Mexico Cosmetics Market Report and Forecast 2024-2032

Mexico Cosmetics Market Outlook

The Mexico cosmetics market size reached nearly USD 11.10 billion in 2023. The market is projected to grow at a CAGR of 5.5% between 2024 and 2032, reaching almost USD 18.00 billion by 2032.

Key Takeaways:

• Mexico ranks among the top 10 countries in the world in terms of cosmetics production.

• An average Mexican spends $90 annually on purchasing cosmetics and personal care products.

• Nearly 96% of the Mexican population uses some beauty and personal care products.

High beauty consciousness and purchasing power parity have driven many international brands to expand in Mexico. For instance, South Korean cosmetics giant Amorepacific debuted the Laneige brand of products in Mexico in 2023. This is expected to lead to an increase in the sale of cosmetics, driving the Mexico cosmetics market growth.

Increasing investments in cosmetic production in the country, in line with its thriving manufacturing sector, are further aiding the Mexico cosmetics market expansion. Unilever plc decided to invest $400 million in Nuevo Leon in February 2023 to create a new facility for manufacturing personal care and beauty products.

Leading cosmetic companies in the region are increasingly investing in research activities to drive innovation in the market and launch value-added cosmetic products. The growing awareness regarding pollutants and rapid climate change is prompting customers to shift towards beauty products infused with pollutant-fighting agents like algae, Vitamin C, and prebiotics, among others.

The shift towards sustainability is prompting Mexican consumers to seek products with naturally formulated ingredients, further propelling the Mexico cosmetics market development. Besides, customers prefer products that are sourced ethically and made from natural and indigenous ingredients.

Artificial  intelligence and virtual reality are driving the shift towards the personalisation of cosmetic products. Major Mexico cosmetics market players are using digital diagnostic tools to convert their stores into experiential spaces to enable a consumer to make a more informed purchase decision. Moreover, the rise of tech-enabled packaging is attracting more consumers as it helps them in tracking the evolution of their skin and pre-select the products they require.

Market Segmentation

Mexico Cosmetics Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Category

• Hair Care

• Skin and Sun Care

• Makeup and Colour Cosmetics

• Fragrances and Deodorants

• Others

Market Breakup by Gender

• Men

• Women

• Unisex

Market Breakup by Price Range

• Mass

• Premium

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets

• Convenience Stores

• Pharmacy and Drug Stores

• Speciality Stores

• Online

• Others

Market Breakup by Region

• Baja California

• Northern Mexico

• The Bajío

• Central Mexico

• Pacific Coast

• Yucatan Peninsula

The key Mexico cosmetics market players are L’Oréal S.A., Shiseido Co. Ltd., Estee Lauder Companies Inc., Procter & Gamble Company, Unilever Plc, Natura &Co., Mary Kay Inc., Oriflame Cosmetics SA, Beiersdorf AG, and Johnson & Johnson Services, Inc., among others.

Key Highlights of the Report