Latin America and the Caribbean: Perfume Market 2024

Perfume Market Size in Latin America and the Caribbean

In 2022, the Latin American perfume market increased by 2.9% to $X, rising for the third consecutive year after three years of decline. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Perfume Production in Latin America and the Caribbean

In value terms, perfume production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 24% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Perfume Exports

Exports in Latin America and the Caribbean

After two years of decline, overseas shipments of perfumes and toilet waters increased by 4.4% to X tons in 2022. In general, exports, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by 8.1% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, perfume exports reduced slightly to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2017 when exports increased by 0.9%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Colombia (X tons), distantly followed by Guatemala (X tons), Mexico (X tons) and Brazil (X tons) represented the largest exporters of perfumes and toilet waters, together making up 89% of total exports. The following exporters - Argentina (X tons), Peru (X tons) and Chile (X tons) - together made up 8.4% of total exports.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +17.3%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Mexico ($X), Colombia ($X) and Brazil ($X) constituted the countries with the highest levels of exports in 2022, with a combined 71% share of total exports.

In terms of the main exporting countries, Brazil, with a CAGR of +14.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, dropping by -4.7% against the previous year. Overall, the export price continues to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2018 an increase of 4.8% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+3.0%), while the other leaders experienced mixed trends in the export price figures.

Perfume Imports

Imports in Latin America and the Caribbean

In 2022, approx. X tons of perfumes and toilet waters were imported in Latin America and the Caribbean; approximately mirroring 2021 figures. Overall, imports, however, showed a mild setback. The pace of growth was the most pronounced in 2021 when imports increased by 19%. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, perfume imports rose sharply to $X in 2022. In general, imports, however, recorded a pronounced downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 23%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Chile (X tons), distantly followed by Mexico (X tons), Brazil (X tons), Guatemala (X tons), Peru (X tons), Argentina (X tons) and El Salvador (X tons) were the main importers of perfumes and toilet waters, together achieving 65% of total imports. Nicaragua (X tons), Colombia (X tons), Paraguay (X tons), the Dominican Republic (X tons), Bolivia (X tons) and Honduras (X tons) followed a long way behind the leaders.

Imports into Chile increased at an average annual rate of +10.5% from 2012 to 2022. At the same time, the Dominican Republic (+12.5%), Argentina (+2.7%) and Brazil (+1.2%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +12.5% from 2012-2022. El Salvador, Peru and Mexico experienced a relatively flat trend pattern. By contrast, Nicaragua (-1.6%), Bolivia (-2.7%), Guatemala (-3.1%), Honduras (-3.7%), Colombia (-4.1%) and Paraguay (-4.2%) illustrated a downward trend over the same period. Chile (+15 p.p.), Brazil (+2.1 p.p.), Argentina (+2 p.p.), the Dominican Republic (+1.8 p.p.) and Mexico (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest perfume importing markets in Latin America and the Caribbean were Mexico ($X), Chile ($X) and Brazil ($X), together accounting for 54% of total imports.

Chile, with a CAGR of +4.5%, recorded the highest growth rate of the value of imports, in terms of 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of 6.7% against the previous year. Over the period under review, the import price, however, continues to indicate a mild reduction. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+2.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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