The household expenditure on personal care in Mexico experienced significant fluctuations over the past decade. Starting at 149.97 Billion Mexican Pesos in 2013, expenditures exhibited steady growth with some downturns. Notable changes included a peak in 2016 at 179.93 Billion Mexican Pesos, followed by a minor decline in 2018 and a substantial drop in 2020 amidst the global pandemic to 165.77 Billion Mexican Pesos. However, the market rebounded strongly in subsequent years, reaching 209.77 Billion Mexican Pesos by 2023 with a 2.05% year-on-year growth. The last five years show a CAGR of 2.72%.
From 2024 onwards, the market is forecasted to continue growing, albeit at a more modest pace, with a forecasted five-year CAGR of 1.76%, reaching 234.34 Billion Mexican Pesos by 2028. The forecasted five-year growth rate is 9.11%.
- Stable post-pandemic recovery: The market showed strong recovery post-2020.
- Moderate future growth: Forecasts indicate a continued but slower growth rate.
Future trends to watch for include changes in consumer behavior towards sustainable and eco-friendly personal care products, potential economic shifts impacting disposable incomes, and the influence of technological advancements in product development and marketing.
