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Latin American leader trails only the U.S. and Japan in market size.
June 29, 2009
By: TOM BRANNA
Brazil is becoming a cosmetics powerhouse. According to figures supplied by the IBGE (Brazilian Institute of Geography and Statistics) and the Brazilian Association of Toiletries, Perfumes & Cosmetics Industries (Abihpec), Brazil is the third largest market in the world for cosmetics, growing 7.1% last year.
Abihpec credits the gain to several factors including: greater female participation in the labor market, constant releases of products and use of state-of-the-art technology by personal hygiene, perfumery and cosmetics industries, which causes greater production and consequently sale of products at more competitive prices.
Further helping to propel growth is demand for raw materials for natural and organic products. A forecast by the Organic Monitor shows that consumption of these products is currently 4%, but in 2012 it may reach 10%.
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