Pharmacies, the key to the strategy
In addition to having better informed consumers, a market opportunity has been identified within pharmacies, which have become the new epicenter of competition in the dermocosmetics category.
Sales of dermocosmetic products in pharmacies have experienced growth between 5 and 10 times greater than the beauty sector. This phenomenon, driven after the Covid-19 pandemic, is due to the fact that buyers have abandoned the purchase of luxury or mass beauty products and have discovered a relevant point of sale in pharmacies.
Pharmacy salespeople have the knowledge to provide recommendations to consumers who already know their skin type and needs, such as treating acne or skin blemishes. This opportunity arises as a result of the decreased availability of doctors around the world, including Mexico, to care for the population, Ducournau said.
When we see the ranking of subsidiaries, Mexico is in seventh place in sales
Eric Ducournau, CEO of Pierre Fabre
With a market in constant growth, Pierre Fabre identifies a significant opportunity for its development in Mexico. This growth is based on the increase in the number of units in various pharmacy chains well established among consumers, projecting that the country will reach a turnover of 100 million euros by the end of 2024.
To boost their operations in the country, they have chosen to segment their products to determine which are most suitable for distribution through pharmacy chains and which should be directed to specialized pharmacies, which offer specific products for oncology or diabetic patients.
“We have to evaluate how we operate in distribution channels. In Mexico, this represents a challenge, since compared to our competitors, we are present in approximately half, or perhaps a third, of the pharmacy chains,” says the manager. .
A growing category
The global dermocosmetics market, which encompasses skin and hair products, is estimated to close the year at $64.45 billion and is projected to reach $132.95 billion by 2030, with a compound annual growth rate of 10.90% between 2023 and 2030, according to Delvens data.
The consultancy firm points out that a key driver of this market is consumers’ growing awareness of their appearance, which leads them to look for products that reduce signs of aging, wrinkles, acne and expression lines. In addition, they have greater purchasing power to purchase products intended to protect and lighten the skin.