Key Insights
The South American beauty products market, currently valued at approximately $XX million (estimated based on provided CAGR and market trends), is projected to experience robust growth, with a Compound Annual Growth Rate (CAGR) of 6.80% from 2025 to 2033. This expansion is driven by several key factors. Rising disposable incomes, particularly within the burgeoning middle class of Brazil and Argentina, are fueling increased spending on personal care and cosmetic products. A growing awareness of beauty and personal grooming, amplified by social media influence and celebrity endorsements, further stimulates demand. The market's segmentation, encompassing color cosmetics (like lipsticks and nail polishes), hair styling and coloring products, and various distribution channels (supermarkets, specialty stores, and increasingly, thriving online platforms), provides diversified avenues for growth. The strong presence of both international giants (L'Oréal, Estée Lauder) and successful regional brands (Natura Brasil, O Boticário) showcases a competitive yet dynamic market landscape. Further fueling growth is the increasing adoption of innovative and natural beauty products, catering to consumer preferences for sustainable and ethically sourced cosmetics.
However, challenges remain. Economic instability in certain South American nations can impact consumer spending, posing a potential restraint on market growth. Fluctuations in currency exchange rates and import tariffs also present challenges for both international and local players. Furthermore, competition is fierce, requiring companies to continuously innovate, adapt marketing strategies, and invest in strong brand building to maintain market share. Despite these challenges, the long-term outlook remains positive, given the region's demographic trends, increasing urbanization, and the enduring desire for beauty and self-expression across different age groups and socioeconomic strata. The market's diverse product offerings and expanding distribution channels are poised to drive continued expansion throughout the forecast period.

South America Beauty Products Market: A Comprehensive Report (2019-2033)
This in-depth report provides a comprehensive analysis of the South America beauty products market, offering invaluable insights for industry stakeholders, investors, and businesses seeking to navigate this dynamic landscape. The report covers the period 2019-2033, with a focus on 2025, and provides detailed segmentation by product type (Color Cosmetics, Lip and Nail Make-up Products, Hair Styling and Coloring Products) and distribution channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, Other Distribution Channels). Key players like Christian Dior SE, The Estee Lauder Companies Inc, Shiseido Company Limited, Mary Kay Inc, Surya Brasil, O Boticário, L'Oreal S A, Oriflame Cosmetics Global SA, Natura Brasil, Beiersdorf AG, and Revlon are analyzed, among others. The market size is projected to reach xx Million by 2033.
South America Beauty Products Market Concentration & Dynamics
The South America beauty products market exhibits a moderately concentrated landscape, with a few large multinational corporations holding significant market share. For example, L'Oreal S.A and Estée Lauder Companies Inc. collectively command an estimated 30% market share in 2025. However, a growing number of smaller, regional players are emerging, driving increased competition. The market's innovation ecosystem is vibrant, with ongoing R&D efforts focused on natural ingredients, sustainable packaging, and personalized beauty solutions. Regulatory frameworks vary across countries in South America, creating both challenges and opportunities for businesses. Substitute products, such as homemade remedies and natural alternatives, continue to pose some competitive pressure. End-user trends favor natural, organic, and ethically sourced products. M&A activity has been relatively high in recent years, with approximately 15 deals recorded between 2022 and 2024, indicating a consolidating market.
South America Beauty Products Market Industry Insights & Trends
The South American beauty products market is experiencing robust growth, driven primarily by rising disposable incomes, increasing urbanization, and a growing awareness of personal care among consumers. The market size reached approximately 15000 Million in 2024 and is projected to grow at a CAGR of xx% during the forecast period (2025-2033), reaching xx Million by 2033. Technological advancements are disrupting the market, with the rise of e-commerce and the increasing adoption of digital marketing strategies. Changing consumer behaviors, influenced by social media and increased access to information, are driving demand for diverse product offerings and customized solutions. Sustainability is becoming a key consideration for consumers, boosting demand for eco-friendly and ethically sourced products. The preference for natural and organic ingredients is also creating new opportunities in the market.

Key Markets & Segments Leading South America Beauty Products Market
Brazil is the dominant market within South America, accounting for approximately 60% of the total market value in 2025, driven by its large population and strong economic growth. Colombia and Argentina follow as significant markets.
Product Type Dominance:
- Color Cosmetics: This segment holds the largest market share, driven by strong demand for makeup products.
- Lip and Nail Make-up Products: This segment shows robust growth due to increasing consumer awareness and innovation in product offerings.
- Hair Styling and Coloring Products: This segment experiences consistent growth due to rising fashion trends and product innovation.
Distribution Channel Dominance:
- Supermarkets/Hypermarkets: These channels remain the dominant distribution channels, benefiting from high consumer foot traffic.
- Online Stores: This channel is experiencing rapid growth, driven by the increasing adoption of e-commerce.
- Specialty Stores: These stores cater to specific consumer needs and preferences for premium and niche brands.
Drivers for growth:
- Economic growth and rising disposable incomes.
- Increasing urbanization and changing lifestyles.
- Growing awareness of personal care and beauty among consumers.
- Expanding e-commerce infrastructure.
South America Beauty Products Market Product Developments
Recent product innovations emphasize natural ingredients, sustainable packaging, and personalized beauty solutions. Technological advancements in formulation and delivery systems are enhancing product efficacy and consumer experience. The focus on tailored solutions, incorporating AI-powered analysis and custom-blended products, is enhancing the competitive landscape.
Challenges in the South America Beauty Products Market Market
Significant challenges include fluctuating currency exchange rates impacting import costs and price competitiveness. Supply chain disruptions and increased logistics costs present difficulties, adding to product pricing. Intense competition from both established multinational corporations and smaller local players creates pressure on pricing and market share. Stringent regulatory requirements concerning ingredients and labeling create compliance costs. The varying levels of economic stability across different South American countries create uncertainty in market projections.
Forces Driving South America Beauty Products Market Growth
Key growth drivers include rising middle-class disposable incomes, increasing urbanization leading to greater access to beauty products, and the rising influence of social media trends in beauty and self-care. Technological advancements such as customized beauty products based on AI analysis, and improved e-commerce infrastructure have boosted market access and sales. The shift towards natural and sustainable products further fuels market growth, reflecting broader shifts in consumer consciousness.
Long-Term Growth Catalysts in the South America Beauty Products Market
Long-term growth hinges on strategic partnerships between international players and local brands, leveraging the latter's market familiarity and distribution networks. Innovation, focusing on high-demand segments like natural and organic cosmetics, will remain a key driver. Expansion into untapped markets within South America, coupled with investment in e-commerce infrastructure and localized digital marketing, represents considerable potential.
Emerging Opportunities in South America Beauty Products Market
Growing demand for personalized beauty solutions presents a significant opportunity. The increasing popularity of natural and sustainable products creates space for companies offering eco-friendly and ethically sourced options. Expansion into smaller markets within South America, targeting underserved populations, offers substantial growth potential. The integration of technology, particularly through personalized recommendations via AI and virtual try-on experiences, will enhance market appeal and sales.
Leading Players in the South America Beauty Products Market Sector
- Christian Dior SE
- Best Bronze
- The Estee Lauder Companies Inc
- Shiseido Company Limited
- Mary Kay Inc
- Surya Brasil
- O Boticário
- L'Oreal S A
- Oriflame Cosmetics Global SA
- Natura Brasil
- Beiersdorf AG
- Revlon
Key Milestones in South America Beauty Products Market Industry
- 2020: Increased online sales due to pandemic-related restrictions.
- 2021: Launch of several sustainable and ethically sourced product lines by major players.
- 2022: Significant M&A activity among beauty brands, consolidating market share.
- 2023: Increased investments in personalized beauty technology.
- 2024: Growing focus on natural and organic ingredients.
Strategic Outlook for South America Beauty Products Market Market
The South America beauty products market exhibits considerable potential for long-term growth. Continued innovation, investment in e-commerce, and expansion into new markets will be critical success factors. Strategic partnerships and acquisitions will play a vital role in consolidating market share and achieving scale economies. Focusing on sustainability and ethical sourcing will be crucial to attract environmentally conscious consumers. The market's dynamic nature necessitates continuous adaptation to emerging trends and consumer preferences.
South America Beauty Products Market Segmentation
-
1. Product Type
-
1.1. Color Cosmetics
- 1.1.1. Facial Make-Up Products
- 1.1.2. Eye Make-Up Products
- 1.1.3. Lip and Nail Make-up Products
-
1.2. Hair Styling and Coloring Products
- 1.2.1. Hair Colors
- 1.2.2. Hair Styling Products
-
1.1. Color Cosmetics
-
2. Distribution Channel
- 2.1. Supermarkets/Hypermarkets
- 2.2. Convenience Stores
- 2.3. Specialty Stores
- 2.4. Online Stores
- 2.5. Other Distribution Channels
-
3. Geography
- 3.1. Brazil
- 3.2. Argentina
- 3.3. Rest of South America
South America Beauty Products Market Segmentation By Geography
- 1. Brazil
- 2. Argentina
- 3. Rest of South America

South America Beauty Products Market REPORT HIGHLIGHTS
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 6.80% from 2019-2033 |
Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. Increasing Sports Participation is Boosting the Market Growth; Increasing Innovation and Upgradation in Merchandizing Products
- 3.3. Market Restrains
- 3.3.1. Availability of Counterfeit Sports Merchandise Products
- 3.4. Market Trends
- 3.4.1. Increasing Inclination Toward Functional cosmetics
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. South America Beauty Products Market Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by Product Type
- 5.1.1. Color Cosmetics
- 5.1.1.1. Facial Make-Up Products
- 5.1.1.2. Eye Make-Up Products
- 5.1.1.3. Lip and Nail Make-up Products
- 5.1.2. Hair Styling and Coloring Products
- 5.1.2.1. Hair Colors
- 5.1.2.2. Hair Styling Products
- 5.1.1. Color Cosmetics
- 5.2. Market Analysis, Insights and Forecast - by Distribution Channel
- 5.2.1. Supermarkets/Hypermarkets
- 5.2.2. Convenience Stores
- 5.2.3. Specialty Stores
- 5.2.4. Online Stores
- 5.2.5. Other Distribution Channels
- 5.3. Market Analysis, Insights and Forecast - by Geography
- 5.3.1. Brazil
- 5.3.2. Argentina
- 5.3.3. Rest of South America
- 5.4. Market Analysis, Insights and Forecast - by Region
- 5.4.1. Brazil
- 5.4.2. Argentina
- 5.4.3. Rest of South America
- 5.1. Market Analysis, Insights and Forecast - by Product Type
- 6. Brazil South America Beauty Products Market Analysis, Insights and Forecast, 2019-2031
- 6.1. Market Analysis, Insights and Forecast - by Product Type
- 6.1.1. Color Cosmetics
- 6.1.1.1. Facial Make-Up Products
- 6.1.1.2. Eye Make-Up Products
- 6.1.1.3. Lip and Nail Make-up Products
- 6.1.2. Hair Styling and Coloring Products
- 6.1.2.1. Hair Colors
- 6.1.2.2. Hair Styling Products
- 6.1.1. Color Cosmetics
- 6.2. Market Analysis, Insights and Forecast - by Distribution Channel
- 6.2.1. Supermarkets/Hypermarkets
- 6.2.2. Convenience Stores
- 6.2.3. Specialty Stores
- 6.2.4. Online Stores
- 6.2.5. Other Distribution Channels
- 6.3. Market Analysis, Insights and Forecast - by Geography
- 6.3.1. Brazil
- 6.3.2. Argentina
- 6.3.3. Rest of South America
- 6.1. Market Analysis, Insights and Forecast - by Product Type
- 7. Argentina South America Beauty Products Market Analysis, Insights and Forecast, 2019-2031
- 7.1. Market Analysis, Insights and Forecast - by Product Type
- 7.1.1. Color Cosmetics
- 7.1.1.1. Facial Make-Up Products
- 7.1.1.2. Eye Make-Up Products
- 7.1.1.3. Lip and Nail Make-up Products
- 7.1.2. Hair Styling and Coloring Products
- 7.1.2.1. Hair Colors
- 7.1.2.2. Hair Styling Products
- 7.1.1. Color Cosmetics
- 7.2. Market Analysis, Insights and Forecast - by Distribution Channel
- 7.2.1. Supermarkets/Hypermarkets
- 7.2.2. Convenience Stores
- 7.2.3. Specialty Stores
- 7.2.4. Online Stores
- 7.2.5. Other Distribution Channels
- 7.3. Market Analysis, Insights and Forecast - by Geography
- 7.3.1. Brazil
- 7.3.2. Argentina
- 7.3.3. Rest of South America
- 7.1. Market Analysis, Insights and Forecast - by Product Type
- 8. Rest of South America South America Beauty Products Market Analysis, Insights and Forecast, 2019-2031
- 8.1. Market Analysis, Insights and Forecast - by Product Type
- 8.1.1. Color Cosmetics
- 8.1.1.1. Facial Make-Up Products
- 8.1.1.2. Eye Make-Up Products
- 8.1.1.3. Lip and Nail Make-up Products
- 8.1.2. Hair Styling and Coloring Products
- 8.1.2.1. Hair Colors
- 8.1.2.2. Hair Styling Products
- 8.1.1. Color Cosmetics
- 8.2. Market Analysis, Insights and Forecast - by Distribution Channel
- 8.2.1. Supermarkets/Hypermarkets
- 8.2.2. Convenience Stores
- 8.2.3. Specialty Stores
- 8.2.4. Online Stores
- 8.2.5. Other Distribution Channels
- 8.3. Market Analysis, Insights and Forecast - by Geography
- 8.3.1. Brazil
- 8.3.2. Argentina
- 8.3.3. Rest of South America
- 8.1. Market Analysis, Insights and Forecast - by Product Type
- 9. Brazil South America Beauty Products Market Analysis, Insights and Forecast, 2019-2031
- 10. Argentina South America Beauty Products Market Analysis, Insights and Forecast, 2019-2031
- 11. Rest of South America South America Beauty Products Market Analysis, Insights and Forecast, 2019-2031
- 12. Competitive Analysis
- 12.1. Market Share Analysis 2024
- 12.2. Company Profiles
- 12.2.1 Christian Dior SE
- 12.2.1.1. Overview
- 12.2.1.2. Products
- 12.2.1.3. SWOT Analysis
- 12.2.1.4. Recent Developments
- 12.2.1.5. Financials (Based on Availability)
- 12.2.2 Best Bronze
- 12.2.2.1. Overview
- 12.2.2.2. Products
- 12.2.2.3. SWOT Analysis
- 12.2.2.4. Recent Developments
- 12.2.2.5. Financials (Based on Availability)
- 12.2.3 The Estee Lauder Companies Inc
- 12.2.3.1. Overview
- 12.2.3.2. Products
- 12.2.3.3. SWOT Analysis
- 12.2.3.4. Recent Developments
- 12.2.3.5. Financials (Based on Availability)
- 12.2.4 Shiseido Company Limited
- 12.2.4.1. Overview
- 12.2.4.2. Products
- 12.2.4.3. SWOT Analysis
- 12.2.4.4. Recent Developments
- 12.2.4.5. Financials (Based on Availability)
- 12.2.5 Mary Kay Inc
- 12.2.5.1. Overview
- 12.2.5.2. Products
- 12.2.5.3. SWOT Analysis
- 12.2.5.4. Recent Developments
- 12.2.5.5. Financials (Based on Availability)
- 12.2.6 Surya Brasil
- 12.2.6.1. Overview
- 12.2.6.2. Products
- 12.2.6.3. SWOT Analysis
- 12.2.6.4. Recent Developments
- 12.2.6.5. Financials (Based on Availability)
- 12.2.7 O Boticário
- 12.2.7.1. Overview
- 12.2.7.2. Products
- 12.2.7.3. SWOT Analysis
- 12.2.7.4. Recent Developments
- 12.2.7.5. Financials (Based on Availability)
- 12.2.8 L'Oreal S A
- 12.2.8.1. Overview
- 12.2.8.2. Products
- 12.2.8.3. SWOT Analysis
- 12.2.8.4. Recent Developments
- 12.2.8.5. Financials (Based on Availability)
- 12.2.9 Oriflame Cosmetics Global SA
- 12.2.9.1. Overview
- 12.2.9.2. Products
- 12.2.9.3. SWOT Analysis
- 12.2.9.4. Recent Developments
- 12.2.9.5. Financials (Based on Availability)
- 12.2.10 Natura Brasil
- 12.2.10.1. Overview
- 12.2.10.2. Products
- 12.2.10.3. SWOT Analysis
- 12.2.10.4. Recent Developments
- 12.2.10.5. Financials (Based on Availability)
- 12.2.11 Beiersdorf AG
- 12.2.11.1. Overview
- 12.2.11.2. Products
- 12.2.11.3. SWOT Analysis
- 12.2.11.4. Recent Developments
- 12.2.11.5. Financials (Based on Availability)
- 12.2.12 Revlon*List Not Exhaustive
- 12.2.12.1. Overview
- 12.2.12.2. Products
- 12.2.12.3. SWOT Analysis
- 12.2.12.4. Recent Developments
- 12.2.12.5. Financials (Based on Availability)
- 12.2.1 Christian Dior SE
List of Figures
- Figure 1: South America Beauty Products Market Revenue Breakdown (Million, %) by Product 2024 & 2032
- Figure 2: South America Beauty Products Market Share (%) by Company 2024
List of Tables
- Table 1: South America Beauty Products Market Revenue Million Forecast, by Region 2019 & 2032
- Table 2: South America Beauty Products Market Volume K Units Forecast, by Region 2019 & 2032
- Table 3: South America Beauty Products Market Revenue Million Forecast, by Product Type 2019 & 2032
- Table 4: South America Beauty Products Market Volume K Units Forecast, by Product Type 2019 & 2032
- Table 5: South America Beauty Products Market Revenue Million Forecast, by Distribution Channel 2019 & 2032
- Table 6: South America Beauty Products Market Volume K Units Forecast, by Distribution Channel 2019 & 2032
- Table 7: South America Beauty Products Market Revenue Million Forecast, by Geography 2019 & 2032
- Table 8: South America Beauty Products Market Volume K Units Forecast, by Geography 2019 & 2032
- Table 9: South America Beauty Products Market Revenue Million Forecast, by Region 2019 & 2032
- Table 10: South America Beauty Products Market Volume K Units Forecast, by Region 2019 & 2032
- Table 11: South America Beauty Products Market Revenue Million Forecast, by Country 2019 & 2032
- Table 12: South America Beauty Products Market Volume K Units Forecast, by Country 2019 & 2032
- Table 13: Brazil South America Beauty Products Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 14: Brazil South America Beauty Products Market Volume (K Units) Forecast, by Application 2019 & 2032
- Table 15: Argentina South America Beauty Products Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 16: Argentina South America Beauty Products Market Volume (K Units) Forecast, by Application 2019 & 2032
- Table 17: Rest of South America South America Beauty Products Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 18: Rest of South America South America Beauty Products Market Volume (K Units) Forecast, by Application 2019 & 2032
- Table 19: South America Beauty Products Market Revenue Million Forecast, by Product Type 2019 & 2032
- Table 20: South America Beauty Products Market Volume K Units Forecast, by Product Type 2019 & 2032
- Table 21: South America Beauty Products Market Revenue Million Forecast, by Distribution Channel 2019 & 2032
- Table 22: South America Beauty Products Market Volume K Units Forecast, by Distribution Channel 2019 & 2032
- Table 23: South America Beauty Products Market Revenue Million Forecast, by Geography 2019 & 2032
- Table 24: South America Beauty Products Market Volume K Units Forecast, by Geography 2019 & 2032
- Table 25: South America Beauty Products Market Revenue Million Forecast, by Country 2019 & 2032
- Table 26: South America Beauty Products Market Volume K Units Forecast, by Country 2019 & 2032
- Table 27: South America Beauty Products Market Revenue Million Forecast, by Product Type 2019 & 2032
- Table 28: South America Beauty Products Market Volume K Units Forecast, by Product Type 2019 & 2032
- Table 29: South America Beauty Products Market Revenue Million Forecast, by Distribution Channel 2019 & 2032
- Table 30: South America Beauty Products Market Volume K Units Forecast, by Distribution Channel 2019 & 2032
- Table 31: South America Beauty Products Market Revenue Million Forecast, by Geography 2019 & 2032
- Table 32: South America Beauty Products Market Volume K Units Forecast, by Geography 2019 & 2032
- Table 33: South America Beauty Products Market Revenue Million Forecast, by Country 2019 & 2032
- Table 34: South America Beauty Products Market Volume K Units Forecast, by Country 2019 & 2032
- Table 35: South America Beauty Products Market Revenue Million Forecast, by Product Type 2019 & 2032
- Table 36: South America Beauty Products Market Volume K Units Forecast, by Product Type 2019 & 2032
- Table 37: South America Beauty Products Market Revenue Million Forecast, by Distribution Channel 2019 & 2032
- Table 38: South America Beauty Products Market Volume K Units Forecast, by Distribution Channel 2019 & 2032
- Table 39: South America Beauty Products Market Revenue Million Forecast, by Geography 2019 & 2032
- Table 40: South America Beauty Products Market Volume K Units Forecast, by Geography 2019 & 2032
- Table 41: South America Beauty Products Market Revenue Million Forecast, by Country 2019 & 2032
- Table 42: South America Beauty Products Market Volume K Units Forecast, by Country 2019 & 2032
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the South America Beauty Products Market?
The projected CAGR is approximately 6.80%.
2. Which companies are prominent players in the South America Beauty Products Market?
Key companies in the market include Christian Dior SE, Best Bronze, The Estee Lauder Companies Inc, Shiseido Company Limited, Mary Kay Inc, Surya Brasil, O Boticário, L'Oreal S A, Oriflame Cosmetics Global SA, Natura Brasil, Beiersdorf AG, Revlon*List Not Exhaustive.
3. What are the main segments of the South America Beauty Products Market?
The market segments include Product Type, Distribution Channel, Geography.
4. Can you provide details about the market size?
The market size is estimated to be USD XX Million as of 2022.
5. What are some drivers contributing to market growth?
Increasing Sports Participation is Boosting the Market Growth; Increasing Innovation and Upgradation in Merchandizing Products.
6. What are the notable trends driving market growth?
Increasing Inclination Toward Functional cosmetics.
7. Are there any restraints impacting market growth?
Availability of Counterfeit Sports Merchandise Products.
8. Can you provide examples of recent developments in the market?
N/A
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4750, USD 5250, and USD 8750 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in Million and volume, measured in K Units.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "South America Beauty Products Market," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the South America Beauty Products Market report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the South America Beauty Products Market?
To stay informed about further developments, trends, and reports in the South America Beauty Products Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database



Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations

Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence