Guatemala: Perfume Market 2024

Perfume Market Size in Guatemala

After two years of decline, the Guatemalan perfume market increased by 4.4% to $X in 2022. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Perfume Production in Guatemala

In value terms, perfume production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, showed a perceptible slump. The pace of growth appeared the most rapid in 2019 when the production volume increased by 28%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Perfume Exports

Exports from Guatemala

In 2022, perfume exports from Guatemala contracted to X tons, reducing by -8.7% against the previous year's figure. In general, exports recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 23% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, perfume exports expanded significantly to $X in 2022. Overall, exports continue to indicate a perceptible slump. The pace of growth appeared the most rapid in 2021 with an increase of 22%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

El Salvador (X tons), Nicaragua (X tons) and Honduras (X tons) were the main destinations of perfume exports from Guatemala, with a combined 95% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by El Salvador (with a CAGR of -2.5%), while the other leaders experienced a decline.

In value terms, the largest markets for perfume exported from Guatemala were Honduras ($X), El Salvador ($X) and Nicaragua ($X), together accounting for 89% of total exports.

In terms of the main countries of destination, Honduras, with a CAGR of +0.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average perfume export price amounted to $X per ton, rising by 23% against the previous year. Overall, the export price, however, showed a mild downturn. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Honduras ($X per ton), while the average price for exports to El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Honduras (+3.4%), while the prices for the other major destinations experienced a decline.

Perfume Imports

Imports into Guatemala

In 2022, approx. X tons of perfumes and toilet waters were imported into Guatemala; waning by -12.9% compared with 2021. Overall, imports continue to indicate a perceptible downturn. The growth pace was the most rapid in 2021 when imports increased by 17% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, perfume imports rose rapidly to $X in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 31% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Mexico (X tons) constituted the largest supplier of perfume to Guatemala, accounting for a 79% share of total imports. Moreover, perfume imports from Mexico exceeded the figures recorded by the second-largest supplier, Colombia (X tons), more than tenfold. China (X tons) ranked third in terms of total imports with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Mexico amounted to -3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-6.4% per year) and China (+20.0% per year).

In value terms, Mexico ($X) constituted the largest supplier of perfumes and toilet waters to Guatemala, comprising 51% of total imports. The second position in the ranking was taken by France ($X), with a 14% share of total imports. It was followed by Colombia, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Mexico amounted to -4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+22.8% per year) and Colombia (+3.5% per year).

Import Prices by Country

The average perfume import price stood at $X per ton in 2022, increasing by 28% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform