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Beauty Market must grow in Brazil this yearPosted 19/05/2023
A highly profitable segment and – even more promising in 2023 – is the beauty business. Therefore, many entrepreneurs who plan to set up business in Brazil should pay attention to this market. In fact, the beauty segment has the second largest number of active companies in Brazi
According to a survey published by the newspaper O Estado de S. Paulo, in September last year, 343,000 beauty salons were opened in the country. Currently, the beauty market, made up of hairdressers, manicures and pedicures, sum up a total of 790,000 enterprises.
The formation of companies in Brazil in the beauty segment is 28.5% higher in the comparison between June 2022 and June 2020. In June of last year, more than 11,000 new businesses were opened.
Beauty salon consumer market
New entrepreneurs in the beauty industry who do business in Brazil are driven by a relevant factor: the country has the fourth largest beauty consumer market in the world.
Information about this can be found on the Ministry of Economy’s Company Map (Mapa de Empresas) platform. In fact, this shows that the beauty market is less impacted by economic fluctuations. And what drives this is the behavior of consumers who see beauty care as a primordial factor for well-being.
Numbers in the field of aesthetics
In the field of aesthetics, the numbers are even more encouraging for entrepreneurs who want to establish a business in Brazil. In the comparison between June 2022 and June 2020, there was a 63.3% growth in the number of CNPJs opened.
It should be noted that the category includes several services:
- Facial aesthetics;
- Body aesthetics;
- Hair removal;
- General cares, among others.
Market for beauty franchises
The health, beauty and wellness market likewise stood out among the 12 fields of the franchise sector with the highest revenues in the first quarter of 2022.
In addition, data from the “Performance Survey – 1st quarter of 2022″, of the Brazilian Franchising Association – ABF, show that franchise revenue rose 8.8% in the period. That is, it went from BRL 39.8 billion to BRL 43.3 billion.
In March 2022, the HPPCA (Toiletries, Perfumes and Cosmetics) segment had gains of a total of BRL 683.6 million. The result therefore represents an increase of 3.3% in comparison with the same month in 2021.
Overview of the beauty and wellness sector
According to the Brazilian Institute of Geography and Statistics (IBGE), the beauty market is one of the largest in the country, surpassing even the food market. In many cases, Brazilians spend more on beauty products and services than on food.
In the last decade, more than BRL 100 billion was spent per year, according to data from the Brazilian Association of the Personal Hygiene, Perfumery and Cosmetics Industry (ABIHPEC).
How to plan the formation of a company in Brazil?
Were you interested in numbers about the beauty, health and wellness market in Brazil? So, if the idea is to invest in the sector, the first step is to seek more knowledge about this market. Numbers and statistics certainly help in decision-makings and allow you to understand consumer purchasing behavior.
To set up a business in Brazil in this industry, it is essential to understand the purchase motivations and challenges, as well as to observe the competition. The second step is to know the laws, standards and bureaucracies that permeate the opening of companies in the country.
Brazil has many fiscal and tax laws, as well as specific rules for each segment. When investing in the formation of a company in Brazil, the entrepreneur must choose the tax regime, establish a physical address, open a corporate bank account, in addition to other important procedures.
All these stages require knowledge and support from a specialized partner to successfully form a company in Brazil.
Count on Europartner’s expertise to open your company in Brazil legally, with no unforeseen events and no risks for your business!Author's post: Europartner Accounting