According to Euromonitor, the global beauty market was valued at US$454bn in 2013. Despite an additional $22.5bn compared to 2012, the latest annual growth slowed in the premium sector and flattened off in mass. Growth was harder to come by in the mature markets of North America and Europe, which lagged behind South America and Africa, increasing by 12% and 13% respectively. “China and Brazil have seen much reduced expenditure, while India, Indonesia and Venezuela saw fast growth,” stated Irina Barbalova, Head of Beauty and Personal Care Research at Euromonitor. Most product categories performed less well in 2013, but there were some highlights. From a small base, perms and relaxants were the fastest growing sector, boosted by sales in Latin America which accounts for 40% of global sales. Another strong performer was deodorant sprays, fueled by innovation in Latin America. Skin care, the powerhouse of beauty, put on an extra $5bn globally in moisturisers and anti-agers. Nail polish increased by more than 10%, much of which came from Brazil which Euromonitor predicts will be the number one market for nail polish in 2018.
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