The Tamesis
Latin America, as one of the emerging beauty markets, is in a stage of rapid growth. According to Euromonitor, the region is expected to grow 6.2% in 2029 to reach $99.5 billion as nuanced markets adopt digitalization and premiumization. But beauty consumer behavior varies across countries: Brazil is currently the third largest beauty market in the world, while Mexico ranks 11th.
Latin America consists of 33 countries including Brazil, Chile, Colombia, Dominican Republic, Mexico and Peru, with a population of more than 670 million. It also has a strong social media presence; TikTok alone has 365.8 million monthly active users in Latin America, according to a Resourcera report.
But outside of Brazil and Mexico, beauty consumers are still on the rise. “Demographic tailwinds such as middle-class expansion [in Brazil and Mexico] “Rising incomes are why brands are turning to the market,” said Sara Hudson, a partner at McKinsey. Economic expansion and job creation have led to a growing middle class, with more than 70 million women joining the workforce since 2011, according to the World Bank Group.
International conglomerates are testing the waters. For the L’Oréal Group, sales in Latin America increased by 8.3% year-on-year in the first quarter of 2026, driven by hair care, fragrances and cosmetics. In Puig’s fiscal 2025 results, the company’s largest contributor to the cosmetics category was Charlotte Tilbury, which was supported by its entry into the Mexican market. In Unilever’s first quarter financial report, underlying sales in Latin America increased by 6.2%, and sales volume returned to positive growth of 2.6%, reflecting improved growth momentum in major markets such as Brazil and Mexico. However, The Estée Lauder Companies’ (ELC) Latin America sales remained flat in the third quarter of fiscal 2026, while Coty’s Americas sales (which covers North and South America) fell 6% year over year during the same period.
The region is rich in opportunities for brands to capitalize on. However, entering the Latin American market comes with unique challenges, such as understanding the region’s unstable political and economic landscape while meeting the unique regulatory requirements of each of the region’s 33 countries. Is it worth the risk?
Come to Brazil
“Come to Brazil” has become a trending topic on social media, with Brazilian fans taking to the comments sections on Instagram or TikTok to invite their favorite celebrities and brands to visit the country.
“As Brazilians, we are very active on social media,” said Andrea Orcioli, Sephora’s managing director for Latin America. “Any brand entering the region must have a strong social media presence. Connecting with customers is critical to success because it’s a crowded environment.” Sephora’s Brazilian Instagram account is the most followed Sephora account in the region after the U.S., with 3.1 million followers (the U.S. account has 22.6 million followers).
