Latin America, one of beauty’s emerging markets, is in a phase of intense growth. As the nuanced market adopts digitization and premiumization, the region is on track to grow 6.2% to $99.5 billion by 2029, according to Euromonitor. But by country, beauty consumer behavior varies: Brazil is currently the world’s third largest beauty market, while Mexico ranks 11th.
Latin America — made up of 33 countries, including Brazil, Chile, Colombia, the Dominican Republic, Mexico, and Peru — has a population of over 670 million. It also has a strong social media presence; according to a Resourcera report, Latin America has 365.8 million monthly active users on TikTok alone.
But outside Brazil and Mexico, the beauty consumer is still emerging. “Demographic tailwinds such as the middle class expansion [in Brazil and Mexico] and rising incomes are why brands are turning to the market,” says McKinsey partner Sara Hudson. Economic expansion and job creation are leading to this growing middle class, according to the World Bank Group, as well as over 70 million women joining the workforce since 2011.
International conglomerates are testing the waters. For L’Oréal Group, sales in Latin America grew 8.3% on a like-for-like basis in Q1 2026, driven by haircare, fragrances, and makeup. In Puig’s fiscal 2025 results, the company’s largest contributor to the makeup category was Charlotte Tilbury, which was supported by its entry into Mexico. In Unilever’s Q1 earnings, Latin America delivered 6.2% underlying sales growth with a return to positive volume growth of 2.6%, reflecting improving momentum across key markets such as Brazil and Mexico. However, Latin America sales remained flat for Estée Lauder Companies (ELC) in the third quarter of fiscal 2026, while at Coty, Americas sales (which covered both North and South America) declined 6% on a like-for-like basis, for the same period.
The region is rich with opportunities that brands can tap into. However, entering the Latin America market presents unique challenges, such as understanding the region’s volatile political and economic landscape, while meeting regulatory requirements unique to each of the region’s 33 countries. Is it worth the risk?
Come to Brazil
“Please, come to Brazil” has become a viral meme on social media, where Brazilian fans invite their favorite celebrities and brands to visit the country in the comments section of Instagram or TikTok.
“We, as Brazilians, are truly active on social media,” says Andrea Orcioli, Sephora’s managing director of Latin America. “Any brand that’s coming to the region must have a strong presence on social media. It’s crucial for success to connect with your customers, because it’s a crowded landscape.” Sephora’s Brazil Instagram account is the most-followed regional Sephora account after that of the US — with 3.1 million followers (the US account has 22.6 million).
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