Mexico: Perfume Market 2024

Perfume Market Size in Mexico

The Mexican perfume market was estimated at $X in 2022, growing by 4% against the previous year. Over the period under review, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.5% against 2020 indices. Perfume consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Perfume Production in Mexico

In value terms, perfume production rose remarkably to $X in 2022 estimated in export price. Overall, the total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.4% against 2020 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 42%. Perfume production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Perfume Exports

Exports from Mexico

In 2022, overseas shipments of perfumes and toilet waters increased by 31% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports, however, showed a pronounced decrease. The most prominent rate of growth was recorded in 2021 with an increase of 64%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, perfume exports shrank remarkably to $X in 2022. In general, exports, however, recorded a deep setback. The pace of growth was the most pronounced in 2021 with an increase of 15%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for perfume exports from Mexico, with a 75% share of total exports. Moreover, perfume exports to the United States exceeded the volume sent to the second major destination, Guatemala (X tons), sixfold. The third position in this ranking was taken by El Salvador (X tons), with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-7.5% per year) and El Salvador (+8.7% per year).

In value terms, the United States ($X) remains the key foreign market for perfumes and toilet waters exports from Mexico, comprising 56% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 23% share of total exports. It was followed by El Salvador, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at -5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-5.7% per year) and El Salvador (+10.2% per year).

Export Prices by Country

The average perfume export price stood at $X per ton in 2022, declining by -37.2% against the previous year. In general, the export price continues to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2016 an increase of 40%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to the United States ($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 Guatemala (+1.9%), while the prices for the other major destinations experienced more modest paces of growth.

Perfume Imports

Imports into Mexico

In 2022, the amount of perfumes and toilet waters imported into Mexico rose notably to X tons, picking up by 6.4% on 2021. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 83% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; afterwards, it flattened through to 2022.

In value terms, perfume imports soared to $X in 2022. The total import value increased at an average annual rate of +2.2% 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 when imports increased by 48%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

France (X tons), the United States (X tons) and Spain (X tons) were the main suppliers of perfume imports to Mexico, with a combined 81% share of total imports. Colombia, Italy, China, Brazil, Switzerland and the UK lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +14.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest perfume suppliers to Mexico were France ($X), Spain ($X) and the United States ($X), with a combined 76% share of total imports. Italy, Colombia, Switzerland, Brazil, China and the UK lagged somewhat behind, together accounting for a further 21%.

Brazil, with a CAGR of +13.8%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average perfume import price amounted to $X per ton, surging by 13% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, perfume import price decreased by -19.6% against 2016 indices. The most prominent rate of growth was recorded in 2015 an increase of 47% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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 the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+16.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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