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MARKET OUTLOOK

Triton’s research report suggests that the Latin America cosmetic dyes market is assessed to exhibit a compound annual growth rate of 5.60% during the evaluated period 2021-2028. Mexico, Brazil, and Rest of Latin America shape the market in this region.

Mexico has a well-established cosmetics and personal care products market and continues to be the second-largest market for beauty products in Latin America. Over the years, consumption of cosmetics has grown steadily due to a strengthening economy and the availability of various brands. As per the International Trade Administration, the Mexican consumer spends significantly on cosmetics and personal care products annually. Furthermore, trends for cosmetics include lasting powders and new color palettes, which increase the market share for products for diverse skin tones. Besides this, there is a surge in demand for vegan beauty products, which is driving the growth of the Mexican cosmetic dyes market. 

In Rest of Latin America, there is a steady growth in the consumption of cosmetics compared to Mexico and Brazil. In Argentina, the growing popularity of social media has enhanced the demand for cosmetics products, especially among the younger population. Other than this, rapid urbanization and growth in income have increased the demand for cosmetics. Furthermore, in Venezuela, consumers spend one-fifth of their disposable income on beauty products. Thus, as mentioned above, all these factors are widening the scope and growth of the cosmetic dyes market. 

COMPETITIVE OUTLOOK 

Major companies in the cosmetic dyes market include Neelikon Food Dyes and Chemicals Limited, Organic Dyes and Pigments LLC, Clariant, Arlex Chemi Pvt Ltd, Vivify Speciality Ingredients, Pylam Products Company Inc, and Lanxess.