Bogota and Cundinamarca are on track to become one of the main Latin-American development and production hubs in cosmetic and personal care products. This is largely due to the dynamism of the exports and the continuous attraction and expansion of foreign companies that invest in the beauty sector in Colombia.
In 2017, Colombia was the fifth largest beauty and personal care market in Latin America with USD 3.2 Bn. Euromonitor has positive perspectives forecasting an annual growth between 2018 and 2002 of 3.7%.
Bogota is one of the main growth engines of this sector in the country due to the dynamics of its middle class. In 2011 this segment of the population represented 43.6% of the city´s inhabitants and after five years this proportion grew to 51.6%, i.e. 3.7 Mn people.
Market Size - Beauty and personal care - Colombia
Bogota is the main center of the cosmetic industry, concentrating 40% of the manufacturers and 53% of the marketers of the sector. In addition, Bogota has a smart specialization strategy that brings into focus the productive approach of the city towards biocosmetics. This aspect offers elements of benefit for companies in the beauty industry.
Due to the increase in its market size, the cosmetic and personal care segment has been identified as one of the strategic sectors for the Bogota-region and the country. Between 2008 and 2014, the sector reported a compound annual growth rate (CAGR) of 5.3%. Furthermore, it´s an employment engine for Colombia. According to the National Department of Statistics (DANE), more than one million people base their livelihood directly on these industries.
- Substitution of imported chemical products and excipients, with potential for local production.
- Establishment of packaging production facilities, in order to mitigate the high import reliance for these products.
- Biodiversity: Development and research of unique and differentiated natural ingredients, with production opportunities. (Second most biodiverse county: 56.000 species of plants, 18.000 are endemic)
If you need more detailed information, find in the lower part the information of our investment officers in charge of this sector.
Updated (mm/dd/yyyy): 12.20.2019