Keratin is a biochemical that is used in developing and producing personal care products, specifically for nails, skin, and hair. The rising of the salon care and cosmetic industry in Latin America accelerates the regional market growth. There are two types of keratin products available in the market, alpha-keratin products, and beta-keratin products. Alpha-keratin is a type of protein that is mostly used for hair, nails, and making skin soft and wrinkle-free. Beta–keratin provides vitamin A and is used for healthy skin and eyes. Keratin products are used in tissue culture and have several biomedical applications due to biocompatible and biodegradable nature.
Mexico is amongst the top ten markets in the world for cosmetics and personal care products. In Latin America, it is the second-largest market for beauty products. As per the Euromonitor 2017, the consumption of cosmetics in Mexico has grown consistently over the past one and a half decades, owing to the strengthening economy and availability of a variety of both domestic and imported brands.
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Mexico continues to lure massive multinational companies that have established both manufacturing and distribution facilities in-country and use Mexico as their distribution center for Latin America. As per Mexico’s National Chamber of the Cosmetics Industry, in the year 2019, the number of Mexican personal care brands rose by three times since 2013.
Rising adoption of grooming products among men and the sudden popularity of beard has surged the demand for hair care products in the country. It represents 20% of the total personal care market. In the past few years, there has been a boom in barbershops and specialty stores that caters to products specifically developed for men and their hair care needs. Furthermore, hair extensions have set quite a trend among the consumers that now has access to both affordable low-quality synthetic options and high-end natural hair extensions, further driving the market growth.
Figure: Cosmetics and Personal Care Products Market in Mexico (USD Million)
Keratin Market: Segmentation
Central and South America and the Caribbean
The Middle East and Africa
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