CNW reports from WPC 2014 on the fast growing fragrance market in Latin America
As an emerging market region, the 450 million that make up South America’s population may be small when compared to the four billion that inhabit Asia but its income per capita – over US$9,000 (World Bank 2012 figures) – is much stronger: twice as much, in fact, as the powerhouse of growth that is China. This and its relative sophistication makes South America a key battleground for the international fragrance house. Overall Latin American fragrance markets grew at 12% in 2013, led by Brazil.
An increasingly mobile middle class has exposed the wealthier citizens to the major international brands, creating aspirational demand within the region. But high import taxes and a complex tax and regulatory system has put a huge drag on innovation. This has forced international brands to invest hundreds of millions of dollars to set up manufacturing within the region and particularly Brazil. São Paulo now ranks as one of the world’s top cities for perfumery and cosmetics manufacturing....
This is a small extract of the full article which is available ONLY to premium content subscribers. Subscribers sign-in (top right) to read the article.
Subscribe now to premium content on Cosmetics Business