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. More than 50% of the manufacturers related to the cleaning and personal care sector are located in Bogota.
In 2022, Colombia established itself as the third largest market for cosmetics and personal care items, after Brazil and Mexico, with a market size of USD 2,600 Mn and projections equivalent to about 5% annual growth between 2022 and 2026 to reach a size of USD 3,200 Mn, according to Euromonitor. On average, women in Colombia spend around 1.2 million Colombian pesos (about USD 200) on cosmetics per year.
After the COVID-19 pandemic, there was a boom in cosmetics e-commerce in Colombia. Thanks to e-commerce, during the first quarter of 2022, cosmetics imports into the country grew by 25.7%. This has benefited the positioning of several brands in Bogota thanks to the fact that it is the city with the greatest connectivity and internet coverage in the country.
The market in Colombia and the city is also experiencing a progressive move towards sustainability and clean, natural and botanical formulas, as consumers become increasingly concerned about the impact their purchasing decisions have not only on their health, but also on the health of the environment.
Source: Euromonitor, Sectorial.
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): 26.12.2022
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