The cosmetics market in Peru is experiencing notable growth despite the country's economic situation. In 2023, sales in this sector increased by 9%, reaching S/8.8 billion, driven mainly by facial treatment products. Despite this achievement, the market still has significant potential to double in size. Ángel Acevedo Villalba, president of the Cosmetics, Personal Hygiene and Household Cleaning Guild, pointed out that only 50% of the potential demand in facial, body and fragrance treatments, with penetration below 50% in these key categories. It is estimated that around S/7000 million could be raised in these areas.
In terms of consumer trends, there is a preference for discovering new products, purpose-driven brands and online shopping. Consumers increasingly value the quality of the ingredients in the products they purchase, which has led to the growth of dermocosmetics by up to 100% compared to previous years.
By 2024, an increase of 6% is expected in the turnover of the cosmetics sector, with a projection of S/9,309 million in a standard scenario. Facial treatment is expected to see an increase in sales of 18%, followed by makeup with a 6%, and more moderate growth in fragrances, hair products, body treatment and personal hygiene.
In general, growth in the 6% cosmetics market is expected by 2025, considering that it will be a pre-election year.
Source: Diario Gestión
