Brazil is known as one of the BRIC's, the powerhouses of growth in the global cosmetics, toiletries and fragrances markets. These four markets, comprising Brazil, Russia, India and China, have all recorded very high double digit growth.
Brazil's growth has been the most impressive, according to researchers Euromonitor, where sales of beauty products were valued at US$22bn in 2007, up by 55% since 2005. It is now the third largest market worldwide, beaten only by the US and Japan, whose annual growth rate is less than 2%.
Product sectors where Brazil has made the most progress have been men's products, oral care, haircare, fragrances and deodorant, where it now stands at number 2 in the worldwide league table. Skincare and haircare of particular importance, reflecting Brazilian women's obsession with the body beautiful. Whereas many markets are forecast to suffer a slowdown, Joao Carlos Basilio, president of ABIHPEC , believes that Brazil could benefit from the worldwide economic crisis.