Defining the Future of the Cosmetics and Personal Care Sector
By SCR Consulting
Fiorella De la Cruz Huamán, Consultant & Comercial and Marketing Head of SCR Consulting
The Commercial Intelligence Study: Annual Results 2023 and Projections 2025, conducted on February 27, marked a significant moment for the cosmetics and personal care sector in Peru. Organized by the “Gremio de Cosmética e Higiene Personal” (COPECOH) of the Lima Chamber of Commerce, this meeting served as a valuable opportunity to analyze current and future trends, as well as to foster interaction among industry professionals.
SCR Consultores had the honor of participating once again in this important event, which was notable for its focus on sharing relevant knowledge and facilitating dialogue among various industry players. This presentation provided a detailed perspective on the sector’s growth andareas with the greatest potential for expansion, highlighting the guild’s commitment to advancing and innovating within the industry.
Under the expert guidance of Mr. Ángel Acevedo, president of COPECOH, data was unveiled that not only reflects the sector’s robust growth in 2023, with a 9% increase in sales, reaching S/8,800 million but also highlights untapped potential. Despite economic challenges, the cosmetics and personal care sector has proven resilient, driven especially by the demand for facial treatments, a category that grew an impressive 32% last year.
The detailed analysis reveals that, although significant progress has been made, we are still only navigating half of the ocean of opportunities. With a virgin market of 66% in facials treatments, 62% in body care and 50% in fragrances, the call to action is clear: there is vast territory to conquer. Mr. Acevedo’s recommendation to foreign investors to focus on innovative products in these categories underscores the need for a bold and visionary strategy.
This growth is not only supported by product innovation and the development of new channels but also by a shift in consumer trends. Today’s consumers seek purposeful brands, prefer digital purchases, and are more informed about the ingredients and benefits of the products they choose, leading to a surge in the dermocosmetic market.
Looking ahead, COPECOH projects continued growth for the sector, with an expected 6% increase in revenue for 2024 and 2025. This optimism is based on the strong performance of categories such as facial treatment and makeup, and although some categories may show more moderate growth, the overall outlook is promising.
At SCR Consultores, we firmly believe in the potential of the cosmetics and personal care sector. This study not only validates our confidence in the market, but also reinforces our commitment to supporting our clients and stakeholders in navigating this evolving landscape. The Commercial Intelligence Study provided by COPECOH is an invaluable tool in this journey, allowing us to anticipate trends, adapt to changing consumer needs, and ultimately ensure that our strategies align with the sector’s growth projections.