Mexico City. In 2024, the cosmetics market revenue in Mexico will reach the sum of 1.7 billion dollars, revealed a study by SEYTÚ, which also anticipates that this industry will grow in the period 2024-2028 at an annual rate of 4.6 percent.
She highlighted that Mexico’s cosmetics market is witnessing an increase in demand for natural and organic products, driven by increased consumer awareness of sustainability and environmental concerns.
To put revenue into perspective in 2024, revenue per person in the Mexico cosmetics market will amount to $13.13. This indicates the average amount of revenue generated per individual relative to total population figures.
Furthermore, by 2024, approximately 75 percent of sales in the Cosmetics market will be attributable to Non-Luxury. This means the proportion of sales generated by products that are not considered luxury items.
According to the Mexican cosmetics company, the estimated size of the global cosmetics market will be around 426.5 billion dollars in 2023 and forecasts point to continued growth in the next decade.
“In fact, in 2023 alone, the latter accounted for 40 percent of the global cosmetics industry’s sales and seem to be consolidating this and North Asia as the main generator of income within the sector,” says the report.
Part of the growth of this industry in Mexico, the company said, is its recent partnership as an official sponsor of Miss Universe, which it said will allow it to present its exclusive range of makeup products globally.
“We are very excited that SEYTÚ will nurture and highlight the beauty of the most beautiful women in the world at the Miss Universe pageant. This collaboration represents an important milestone for us, our commitment to beauty, diversity and self-confidence,” said Kenya Vergara, Global Marketing Director for Omnilife and SEYTÚ.
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– 2024-08-05 02:21:29
