Value Chain Report on the Cosmetics Industry in Brazil

Abstract

This report presents a comprehensive value chain analysis of the cosmetics industry in Brazil, a globally significant market valued at over US$ 31 billion in 2023 and projected to reach US$ 46.61 billion by 2029. The analysis details the distinct stages of the value chain, from Research and Development (R&D) leveraging Brazil's rich biodiversity, through Sourcing, Manufacturing, Logistics, Marketing & Sales, to sophisticated multi-channel Retail and Direct Sales, and concluding with emerging Post-Consumer considerations focusing on sustainability. Key players such as Grupo Boticário, Natura &Co (Natura, Avon), L'Oréal Brazil, P&G Brazil, and Unilever Brazil dominate the market, employing diverse business models including robust direct selling networks, extensive franchise operations, traditional retail partnerships, and rapidly growing e-commerce platforms. Commercial relationships are complex, involving contractual agreements with R&D partners, sustainable sourcing initiatives with local communities, large-scale manufacturing contracts, intricate logistics partnerships navigating Brazil's vast geography, and multi-faceted marketing and sales channel management. Significant bottlenecks include raw material price volatility, complex logistics, stringent regulatory hurdles managed by ANVISA, counterfeit products, intense market competition, challenges in implementing widespread sustainability practices, and adapting to digital transformation. The report concludes that navigating these challenges while capitalizing on Brazil's market size, biodiversity, and evolving consumer preferences is key to sustained success in this dynamic industry.

Introduction

The cosmetics industry encompasses a wide range of products designed for personal care, beautification, and hygiene, including skincare, haircare, makeup, fragrances, toiletries, and oral care items. Globally, it represents a multi-billion dollar market driven by innovation, consumer trends, and cultural perceptions of beauty and well-being. Brazil stands as a powerhouse within this global landscape, consistently ranking among the top largest markets for beauty and personal care products worldwide. Its significance stems not only from its sheer market size, fueled by a large and engaged consumer base, but also from its unique characteristics, such as the rich biodiversity of the Amazon rainforest providing unique natural ingredients, a strong cultural emphasis on beauty and personal care, and the prevalence of distinct sales channels like direct selling. Major multinational corporations operate alongside strong domestic players, creating a dynamic and highly competitive environment. The Brazilian consumer exhibits diverse preferences, influenced by regional variations, increasing demand for sustainable and ethical products, and growing adoption of digital channels.

The purpose of this report is to provide a detailed analysis of the value chain specific to the cosmetics industry in Brazil. It aims to dissect the intricate network of activities, from the initial conception of a product to its final consumption and disposal, identifying the key stages, segments, and players involved. The scope includes an examination of the primary activities within each value chain step, an analysis of the major companies operating within this ecosystem, their market positioning, and estimated sizes. Furthermore, the report delves into the complex commercial relationships and business models that govern interactions between players along the chain. It also identifies and analyzes the critical bottlenecks and challenges faced by the industry within the Brazilian context, such as logistical complexities, regulatory hurdles, and competitive pressures. By offering a granular view of how value is created, distributed, and captured, this report intends to serve as a comprehensive resource for understanding the operational landscape, strategic dynamics, and future potential of the Brazilian cosmetics industry.

Value Chain Definition

The cosmetics value chain in Brazil represents the sequence of activities required to bring a cosmetic product from concept to consumer and manage its end-of-life. It is a complex system involving diverse actors, intricate processes, and significant value addition at each stage. Understanding this chain reveals how raw potential, including Brazil's unique natural resources, is transformed into sophisticated consumer goods meeting diverse needs. The key steps involved are detailed below:

1. Research and Development (R&D)

This fundamental stage focuses on innovation, product creation, and enhancement. It is the engine driving differentiation and responding to evolving consumer demands for efficacy, safety, and novelty. * Segments: * Basic Research & Formulation: This segment delves into the scientific exploration of new active ingredients (both natural and synthetic), understanding their mechanisms of action, interaction, and stability. It involves the creative development of new product formulas, textures, and delivery systems, often leveraging bioinformatics, biotechnology, and advanced chemistry. The focus is on creating unique selling propositions and addressing specific consumer needs (e.g., anti-aging, hydration, specific hair types). * Product Testing & Validation: Rigorous testing is paramount to ensure product safety, efficacy, stability, and regulatory compliance. This involves dermatological testing, microbiological challenges, stability assessments under various conditions (temperature, light), sensory analysis, clinical efficacy trials (often using instruments and expert evaluation), and consumer perception studies. Compliance testing ensures adherence to ANVISA's strict standards. * Main Activities: Activities include identifying promising natural compounds from Brazilian biodiversity, synthesizing novel molecules, formulating prototypes, conducting extensive in-vitro and in-vivo testing, managing clinical trials, analyzing results, preparing technical dossiers for regulatory submission, and ensuring intellectual property protection through patents.

2. Sourcing and Production of Raw Materials and Packaging

This stage involves acquiring all necessary inputs for manufacturing. Brazil's biodiversity offers unique opportunities, particularly for natural ingredients, while packaging plays a critical role in product appeal and preservation. * Segments: * Natural Ingredient Sourcing & Processing: This involves the cultivation, sustainable harvesting (often from biomes like the Amazon or Caatinga), extraction, and primary processing of botanical raw materials (e.g., oils, butters, extracts from seeds, fruits, leaves). Emphasis is increasingly placed on traceability, fair trade practices with local communities and cooperatives, and biodiversity conservation. * Synthetic Ingredient Manufacturing: This segment covers the industrial production of chemicals essential for cosmetic formulations, such as surfactants, emulsifiers, preservatives, emollients, humectants, UV filters, and colorants. These are often produced by large chemical companies, both domestic and international. * Packaging Manufacturing: This involves the design, production, and decoration of primary packaging (bottles, jars, tubes, pumps, sprays contacting the product) and secondary packaging (boxes, cartons, leaflets). Materials include plastic (various types, including recycled), glass, metal, paper, and board. Design focuses on aesthetics, functionality, product protection, and increasingly, sustainability (e.g., refillable, recyclable, lightweight materials). * Main Activities: Farming and wild-harvesting of botanicals, sophisticated extraction techniques (e.g., CO2 supercritical extraction), chemical synthesis and purification, injection molding, blow molding, glass forming, printing and labeling, rigorous quality control testing of all incoming materials, supplier audits (especially for sustainability and ethical sourcing), and inventory management of diverse components.

3. Manufacturing/Production

This core operational stage transforms the sourced raw materials and packaging into finished cosmetic goods ready for the market. It requires adherence to strict quality and regulatory standards. * Segments: * Formulation and Mixing: Precise weighing, dispensing, and mixing of raw materials according to validated formulations in large industrial mixers or reactors. Controlling parameters like temperature, mixing speed, and time is crucial for product consistency and quality. * Filling and Packaging: Automated or semi-automated filling of the manufactured product into primary containers, followed by sealing, capping, labeling, batch coding, and assembly into secondary packaging. Ensuring fill accuracy and proper sealing is vital for product integrity and shelf life. * Quality Control and Assurance (QC/QA): Implementing comprehensive quality management systems, including Good Manufacturing Practices (GMP). This involves in-process checks, finished product testing (physical, chemical, microbiological), batch record review, adherence to sanitation protocols, and final release procedures before distribution. * Main Activities: Bulk manufacturing of cosmetic bases (emulsions, solutions, suspensions, powders), filling lines operation, packaging line management, implementation and monitoring of GMP, conducting QC tests on intermediate and final products, managing production schedules, maintaining manufacturing equipment, and ensuring workforce training on safety and quality procedures.

4. Logistics and Distribution

This stage covers the flow of goods from the manufacturing site to the point of sale or final consumer, a significant challenge in Brazil's vast territory. * Segments: * Warehousing and Storage: Managing dedicated facilities for storing raw materials, packaging components, and finished goods. This often requires controlled environments (temperature, humidity) to maintain product quality and stability. Sophisticated inventory management systems (e.g., WMS) are used. * Transportation: Moving goods efficiently and safely between different points in the supply chain – from suppliers to factories, factories to distribution centers (DCs), DCs to wholesalers or retailers, and potentially direct to consumers (e-commerce). This involves selecting appropriate modes (predominantly road freight in Brazil) and carriers, route planning, and ensuring product integrity during transit. * Wholesale Distribution: Acting as intermediaries, wholesalers purchase large quantities from manufacturers and distribute smaller quantities to a wide network of retailers (pharmacies, perfumeries, small shops), often providing credit and sales support. * Logistics Services Providers (LSPs): Specialized companies (3PLs) offering outsourced logistics services, including warehousing, transportation management, order fulfillment, and sometimes customs brokerage, often with expertise in handling cosmetics. * Main Activities: Inventory planning and forecasting, warehouse operations (receiving, put-away, storage, picking, packing, shipping), transportation network design and optimization, fleet management or carrier contracting, freight negotiation, customs clearance for imported/exported goods, order processing and fulfillment, temperature monitoring during transport and storage, and managing returns (reverse logistics).

5. Marketing and Sales

This stage focuses on creating demand, building brand awareness, communicating product benefits, and driving sales through various channels. * Segments: * Brand Management and Marketing: Developing the overall strategy for a brand or product line, defining target audiences, positioning, pricing, and communication messages. This includes creating advertising campaigns (TV, print, digital, social media), public relations activities, influencer marketing, and promotional strategies (discounts, gifts with purchase). * Sales Channel Management: Overseeing and coordinating activities across different routes to market – direct sales networks, retail partners (key account management), e-commerce platforms, and wholesale distributors. Setting sales targets and performance metrics for each channel. * Trade Marketing: Developing specific marketing and promotional strategies aimed at intermediaries like retailers and wholesalers to secure shelf space, improve product visibility (merchandising), and encourage stocking and promotion of the manufacturer's products. * Main Activities: Conducting market research and consumer insight analysis, developing marketing plans and budgets, creative development for advertising materials, media planning and buying, managing social media presence, organizing promotional events, training sales forces and consultants, managing customer relationship management (CRM) systems, analyzing sales data, and managing relationships with advertising agencies and retail partners.

6. Retail and Direct Sales

This is the final interface where consumers purchase cosmetic products. Brazil features a diverse range of channels catering to different consumer segments and preferences. * Segments: * Specialized Retail Stores: Branded stores (e.g., O Boticário, Quem Disse Berenice?) or multi-brand beauty retailers offering a focused assortment and often expert advice. * Department Stores: Dedicated beauty counters within larger stores, typically featuring premium and luxury brands. * Pharmacies and Drugstores: A major channel in Brazil, selling a wide range of cosmetics, dermocosmetics, personal care, and hygiene products, leveraging convenience and perceived trustworthiness. * Supermarkets and Hypermarkets: Primarily offering mass-market cosmetic and personal care brands, focusing on volume and accessibility. * E-commerce/Online Retail: Sales through brand-owned websites (D2C), multi-brand online retailers, and large marketplaces (e.g., Mercado Livre, Amazon Brazil). Characterized by convenience, wide selection, and price comparison. * Direct Sales: A historically significant channel where brands like Natura and Avon utilize large networks of independent consultants who sell directly to consumers, often through catalogues and personal networks, emphasizing relationships and personalized service. * Main Activities: Store layout design and visual merchandising, managing point-of-sale (POS) inventory, processing customer transactions, providing customer service and product consultations, managing online store platforms, fulfilling online orders, recruiting, training, and motivating direct sales consultants, managing customer databases, and implementing loyalty programs.

7. Post-Consumer

This relatively newer, but increasingly important, stage addresses the end-of-life of cosmetic products and their packaging, driven by sustainability concerns and circular economy principles. * Segments: * Collection and Sorting: Systems and infrastructure for collecting used cosmetic packaging from consumers (e.g., in-store take-back programs, municipal collection) and sorting the materials (plastics, glass, paper, metals). * Recycling and Reprocessing: Technologies and facilities to transform collected packaging materials into secondary raw materials for use in new packaging or other products. * Proper Disposal: Ensuring that non-recyclable components or product residues are disposed of in an environmentally responsible manner, minimizing landfill waste. * Main Activities: Designing packaging for recyclability, establishing partnerships with recycling cooperatives or waste management companies, implementing reverse logistics programs, investing in recycling infrastructure or technologies, educating consumers about proper disposal and recycling options, and reporting on sustainability metrics related to packaging waste.

Value Chain Summary Table

Value Chain Step	Segments	Types of Players	Main Activities
Research and Development (R&D)	Basic Research & Formulation, Product Testing & Validation	Cosmetic companies (in-house R&D), Research institutions, Ingredient suppliers, CROs	Ingredient discovery, Formulation development, Product prototyping, Safety/efficacy testing, Regulatory compliance testing
Sourcing and Production of Raw Materials and Packaging	Natural Ingredient Sourcing/Processing, Synthetic Ingredient Manufacturing, Packaging Manufacturing	Natural ingredient suppliers, Chemical companies, Packaging manufacturers, Brokers	Cultivation/harvesting/extraction, Chemical synthesis, Packaging design/manufacturing, Quality control, Sustainable sourcing
Manufacturing/Production	Formulation and Mixing, Filling and Packaging, Quality Control and Assurance	Large multinational manufacturers, Brazilian manufacturers (various sizes), Contract manufacturers	Ingredient blending/processing, Filling/sealing, Labeling/packaging, GMP implementation, Internal quality control, Inventory management
Logistics and Distribution	Warehousing and Storage, Transportation, Wholesale Distribution, LSPs	In-house logistics, 3PLs, Wholesalers, Transportation companies	Inventory management, Order picking/packing, Transportation planning/execution, Freight forwarding, Warehouse management, Temperature control
Marketing and Sales	Brand Management and Marketing, Sales Channel Management, Trade Marketing	Marketing/sales departments, Advertising agencies, Market research firms, Sales teams	Market research, Brand positioning/communication, Marketing campaigns, Sales forecasting, Distributor/retailer relationship management
Retail and Direct Sales	Specialized Retail, Department Stores, Pharmacies, Supermarkets, E-commerce, Direct Sales	Cosmetic brands (own stores), Multi-brand retailers, Pharmacies/drugstores, Supermarkets/hypermarkets, Online platforms, Direct sales companies/consultants	Merchandising, Customer service, Inventory management (retail), Transaction processing, Online store management, Building customer relationships
Post-Consumer	Collection and Sorting, Recycling and Reprocessing, Proper Disposal	Recycling cooperatives/companies, Waste management companies, Cosmetic companies (reverse logistics), Consumers	Packaging collection/sorting, Material recycling/reprocessing, Environmentally responsible disposal, Consumer education, Sustainable packaging

Players Analysis

The Brazilian cosmetics value chain is populated by a diverse array of players, ranging from large multinational corporations and major domestic groups to specialized suppliers, manufacturers, distributors, and retailers. Understanding these key players, their activities, and scale is crucial to comprehending the market dynamics.

Profiles of Key Players:

• Grupo Boticário: A dominant Brazilian beauty conglomerate known for its multi-brand (O Boticário, Eudora, Quem Disse Berenice?, Vult, Truss Professional) and multi-channel approach. O Boticário operates one of the largest franchise networks globally. The group invests heavily in R&D, manufacturing capacity (with a new plant planned in Minas Gerais), sophisticated logistics, and extensive marketing. They claim market leadership in segments like perfumery and reported significant revenue growth, reaching R$ 30.8 billion in 2023 and projecting higher figures for 2024. Their activities span nearly the entire value chain, from product development and manufacturing to extensive retail operations and marketing.
• Natura &Co (Brazil Operations - Natura and Avon): This Brazilian multinational is renowned for its strong direct sales model, utilizing vast networks of Natura and Avon consultants across Brazil. Natura emphasizes sustainability, particularly ethical sourcing of natural ingredients from the Amazon through its "Natura Amazônia Program," forming deep relationships with local communities. Avon, a global direct selling giant integrated into the group, complements this reach. Natura &Co invests significantly in R&D focused on biodiversity, operates manufacturing facilities, manages complex logistics for direct delivery, and builds strong brand narratives around sustainability and empowerment. They are a leading force in beauty and personal care in Brazil and Latin America.
• L'Oréal Brazil: The subsidiary of the French global beauty leader, L'Oréal has a formidable presence in Brazil across all major categories: mass market, luxury, professional (salon products), and active cosmetics (dermocosmetics sold primarily in pharmacies). They manage a portfolio of well-known international brands adapted for the Brazilian market. Brazil serves as a significant market and a "laboratory" for testing and developing products suited for diverse populations. They leverage strong R&D capabilities, operate local manufacturing, utilize various distribution channels including a strong presence in pharmacies, and invest heavily in marketing. L'Oréal reported strong growth (18% in 2023) in Brazil.
• Procter & Gamble (P&G) Brazil: A subsidiary of the US-based multinational consumer goods giant. P&G focuses primarily on personal care segments within the broader beauty market, with leading brands in haircare (Head & Shoulders, Pantene) and other personal hygiene categories. They leverage global R&D, large-scale manufacturing, extensive distribution networks reaching supermarkets, pharmacies, and other retail outlets, and significant marketing investments focused on brand building and consumer awareness.
• Unilever Brazil: Another major multinational consumer goods company with a strong foothold in the Brazilian beauty and personal care market. Brands like Dove, Rexona (deodorants), Seda (haircare) are household names. Unilever invests in R&D, local manufacturing, wide distribution reaching mass-market channels, and prominent marketing campaigns. They are increasingly focusing on sustainability initiatives within their beauty portfolio.
• Skala Cosméticos: A Brazilian company that gained prominence with its affordable, vegan, and often large-format haircare products, resonating particularly well with consumers seeking value and specific hair treatments (like products for curly hair). Recently receiving investment from Advent International, Skala focuses on accessible price points, specific consumer needs, and expanding distribution, demonstrating the potential for niche players to achieve significant scale (reported faturamento near R$ 1 billion in 2023).
• Hinode Group: A significant Brazilian player primarily operating through a direct sales model, utilizing multi-level marketing (MLM). They offer a portfolio including cosmetics, fragrances, personal care, and wellness products. Hinode focuses on empowering its network of consultants, expanding its reach, and recently targeting younger demographics (Gen Z) to grow its market share. Reported faturamento was R$ 747 million in 2023.
• Jequiti: Initially part of Grupo Silvio Santos and recently acquired by the pharmaceutical company Cimed, Jequiti operates mainly through direct sales via consultants using catalogues, often leveraging media exposure from its parent group. Following the acquisition, plans include expanding into physical retail (pharmacies) and broadening its product portfolio, aiming for significant revenue growth from its reported R$ 466+ million in 2023 towards a R$ 1 billion target by 2029.

Examples of Main Players and Their Activities:

• R&D: Large players like Natura, Boticário, and L'Oréal have significant in-house R&D centers in Brazil, often collaborating with local universities and research institutions. Ingredient suppliers also conduct R&D.
• Sourcing: Natura stands out for its direct sourcing programs in the Amazon. Other manufacturers rely on specialized suppliers of natural and synthetic ingredients and packaging manufacturers.
• Manufacturing: Boticário has large-scale proprietary manufacturing, alongside contract manufacturers who produce for various smaller brands or specific lines for larger companies.
• Logistics & Distribution: Besides in-house logistics by major players, specialized distributors like DEC, JS Distribuidora, SBB Distribuidora, and Polyser Distribuidora play a crucial role in reaching fragmented retail across Brazil's vast territory. 3PLs like FM Logistic also offer specialized services.
• Marketing & Sales: All major brands invest heavily in marketing via advertising agencies and internal departments. Sales occur through diverse channels managed by internal teams or partners.
• Retail: O Boticário's franchise network is a prime example. Pharmacies (like Raia Drogasil, Pacheco) are key retail players. Supermarkets (Carrefour, Pão de Açúcar) focus on mass market. E-commerce includes brand sites and marketplaces. Direct sales are dominated by Natura, Avon, Hinode, and Jequiti consultants.
• Post-Consumer: Many larger brands are initiating take-back programs and partnering with recycling entities, though this stage is less mature than others.

Estimates of Volumes and Sizes of the Players:

Precise, up-to-the-minute market share data for every player is proprietary and dynamic, but available information provides a strong indication of scale:

• Market Leaders: Natura &Co and Grupo Boticário are consistently cited as the top players, vying for overall market leadership in Brazil. Their combined share, along with L'Oréal, Unilever, and Colgate-Palmolive, represented nearly half the market in past estimates (around 47.8% in 2018). Natura was noted as the leader in 2023.
• Grupo Boticário: Reported sales of R$ 30.8 billion in 2023, projecting R$ 36.9 billion for 2024 (with another report citing R$ 35.7 billion achieved in 2024). Production capacity is enormous, ranging from 800 million up to a potential 1 billion units annually.
• Natura &Co: Reported consolidated GMV for cosmetics in Latin America reached R$ 40 billion in 2023. Q4 2024 consolidated net revenue for the group was R$ 7.7 billion. Natura Brasil showed strong individual growth. Their direct sales network comprises hundreds of thousands or even millions of consultants.
• L'Oréal Brazil: Experienced 18% growth in 2023. Notably strong in the pharmacy channel, leading non-medicine sales with R$ 3.3 billion as of late 2024 in that channel alone. Total revenue across all channels is substantially higher.
• P&G Brazil & Unilever Brazil: Also major players in the pharmacy channel, with R$ 3.1 billion and R$ 2.7 billion in non-medicine sales respectively as of late 2024. Their overall market presence in supermarkets and other channels makes them top-tier competitors in personal care.
• Mid-Tier/Niche Leaders: Skala Cosméticos approached R$ 1 billion in revenue in 2023. Hinode Group achieved R$ 747 million in 2023. Jequiti exceeded R$ 466 million in 2023.
• Channel Volumes: The pharmacy channel is significant, with the top players generating billions of Reais in sales there. The direct sales channel, driven by giants like Natura and Avon, represents a massive volume distributed through consultants. The prestige beauty segment alone exceeded R$ 1.8 billion in turnover and 5 million units sold in the first half of 2024.

These figures illustrate the scale of the leading companies and the significant financial volumes flowing through the Brazilian cosmetics value chain, confirming its status as a major global market.

Commercial Relationships

The cosmetics industry in Brazil operates through a deeply interconnected value chain, with commercial relationships forming the backbone of its operations at every stage. These relationships are shaped by the unique characteristics of the Brazilian market, including its large consumer base, rich biodiversity, diverse regional demands, and complex logistical landscape.

In the initial Research and Development (R&D) phase, commercial relationships are forged between cosmetic companies and entities possessing specialized scientific and technical expertise. Large national and multinational cosmetic firms often have robust in-house R&D departments, but they frequently collaborate with external partners. These partners include universities and research institutions, engaged through sponsored research agreements or joint development projects to explore new ingredients, understand their properties, and develop innovative formulations. Ingredient suppliers, particularly those offering novel or sustainably sourced natural ingredients from Brazilian biodiversity, also engage in close R&D relationships with manufacturers, often co-developing ingredients tailored for specific cosmetic applications. Specialized contract research organizations (CROs) are commercially engaged for conducting rigorous product testing, including safety assessments, efficacy trials, and stability studies, ensuring products meet both internal quality standards and regulatory requirements set by agencies like ANVISA. These relationships are typically contractual, based on the scope of research, testing protocols, and data ownership, and are crucial for driving innovation and product differentiation in a competitive market.

Further down the chain, in the Sourcing and Production of Raw Materials and Packaging, commercial relationships are established between cosmetic manufacturers and a diverse supplier base. For natural ingredients, relationships can be direct with communities involved in sustainable harvesting, often structured around long-term purchase agreements that may include social and environmental clauses, as exemplified by Natura's "Natura Amazônia Program" which involves fair business relationships and support for local production chains. This model goes beyond simple transactions, aiming for mutual development and conservation. Manufacturers of synthetic ingredients, often large chemical companies, supply a wide array of chemicals under supply contracts, with pricing influenced by global market dynamics. Packaging manufacturers provide essential components like bottles, jars, tubes, and labeling. Commercial agreements here involve detailed specifications for materials, design, volume, and delivery schedules, crucial for product presentation and integrity. The increasing focus on sustainability means these relationships are evolving to include recycled or eco-friendly packaging materials. Brokers and traders also play a role, facilitating the procurement of raw materials and managing import/export processes through transactional relationships.

The Manufacturing/Production stage involves the transformation of raw materials into finished products. While large companies may have their own manufacturing plants, a significant portion of production, especially for smaller and medium-sized brands or for specific product lines, is handled by contract manufacturers. The commercial relationship between a brand owner and a contract manufacturer is defined by a manufacturing agreement. This contract details the product formulations, production quantities, quality control procedures, packaging requirements, and payment terms. The brand owner provides the formulation and branding, while the contract manufacturer provides the facilities, labor, and expertise to produce the goods. This allows brands to scale production without significant capital investment in manufacturing infrastructure. For companies with in-house manufacturing, commercial considerations exist in the procurement of manufacturing equipment, maintenance services, and utilities.

Logistics and Distribution represent a critical and often complex part of the value chain in Brazil due to its vast geography. Manufacturers or brand owners engage with various logistics service providers (LSPs) through contractual agreements. These services include warehousing and storage (often requiring specialized conditions like temperature control for cosmetics), inventory management, and transportation across the country. Transportation relationships involve contracting trucking companies for road transport (the most common mode), as well as potentially air or sea freight for longer distances or specific needs. Wholesale distributors are key commercial partners, purchasing finished products in bulk from manufacturers and then selling and distributing them to a wide network of retail outlets across different regions. The relationship with wholesalers is typically governed by distribution agreements that grant them rights to sell within specific territories and outline terms for pricing, credit, and returns. These distributors, in turn, have commercial relationships with numerous pharmacies, supermarkets, perfumeries, and smaller retailers, managing deliveries and sales interactions. With the rise of e-commerce, relationships with parcel delivery companies and specialized e-commerce logistics providers for last-mile delivery to the final consumer have become increasingly important.

In the Marketing and Sales stage, the commercial relationships are centered around promoting products and facilitating their purchase by consumers. Cosmetic companies engage advertising and marketing agencies through service contracts to develop and execute marketing campaigns across various platforms, including television, print, social media, and digital channels. Market research firms are employed under contract to provide insights into consumer behavior, market trends, and the effectiveness of marketing strategies. The commercial relationships in the sales channels are varied. In traditional retail, manufacturers sell to retail chains or individual stores, with terms of sale, shelf space agreements, and promotional support being key aspects of the commercial relationship. For direct sales, the relationship is with a vast network of independent consultants. Companies like Natura and Avon sell products to these consultants at discounted prices, and the consultants earn commissions on their sales to consumers. This is a multi-level marketing or network marketing model at the consultant level, supported by the company's logistics and marketing efforts. E-commerce involves direct commercial relationships with consumers through the brand's website, managed through e-commerce platforms and integrated with payment gateways and delivery services. Selling through online marketplaces involves adhering to the platform's terms and conditions, including commission structures.

Finally, the Post-Consumer stage is increasingly becoming part of the commercial landscape, driven by sustainability concerns and regulations. Cosmetic companies are forming relationships with recycling cooperatives and waste management companies to facilitate the collection, sorting, and processing of packaging materials. These are typically service contracts for waste management and recycling services. Some companies are also developing commercial partnerships for implementing reverse logistics programs, working with logistics providers or retailers to establish collection points and manage the return of used packaging from consumers. These relationships are often part of a broader corporate social responsibility and environmental strategy, sometimes incentivized by government policies or consumer demand for circular economy practices.

Products and Services Exchanged Along the Chain:

The exchanges within the Brazilian cosmetics value chain are diverse and flow in both directions, encompassing physical products, intangible services, and crucial information. * R&D: Intellectual property (formulations, patents), research data, prototypes, samples; scientific analysis, testing services (safety, efficacy, stability), regulatory consulting. * Sourcing & Production (Raw Materials/Packaging): Natural ingredients (oils, extracts, etc.), synthetic chemicals (surfactants, preservatives, etc.), packaging components (bottles, jars, tubes, labels); quality certifications, technical specifications, sustainability/traceability data. * Manufacturing/Production: Finished cosmetic goods (creams, lotions, makeup, fragrances); contract manufacturing services, quality assurance testing, batch records. * Logistics & Distribution: Finished cosmetic goods transported and stored; warehousing services, transportation management, inventory management systems, order fulfillment, last-mile delivery, tracking information, delivery confirmations. * Marketing & Sales: Finished cosmetic goods for sale; advertising and marketing campaign services, market research reports, sales training, merchandising services, digital marketing platform management, customer service. * Post-Consumer: Used packaging materials collected; waste collection services, sorting services, recycling processing, sustainability reporting data.

Business Models Used in Relationships Between Players:

Various business models underpin the commercial interactions: * Direct Sales: Companies sell wholesale to independent consultants who sell retail (Natura, Avon, Hinode). Relies on large networks and relational sales. * Traditional Retail: Manufacturers sell to retailers (pharmacies, supermarkets, specialty stores) who sell to consumers. Based on wholesale/retail margins and shelf space agreements. * Franchise Model: Brand licenses operations to franchisees who run branded stores (Grupo Boticário). Involves franchise fees, royalties, and adherence to brand standards. * E-commerce (D2C & Marketplaces): Brands sell directly via own websites or through third-party online platforms. Requires digital marketing, online transaction processing, and direct-to-consumer logistics. * Multi-channel/Omni-channel: Integration of multiple channels (direct, retail, online) for a seamless customer experience. Requires complex system integration. * Contract Manufacturing: Brands outsource production to specialized manufacturers based on detailed service agreements. Allows asset-light operations for brands. * Sustainable/Fair Trade Sourcing: Models incorporating ethical and environmental premiums or benefit-sharing agreements with raw material suppliers/communities (Natura). * Service Contracts: Used for engaging R&D partners (CROs), marketing agencies, logistics providers (LSPs), and waste management companies, based on defined scope and deliverables.

Bottlenecks and Challenges

The Brazilian cosmetics industry, while dynamic and growing, faces several significant bottlenecks and challenges that can impact the efficiency and profitability of its value chain:

One of the primary challenges is the Volatility of Raw Material Prices and Supply Chain Disruptions. Fluctuations in the cost of key ingredients, both natural (affected by climate and agricultural factors) and synthetic (influenced by global petrochemical markets and currency exchange rates), directly impact production costs. This can lead to unpredictable pricing for finished products, affecting both manufacturers' margins and consumer affordability. Dependence on imported raw materials further exacerbates this challenge due to currency volatility and international supply chain risks. Geopolitical events or global health crises can also disrupt the timely supply of essential components.

Logistical Complexity and High Costs are inherent challenges in a country with the continental dimensions of Brazil. Distributing products efficiently across vast distances, diverse terrains, and sometimes inadequate infrastructure is complex and expensive. This is particularly challenging for reaching consumers in remote or less accessible areas, impacting delivery times and costs for both traditional distribution and e-commerce. Maintaining proper storage conditions, especially temperature control for certain cosmetic products, adds another layer of complexity and cost to the logistics chain.

The Regulatory Environment in Brazil, governed by ANVISA, is stringent, aimed at ensuring product safety and quality. However, navigating the registration, testing, and compliance processes can be a time-consuming, bureaucratic, and costly endeavor for companies. Frequent updates or changes in regulations also require continuous adaptation and investment in compliance, posing a significant challenge, especially for smaller businesses.

The pervasive issue of Counterfeit Products in the market remains a serious bottleneck. These fake products not only lead to significant revenue losses for legitimate brands but also pose potential health risks to consumers due to unknown and potentially harmful ingredients. Combating counterfeiting requires continuous effort in supply chain security, legal action, and consumer awareness campaigns.

Intense Competition and Price Sensitivity characterize the Brazilian cosmetics market. The presence of major international and national players creates a highly competitive landscape. While there is demand for premium products, a large portion of the Brazilian population remains price-sensitive, particularly in the mass-market segment. This puts pressure on manufacturers and retailers to maintain competitive pricing, which can squeeze profit margins throughout the value chain. Economic instability can further exacerbate this price sensitivity.

Implementing and ensuring Sustainability and Ethical Practices across the entire value chain, while increasingly demanded by consumers and regulators, presents significant challenges. Sourcing natural ingredients sustainably and ethically from diverse communities requires building strong, trust-based relationships, ensuring fair compensation, and implementing environmentally sound practices. Establishing effective reverse logistics systems for packaging waste collection and recycling across a large country is also a complex undertaking. The initial investment and ongoing costs associated with sustainable practices can be high, potentially impacting the affordability of "green" products for the mass market.

Adapting to the accelerating Digital Transformation and E-commerce Growth is a challenge for companies traditionally focused on direct sales or physical retail. This requires significant investment in e-commerce platforms, digital marketing expertise, and adapting logistics to handle direct-to-consumer shipments efficiently. While e-commerce offers opportunities, it also intensifies competition and requires a different set of skills and strategies.

Finding and retaining Skilled Labor across various stages of the value chain, from R&D and manufacturing to logistics and sales (including training and motivating a large direct sales force), can be a bottleneck. The need for specialized skills in areas like sustainable sourcing, digital marketing, and advanced logistics is growing.

Finally, the overall Tax Burden in Brazil is often cited as a significant cost factor for businesses, impacting pricing and profitability within the cosmetics industry. Navigating the complex tax system adds another layer of administrative burden.

Addressing these interconnected bottlenecks requires strategic planning, investment in technology and infrastructure, fostering strong collaborative relationships with partners across the value chain, adapting business models to evolving market dynamics, and proactively engaging with regulatory and sustainability challenges.

Value Chain Relationships and Business Models

The commercial dynamics of the Brazilian cosmetics value chain are deeply influenced by the relationships between players at different stages and the business models they employ. These interactions dictate the flow of products, services, and value, while also highlighting inherent transaction points prone to challenges.

Inter-Segment Commercial Relationships:

• R&D <-> Sourcing: R&D collaborations often occur between manufacturers and specialized ingredient suppliers (especially natural/biotech). Findings from R&D (e.g., a new active ingredient) directly inform sourcing strategies. Conversely, sustainably sourced, unique ingredients from suppliers drive R&D efforts. The business models here range from fee-for-service research contracts (with CROs) to joint development agreements and long-term supply contracts that include benefit-sharing clauses (Natura's model with Amazonian communities). Bottlenecks arise from intellectual property ownership disputes, ensuring consistent quality from natural sources, and aligning R&D timelines with sourcing availability.
• Sourcing <-> Manufacturing: This relationship is primarily transactional, governed by purchase orders and supply contracts specifying quality, quantity, and delivery terms for raw materials and packaging. Contract manufacturing introduces a service-based relationship where the brand dictates specifications, and the manufacturer executes based on a pre-agreed model (cost-plus, fixed fee). Challenges include price volatility of inputs impacting manufacturing costs, managing complex inventories of diverse components, and ensuring supplier adherence to quality and ethical standards (a bottleneck often addressed through audits and certifications).
• Manufacturing <-> Logistics: Manufacturers rely on logistics partners (in-house or 3PLs) through service contracts to move finished goods. Efficient logistics are critical for cost control and market responsiveness. Wholesalers act as key intermediaries, purchasing in bulk (transactional model) and requiring logistical coordination from manufacturers. The complexity and cost of logistics in Brazil are major bottlenecks, impacting delivery timelines and final product cost, especially for models requiring nationwide distribution like direct selling or broad retail coverage. Maintaining product integrity (e.g., temperature control) during transit is a transactional challenge within the logistics service model.
• Logistics <-> Retail/Direct Sales: Logistics providers execute delivery to various sales points – retail stores, franchisee locations, distribution hubs for direct sellers, or directly to e-commerce consumers. The relationship with retailers involves managing delivery schedules and inventory levels. The direct sales model requires intricate logistics to reach dispersed consultants, often managed centrally by the company. E-commerce demands efficient last-mile delivery partnerships. Bottlenecks include managing inventory across diverse channels (omni-channel challenge), high last-mile delivery costs, and ensuring timely delivery across vast distances.
• Marketing/Sales <-> Retail/Direct Sales: Marketing efforts support sales channels. Trade marketing involves collaborative relationships (promotions, merchandising) with retailers, governed by sales agreements. The direct sales model involves a unique relationship between the company and its independent consultants, based on wholesale purchases and commission structures (MLM). E-commerce models create direct transactional relationships with consumers, supported by digital marketing. Key challenges include channel conflict (e.g., pricing discrepancies between online and physical retail), motivating and managing large direct sales forces, and the high cost of customer acquisition in crowded digital spaces. Intense competition manifests strongly at this interface.

Business Models and Transactional Challenges:

• Direct Sales Model: While powerful for reach and personal connection, its reliance on a dispersed network creates logistical complexity (delivering small orders nationwide) and challenges in consistent brand messaging and consultant management. Maintaining consultant motivation and managing churn are ongoing transactional hurdles within this model.
• Franchise Model: Allows rapid retail expansion but requires strong franchisor support systems and careful management of the relationship to ensure brand consistency and franchisee profitability. Initial investment costs for franchisees and ongoing royalty payments are key transactional elements. Variations in local market performance can challenge the standardized model.
• Multi-channel/Omni-channel Models: Offer customer flexibility but create internal challenges in managing inventory visibility across channels, aligning pricing strategies, and integrating customer data for a seamless experience. Ensuring smooth transitions between online browsing and offline purchase (or vice-versa) is a key transactional challenge.
• Contract Manufacturing: Enables brands to focus on marketing but creates dependence on the manufacturer's quality control and production timelines. Negotiating favorable contract terms and ensuring IP protection are critical transactional points.
• Sustainability-Focused Models: Relationships based on ethical sourcing or circular economy principles (post-consumer recycling) build brand value but face challenges in scaling, cost-effectiveness, and verifying claims throughout the chain. Establishing reliable collection and processing infrastructure for recycling is a major bottleneck for post-consumer models.

In essence, the value chain operates through a web of commercial relationships underpinned by diverse business models. Each transactional interface presents opportunities for value creation but also exposes the players to specific bottlenecks – logistical hurdles, competitive pressures, regulatory compliance costs, and the complexities of managing diverse channels and sustainable practices – which must be strategically navigated for success in the Brazilian market.

Conclusion

The analysis of the Brazilian cosmetics value chain reveals a sophisticated and dynamic ecosystem, reflecting the country's status as a leading global market. From the leveraging of unique biodiversity in R&D and sourcing to large-scale manufacturing, complex logistics, and innovative multi-channel sales strategies, the chain demonstrates significant capacity and resilience. Key domestic players like Grupo Boticário and Natura &Co compete fiercely with multinational giants such as L'Oréal, P&G, and Unilever, employing diverse business models ranging from deeply entrenched direct selling and expansive franchising to traditional retail and rapidly evolving e-commerce platforms.

The primary findings highlight the critical importance of innovation (driven by R&D), strategic sourcing (increasingly focused on sustainability), efficient manufacturing and logistics (navigating Brazil's scale), targeted marketing, and effective channel management. The commercial relationships underpinning these activities are complex, involving intricate contracts, partnerships, and transactional flows. However, the industry faces substantial challenges, including the volatility of raw material costs, the high expense and complexity of logistics across Brazil, stringent ANVISA regulations, the persistent issue of counterfeiting, intense market competition coupled with consumer price sensitivity, and the practical difficulties of implementing comprehensive sustainability initiatives and adapting fully to digital transformation.

Looking forward, success in the Brazilian cosmetics market will likely depend on players' ability to effectively integrate sustainability into their core strategies, further invest in digital capabilities and omni-channel experiences, manage logistical complexities through technology and partnerships, and continue innovating to meet the evolving demands of the diverse Brazilian consumer base.

Areas for further research could include a deeper quantitative analysis of the market share shifts between different sales channels (especially the growth of e-commerce vs. direct sales), a comparative study of the cost structures associated with different business models within the Brazilian context, and a more detailed investigation into the effectiveness and scalability of current post-consumer recycling initiatives within the industry. Understanding consumer attitudes towards sustainability claims and their impact on purchasing decisions across different socio-economic segments would also provide valuable insights for future strategy development.

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• o-poder-da-beleza-limpa-estratégia-para-a-indústria-cosmética - Talk Science. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIWqqO4QA_CPFArhb46lKKwA6ixXgH-A1t3nC1k6mJtwRnqbAbrYlzlFZmY2qIg5Z9YIV77aS3TQvfHv0XyCYxbXEYM_kRw9JCGmCjTmvtmX9rWgn9iQNOcBD8pviveS4mZjokGJ59KjJ5RptT8iUcs0L_xd4ZRP8g09dKwdYwXzsOJ6-g8WmUZIdX012vMQbi6HISRNC3b19i9WPqfSzYgYoLl1

• Modelling Sustainability Risk in the Brazilian Cosmetics Industry - MDPI: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJexpOE7gi6qBzLoXZBh8GAL-aWMgvF-SQjCgek-d0nWSzHdi9h0d2qFPbaXwryt0lS0_NAw7G-IRUnyFKqdn-fni8zTJQqHxx6OiZwZW2K774TZ9aJEtG6MdhSZVPzkfI=

• Consumer values in the Brazilian market for ethical cosmetics - Emerald Insight: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKkNXpxMwsPXWN4bLo0Y8xZVtf05gXW6YaDFQM9LRrOKO04b1G4d3lkgl3xf8SNUlX4NZstr1HFzDeh-7jllBfRrbRaC7bIEHUn6rrAr49Q97nwNejoAR4XI5cVjkFmqjTqNRJmQM35qCuDhks_mlYhW8NLD9A9n9fw-Thu3uShLKdyduJJgw==
• Cosmetics Market in Brazil to Grow by USD 5.5 Billion (2025-2029), Boosted by Rising Sales Through E-Commerce Channels with Market Evolution Powered by AI - Technavio - PR Newswire: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJg08PLxulDfDZXFv4fYnZKKA-hjRckTncmsFCc5ZmxO_h_P9ojrxQeLF8zcESQ_af6poWq-T4tXkqafz4511DJr0PJR_Yo7NwNEvIl2DlnX_xiqS8b9mRDQfQplcOMbTAv28KLg-3M6FatDVd4lw1Q-7qumLh8OPnybrwfXrcsH2HJR8-coR1O4OMEi6NEZeD6C-akA9LGR8kvlseNC3O1LsO8nteycFOLWSjt_UaKwIVYGnt_T099_RAZAQbcqdaqMeO-Ua519a7wkHoNz7PRVV45BbXPTZIuefg3PAuI0guvQ2fTN-7Qa1hwZ_UxhZFbDzLFS5gWY3fv3RefSkVdck2ELZHspdLLIRqG9H4cQJRH
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• COSMETIC INDUSTRY - Flanders Investment & Trade: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ7iiSZ2stoH0Ok4JSgl0fsB81_137lE8jIbNT7GgwIrKSfMcrigug7BCNGRVyGCL76ZgoYQ3bTBC69WREGGLT5AsOZL5-c8DBVP8F83BS1O-1O-XV4qbQcVvmXnZey75JAyAVJvxxYuXGSdpXK2D7ccbJa-DZKGn9UjjsuWmuRAiWyujCwh0UvbXHZ9S_ohJ2qxSBbBMDaM_z18z0ZTu0kmF5WP2uVf8Maoom6bsczKEg=
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• Our partnership with communities - Natura Brasil: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK_4BwwzUzacDT_1VC272G3pC1zo-realdsdZvOIcLgfMMGEU0mOs34RLKKRz5ulw68nVV3XMNvXJ6f-rLfWBH4EndEhJOMkpg9ATGHJUl2VaMKLnN-qt-4YyWfRSk03cDfix5CNXVRBgoT_nv9oSnryrU4JDkjMJ_iooVXLEDtMeEVtQ==
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• Analysis of Brazilian consumers' perceptions of cosmetics packaging from a circular economy perspective | Request PDF - ResearchGate: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKw-z_5ZBSQnaAv3fIwlY7yMf_ju6xcViLWNDwCUxdmLDPx8Q0XpnyMrjaX1LhvBL00OUGQkcD5fIR_1rfEJ8PDbkEEWeSwCPQVLiartxvW8d1J3hYgRy8mOT0SmYnNmoUplRYFkhOYyqOrBGQgCXQj0GGcEqFgfZ_Q8UYl2zW67vOyyJ6QfGuifgCA1EgNkBqE7CALzx4PGX0Y51BUykCWQo_5lsSitpkaV0kvFJX8QMcOwFhhXW6vna6IFwSqzze0P95xpXnv3GBNjd6aadRegQ==
• Supply Chain Management Best Practices for the Cosmetics Industry - Specright: https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAKvawk4qHoBI08RObrKJhfJaU2tuTQfncByviO6NOsShK5NkfGDUSzfBpbnEB9FxbCODAmF-1wfxLH6DSzaoY6VlrJgPARLpGngcyy9oOinvsikrE-3KsyBO_4GHFuhMpuyxh79XDCbVT7n3Y57m0UbDIdsjhh9
• 2024 Trends Shaping the Future of the Consumer Beauty Industry | Publicis Sapient: https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAJcBK9atk-rPzn2FITderdBmJBqI9ZvpcP9wS9z54GEHSsLvYHv_ouzEdNi7uRHrxYpYMYkj6hd35G2EuNgPar66UG28AfTE8muXsRPzF04qljH4sA6aHoVbOKuP9738qfm2vkFjAvroO5jYQwwPcAwZ6q7llo=
• Beauty Industry Trends in 2024-2025 - Banuba: https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAIWP_jz8Bg6PoWzmzK86RYayyhgs8C82dEJXy4m4YJpDQIvZFGp5ksk9sBKd9wN1xBmZxtcdM2VatsBnakXykxHftr1N-BqzEFgkv7vF5qlcFKsJu-zGa7ivf2RRFk8j-1tANYvTH6QdQ==
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• LCA Success Story: Natura – How Life Cycle Thinking is Boosting a Brazilian Cosmetics Firm: https://vertexaisearch.google.com/grounding-api-redirect/AWQVqALmPP6uNJybQPnp-LJLEGRE1sNg7T28JQcyhojL1q6dvNRcPz5WF480XUnFepZNLJWAdv3AXFqchU5OPGMCfPVJccWL-MnPQCoOi6qCQ-7hJ84H9aqwbICxFSttHIrrLfp8iUrWa976RnYxVLs-rPghjYBjZVEtVsEPQyCpKXB5S-uZcTTyUEYFtwC-xSwToJ4j2tim1k60Qmslzf0tAQSE
• Brazil Cosmetics Market, By Product Type (Skin Care, Hair Care, Makeup, Fragrances, Hygiene Products, Oral Cosmetics), By Pricing (Low- and Medium-Priced Cosmetics, Premium Priced Cosmetics), By Gender (Male, Female), By Distribution Channel (Online Chann - MarketResearch.com: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKOxvt0XoQsz7Z6NJk3eRIbSc3HWSlZYBYY1DHiZC6Z4E7C3PVIVTW7U_nFTzF8qsj_QVpDC4fKkGn8mGerTORfeH_HR-j4GUFGbVt17xPpyrmPYwWWASMNNR6x92WqZRFwUXm_BM7BrG1PR581DpQ6wfiFg15YZoMMP9IRzmKxhErXz652HXnSNLKkSjnMrCPgrr1RPoZA8hWUTKU=
• Market Entry Strategy: Cosmetics Industry in Brazil: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALxYNDcuqfq00i04Z3PTSuZ1ZhDXuKo3xgTsTa7RJR-8Pnq4a1XSWHrDh1fhfE_LvvVqXxRjx4wv4IbEyucMbDdQti8kW-SvYKhVxawRtr55c9ixeFdP2XelzSfTbAkXg71yyYUNTQmeZ_0kpke1NrqvAHOvlyAM6LrFvAkbsTz-8jr3oA=
• Socio‐biodiversity supply chain: Sustainable practices of a Brazilian cosmetic company | Request PDF - ResearchGate: https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAK8Uuy8JA-PHUVuuNfiJiAIXrfL-F1PmiwN0qNsMA6KPXOA4Aag6WWlVryawCCDuPOOpQI3YT3ffCJY0LcqE5Aozh4TGBWrWxbVerm8gOUfuNGeuJjhWCVhBZJin69GGrGXJqXgpx_7y24Z8EIzgrKzILzDKcIFdvdX1Yp8wb6y_zKYuneWuDnPDJc29O0mRHEW6boiSIAvev4XkTetTATyy1LxWpT4CYMYf-M45ngJOHy3Y1K66kWSSwtHJRZ1rA==
• (PDF) Entrepreneurship in Natural Cosmetics Distribution Logistics Channels in Brazil: Analysis of the entrepreneurial profile of Bothânico Hair - ResearchGate: https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAJmSumI9K9GTDgokUWNvGCpcbPijsUnM9nk9Cp941lBEE1x8mKrMpVK6icN_UwMhkSpOuxga-1gJ2oDNugVYL7l-vjG-GiKkYtGPvZHSF3_0T-XisFb4fLVV6rLS5jWCRvQgWaPyEvF8aGCvc3dNB4WEm25IAuUdry1C7KjWDMxIHLDF24pv_--rk6j-OY2fE8ahT3AFmDqbyif1drsBNcNnFJC73uCtB3mqgk-oSvVlJcl7d09tndok_sJoMG70dIMYISLngw4ZL38pWTIF6gXzcq82Y1xTzk9luguOocWeF6d6RfcvKQ_Q19cE8r1bPId2SA==
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• Brazilian retailer The Beauty Box plans further expansion in 2016: https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAKI_inZtQiYaXRu0VBY8cpaghiRq7FlEDMJ_EM3CtyCFL13JywbIOO7D9CWiXqiZCWPC_8Y1uBc1HFVDpQGkXPiuXZn9DJnwH4-gYB9vNUHMBTv6jJK4H2EHdHky8C8ROpE7sVlJBzuo96EE6YwOlzocW-Jog_DhKAiC1uUPwm9JjE=
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• Brazil Cosmetics Market Size & Outlook, 2023-2030: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALSLZT9mwZcvJ2BCKSw3QzmZ_4tD4WWQ2P3j69AaM2j31q0JUEOOOngbZdlnoZJeHqA7XxV9QvM6kDdkGU8pYdqIw4XEBgBbwAwyNATlZPQj7MLSkSv0mb_ZORtd8rROjKjrY8Lz7hkRhCFmSmdCsxXZyJTKz55JH_GT-A6DccP
• Linking Brazilian Regions to Value Chains: Is There a Potential for Regional Development?: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIk6RQ-iQtQCGlMxhVrLnjyA9kky86rhLnalcCOZymc4O8JVBKLvovy4e9s0VSU5etfad-qaOm6K6fwOnc-TMPKnXVDUELxBCudevTbGL09KqImgAdFHQDGZP08sxY=
• Innovation and Sustainability in the Supply Chain of a Cosmetics Company: a Case Study: https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAIwsvcC0NxU7U-OlUhrOf5D4hECE_OuMz7yyKiA05_zpMTeczDkQVQM7BI_D4h6vUaSISN6KRjqxYflnHDLHeWQpw66z-ybMz2YnCar4NbWBn15wVZEYFIHW8qLAjwIORzzv_3cNf7wE98oF8CodJwgdw==
• Market Opportunities in Brazil - Export Virginia: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKP92xMOXY9JzDDyYscnBWi1-mD6T7eivMunCG1u4y82Oz_0GDeO_UA7xa8cpoNwjcYD7495za4ZZZzYUvdLZlfjU7lLYh2a4XD4GBYCjHCmKmkCaSN15A9xJW35TdfvG62azrdm_N_J6sFo3A1rIv6tXUcavS7fCu9fUfXQgeTD5njTfYVs-FBLRo8PsUlK7GYAgGFBr9hKqoP7T9bkNvS6GTFZiKg=