BRIC looks set to continue its demonstration of growth with male grooming and anti-ageing set to drive an increase in the Brazilian skincare market.
According to a study by market research company RNCOS, the Brazil skincare market has recently grown to over double-digit figures and reached an estimated $AU1.49 billion by the end of 2010,.
This growth is predicted to continue at the same rate for the next five years, with expectations of reaching $AU2.32 billion by 2014.
While anti-aging products will add to this growth, which is reflected in global trends, male grooming is also likely to play a significant part in this growth.
More and more Brazilian males are becoming conscious about their appearance and are increasingly looking forward to grooming products to enhance their appearance,” says RNCOS chief executive Shushmul Maheshwari.
According to our study, Brazilian men are progressively spending more time and money to spruce up their looks. This has led to the increasing share of male grooming products in Brazilian cosmetic and personal care market."
