Colombia Makeup Market Report and Forecast 2024-2032

Colombia Makeup Market Outlook

The Colombia makeup market size was valued at USD 405.46 million in 2023. The market is further projected to grow at a CAGR of 4.9% between 2024 and 2032, reaching a value of USD 626.08 million by 2032.

Key Takeaways

• In 2023, Colombia ranked fourth in sales of makeup and cosmetics products in Latin America, according to data from the National Business Association of Colombia (ANDI).

• The market growth is driven by rising consumer interest in colour cosmetics products, improving quality of life, positive effects of beauty and personal care on self-esteem and social interaction, and the consumer shift towards premium and luxury cosmetic brands.

• As per industry reports, key players in the market are L'Oréal S.A., Estee Lauder Companies Inc., Unilever Plc, and Oriflame Cosmetics SA.

The market is expected to grow significantly, driven by an increasing disposable income, changing lifestyle preferences, and popularity of colour cosmetics among young consumers. The untapped potential in the men’s grooming segment also present significant opportunities for companies to expand and diversify their offerings.

Moreover, the rising demand for clean beauty products, free from harmful chemicals and parabens, is a significant trend shaping the market landscape. Secondly, the digital transformation in the cosmetics industry, facilitated by the rapid expansion of e-commerce platforms, has made makeup products more accessible to consumers, contributing to Colombia makeup market growth. Additionally, the evolving beauty standards influenced by social media and the emergence of green and sustainable beauty products are further fuelling the expansion of the market.

Powder makeup products, including face powders, eyeshadows, and blushes dominates the Colombia makeup market share and they are used to enhance and define facial features. Brands like L'Oréal Paris, Maybelline New York, and MAC Cosmetics offer a wide range of face powders in Colombia, catering to different skin tones. Natura & Co provides a range of blush options that complement various skin tones and offer a natural flush of colour.

Lotion makeup products, such as tinted moisturisers and BB creams, are another popular segment in the market. These products provide hydration and coverage, making them a convenient option for busy consumers. Colombian consumers can find tinted moisturisers from brands like NARS and Laura Mercier, offering lightweight coverage and skincare benefits in one product. Korean beauty brands like Missha and Skin79 have gained popularity in Colombia for their BB creams, which provide coverage, hydration, and sun protection in one step.

Market Segmentation

Colombia Makeup Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments

Market Breakup by Product

• Powders

• Gels

• Lotions

• Others

Market Breakup by Application Area

• Lips

• Eyes

• Face

• Nails

Market Breakup by Distribution Channel

• Hypermarkets/Supermarkets

• Convenience Stores

• Speciality Stores

• Online Retail Stores

• Others

Competitive Landscape

Market players have been acquiring different small-scale cosmetic brands to have maximum customer reach and build market presence.

• L’Oréal S.A.

• Shiseido Co. Ltd.

• Estee Lauder Companies Inc.

• Procter & Gamble Company

• Unilever Plc

• Natura &Co.

• Mary Kay Inc.

• Oriflame Cosmetics SA

• Others

Key Highlights of the Report