spending habits, and increased competition from international brands.

Customer preferences: Consumers in Mexico's Beauty & Personal Care market are increasingly prioritizing clean and sustainable products, reflecting a cultural shift towards environmental consciousness. There is a growing preference for locally-sourced ingredients, as shoppers seek authenticity and support for local artisans. Additionally, the rise of social media influencers has shaped beauty standards, leading to a demand for diverse, inclusive products that resonate with various skin tones and types. As wellness trends gain traction, holistic beauty solutions combining skincare with mental well-being are also emerging.

Trends in the market: In Mexico, the Beauty & Personal Care market is experiencing a surge in demand for clean and sustainable products, driven by consumers' increasing awareness of environmental issues. This trend is complemented by a preference for locally-sourced ingredients, as shoppers prioritize authenticity and support for local artisans. The influence of social media is reshaping beauty standards, fostering a demand for diverse and inclusive products that cater to various skin tones and types. Furthermore, the integration of wellness trends is leading to holistic beauty solutions that emphasize the connection between skincare and mental well-being, creating new opportunities for industry stakeholders to innovate and engage with consumers.

Local special circumstances: In Mexico, the Beauty & Personal Care market is uniquely shaped by its rich cultural heritage and biodiversity, which influence product preferences and formulations. The country's vast array of natural resources, such as indigenous plants and herbs, fosters a demand for traditional remedies and locally-sourced ingredients. Additionally, regulatory frameworks supporting sustainable practices enhance consumer trust in brands. The vibrant influence of Mexican art and folklore also encourages creativity in packaging and marketing, making aesthetic appeal a crucial factor for success in this dynamic market.

Underlying macroeconomic factors: The Beauty & Personal Care market in Mexico is significantly influenced by macroeconomic factors such as consumer spending patterns, inflation rates, and economic growth. As disposable incomes rise, consumers are increasingly willing to invest in premium beauty products, driving market expansion. Furthermore, the impact of global economic trends, such as shifts in supply chains and trade agreements, affects product availability and pricing. Regulatory support for sustainable practices enhances brand credibility, while fiscal policies promoting local manufacturing encourage the use of indigenous ingredients. Additionally, fluctuating currency exchange rates can impact the cost of imported goods, influencing pricing strategies and competition within the market.

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.