Latin America and the Caribbean: Market for Beauty, Make-Up And Skin Care Preparations 2024

Market Size for Beauty, Make-Up And Skin Care Preparations in Latin America and the Caribbean

In 2022, the Latin American market for beauty, make-up and skin care preparations increased by 0.8% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, continues to indicate a mild curtailment. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Beauty, Make-Up And Skin Care Preparations in Latin America and the Caribbean

In value terms, production of beauty, make-up and skin care preparations dropped modestly to $X in 2022 estimated in export price. In general, production recorded a mild contraction. The most prominent rate of growth was recorded in 2017 with an increase of 20%. Over the period under review, production of reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Beauty, Make-Up And Skin Care Preparations

Exports in Latin America and the Caribbean

In 2022, overseas shipments of beauty, make-up and skin care preparations decreased by -5.2% to X tons for the first time since 2017, thus ending a four-year rising trend. Total exports indicated a modest expansion from 2012 to 2022: its volume increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +89.9% against 2017 indices. The pace of growth was the most pronounced in 2021 with an increase of 72%. As a result, the exports attained the peak of X tons, and then fell in the following year.

In value terms, exports of beauty, make-up and skin care preparations expanded significantly to $X in 2022. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 8.1% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mexico represented the key exporter of beauty, make-up and skin care preparations in Latin America and the Caribbean, with the volume of exports resulting at X tons, which was near 61% of total exports in 2022. It was distantly followed by Colombia (X tons), Brazil (X tons) and Guatemala (X tons), together constituting a 32% share of total exports. Argentina (X tons) followed a long way behind the leaders.

Mexico was also the fastest-growing in terms of the beauty, make-up and skin care preparations exports, with a CAGR of +6.2% from 2012 to 2022. At the same time, Brazil (+3.3%) and Colombia (+2.3%) displayed positive paces of growth. Guatemala experienced a relatively flat trend pattern. By contrast, Argentina (-5.8%) illustrated a downward trend over the same period. While the share of Mexico (+21 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Argentina (-2.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest beauty, make-up and skin care preparations supplier in Latin America and the Caribbean, comprising 54% of total exports. The second position in the ranking was taken by Colombia ($X), with a 17% share of total exports. It was followed by Brazil, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at +5.4%. In the other countries, the average annual rates were as follows: Colombia (-2.3% per year) and Brazil (+2.9% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 14% against the previous year. Over the period under review, the export price, however, recorded a perceptible reduction. The pace of growth was the most pronounced in 2016 an increase of 38% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+4.3%), while the other leaders experienced a decline in the export price figures.

Imports of Beauty, Make-Up And Skin Care Preparations

Imports in Latin America and the Caribbean

Imports of beauty, make-up and skin care preparations reached X tons in 2022, picking up by 4.6% compared with the year before. The total import volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 18%. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, imports of beauty, make-up and skin care preparations reached $X in 2022. The total import value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 27% against the previous year. Over the period under review, imports of reached the peak figure in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Mexico (X tons), distantly followed by Chile (X tons), Colombia (X tons), Argentina (X tons), Peru (X tons), Guatemala (X tons) and Brazil (X tons) represented the main importers of beauty, make-up and skin care preparations, together achieving 70% of total imports. Ecuador (X tons), the Dominican Republic (X tons), Costa Rica (X tons), El Salvador (X tons), Nicaragua (X tons) and Honduras (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +14.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported beauty, make-up and skin care preparations in Latin America and the Caribbean, comprising 32% of total imports. The second position in the ranking was held by Chile ($X), with a 13% share of total imports. It was followed by Brazil, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in Mexico totaled +6.7%. In the other countries, the average annual rates were as follows: Chile (+8.7% per year) and Brazil (+3.7% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of 1.8% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 9.7% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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