Citing recently published figures from the Brazilian Cosmetic, Toiletry and Fragrance Association (ABIHPEC), Martrade says that beauty manufacturers and suppliers should be targeting the market because it will continue to have one of the fastest market growth rates in the world.
ABIPHEC estimates that this growth means that it will surpass Japan to become the second largest market in the world by 2020, putting it only behind the United States.
Latest figures continue to underline Brazilian growth
Latest figures show that the market grew by more than 10% in 2012, growth that was driven by a continued interest in green cosmetics, as well as hair care, men’s grooming and skin care products.
And in 2013, the total market size for cosmetics in Brazil was valued at RM45 billion with imported cosmetics & toiletries accounting for 8.1% of the domestic consumption, according to ABIHPEC.
“There is also a growing demand for green cosmetic products as people become more aware of their surroundings and usage of chemicals in everyday products,” said the Trade Commissioner of Matrade Sao Paulo, Yusram Yusup.
“Besides supplying finished cosmetics and toiletry products, other opportunities for Malaysian exporters to tap into this market are by distributing the green and eco-friendly raw materials to the local cosmetic and toiletries manufacturers.”
Matrade advises companies to do the maths
Matrade is currently advising Malaysian companies that are interested in exporting to Brazil to appoint a representative, as there are significant differences caused by both languages and the business culture.
Likewise, it also says that prospective businesses should also do a significant amount of market research before taking the plunge into the market even before securing an agent, representatives or distributor there.