The beauty and personal care market sustained little growth in either value or volume terms in 2023. The market suffered from increased smuggling from Argentina which negatively affected sales of hair care and oral care in particular.
In 2023, the beauty and personal care industry experienced a year where its value growth was barely above the country's inflation rate, and its volume witnessed almost no significant change. This was mainly due to the price differential with Argentina, which resulted in increased smuggling and growth of an informal market in categories, such as deodorants, hair care, oral care, and bath and shower.
According to the International Monetary Fund, macroeconomic performance in 2023 was strong because the economy was recovering from the previous year's drought and policy implementation remained on the expected trajectory. GDP growth was projected at 4.
The middle-income group is expanding and prospering. These consumers generally buy international brands from companies such as Unilever de Paraguay and L’Oréal from Bellcos Paraguay, seeking a balance between price and quality.
Paraguay is a landlocked country, bordered in the north by Bolivia, in the east and northeast by Brazil and in the south and southwest by Argentina. Its terrain is less mountainous than any of these countries, however.
Beauty and personal care is set to see moderate growth in value sales over the forecast period. The price differential, especially with Argentina, will continue to create many difficulties for the beauty and personal care market in Paraguay, with this situation unlikely to change in the short term.
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Beauty and Personal Care
This is the aggregation of baby and child-specific products, bath & shower, deodorants, hair care, colour cosmetics, men's grooming, oral hygiene, fragrances, skin care, depilatories and sun care. Black market sales and travel retail are excluded.
See All of Our DefinitionsThis report originates from Passport, our Beauty and Personal Care research and analysis database.
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