ECOWAS: Lip Make-Up Preparations Market 2024

Lip Make-Up Preparations Market Size in ECOWAS

For the third consecutive year, the ECOWAS lip make-up preparations market recorded growth in sales value, which increased by 0.1% to $X in 2022. The market value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Lip Make-Up Preparations Production in ECOWAS

In value terms, lip make-up preparations production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when the production volume increased by 16%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Lip Make-Up Preparations Exports

Exports in ECOWAS

In 2022, shipments abroad of lip make-up preparations increased by 4.9% to X tons, rising for the fourth consecutive year after three years of decline. In general, exports posted strong growth. The pace of growth was the most pronounced in 2021 with an increase of 486%. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, lip make-up preparations exports shrank remarkably to $X in 2022. Overall, exports, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2021 with an increase of 102%. As a result, the exports attained the peak of $X, and then contracted notably in the following year.

Exports by Country

Benin (X tons) and Nigeria (X tons) dominates exports structure, together creating 92% of total exports. Senegal (X kg), Ghana (X kg) and Cote d'Ivoire (X kg) took a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +139.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest lip make-up preparations supplier in ECOWAS, comprising 65% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 12% share of total exports. It was followed by Senegal, with an 11% share.

In Nigeria, lip make-up preparations exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (-8.7% per year) and Senegal (+1.9% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with a decrease of -30.1% against the previous year. In general, the export price saw a deep contraction. The most prominent rate of growth was recorded in 2016 an increase of 95% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+9.3%), while the other leaders experienced mixed trends in the export price figures.

Lip Make-Up Preparations Imports

Imports in ECOWAS

In 2022, supplies from abroad of lip make-up preparations decreased by -11.7% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports recorded a perceptible contraction. The most prominent rate of growth was recorded in 2019 when imports increased by 96%. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, lip make-up preparations imports reduced to $X in 2022. Over the period under review, imports, however, posted a pronounced increase. The growth pace was the most rapid in 2019 when imports increased by 100% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria (X tons) and Ghana (X tons) represented roughly 61% of total imports in 2022. Senegal (X tons) held the next position in the ranking, distantly followed by Cote d'Ivoire (X tons) and Benin (X tons). All these countries together took approx. 32% share of total imports. The following importers - Togo (X tons) and Sierra Leone (X tons) - each amounted to a 3.7% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Sierra Leone (with a CAGR of +52.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Senegal ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of imports in 2022, with a combined 71% share of total imports. Nigeria, Benin, Sierra Leone and Togo lagged somewhat behind, together accounting for a further 23%.

Sierra Leone, with a CAGR of +38.5%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, increasing by 6.4% against the previous year. Import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the import price increased by 70%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform