Panama: Lip Make-Up Preparations Market 2024

Lip Make-Up Preparations Market Size in Panama

The Panamanian lip make-up preparations market was finally on the rise to reach $X in 2022, after two years of decline. In general, consumption, however, saw a abrupt shrinkage. Lip make-up preparations consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Lip Make-Up Preparations Exports

Exports from Panama

After two years of decline, overseas shipments of lip make-up preparations increased by 77% to X tons in 2022. Overall, exports, however, recorded a abrupt setback. The pace of growth appeared the most rapid in 2014 when exports increased by 974%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, lip make-up preparations exports skyrocketed to $X in 2022. In general, exports, however, recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2014 when exports increased by 999%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Chile (X tons) was the main destination for lip make-up preparations exports from Panama, with a 78% share of total exports. Moreover, lip make-up preparations exports to Chile exceeded the volume sent to the second major destination, Barbados (X tons), more than tenfold. Bolivia (X tons) ranked third in terms of total exports with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume to Chile totaled +59.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Barbados (+32.2% per year) and Bolivia (-1.6% per year).

In value terms, Chile ($X) emerged as the key foreign market for lip make-up preparations exports from Panama, comprising 84% of total exports. The second position in the ranking was held by El Salvador ($X), with a 4% share of total exports. It was followed by Guatemala, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value to Chile totaled +53.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (+15.4% per year) and Guatemala (-28.5% per year).

Export Prices by Country

In 2022, the average lip make-up preparations export price amounted to $X per ton, declining by -20.4% against the previous year. Over the period under review, the export price recorded a deep reduction. The pace of growth appeared the most rapid in 2013 an increase of 28% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

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 Guatemala ($X per ton), while the average price for exports to Barbados ($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 Venezuela (+33.6%), while the prices for the other major destinations experienced more modest paces of growth.

Lip Make-Up Preparations Imports

Imports into Panama

After two years of decline, overseas purchases of lip make-up preparations increased by 89% to X tons in 2022. Overall, imports, however, faced a abrupt decline. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, lip make-up preparations imports soared to $X in 2022. Over the period under review, imports, however, recorded a deep reduction. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Free Zones (X tons) constituted the largest supplier of lip make-up preparations to Panama, with a 50% share of total imports. Moreover, lip make-up preparations imports from Free Zones exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. The third position in this ranking was taken by Colombia (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Free Zones amounted to +55.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-11.5% per year) and Colombia (+43.7% per year).

In value terms, Free Zones ($X) constituted the largest supplier of lip make-up preparations to Panama, comprising 36% of total imports. The second position in the ranking was held by the United States ($X), with an 18% share of total imports. It was followed by Colombia, with a 17% share.

From 2012 to 2022, the average annual growth rate of value from Free Zones totaled +40.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-15.4% per year) and Colombia (+57.7% per year).

Import Prices by Country

In 2022, the average lip make-up preparations import price amounted to $X per ton, waning by -20.3% against the previous year. Overall, the import price continues to indicate a slight decline. The most prominent rate of growth was recorded in 2017 when the average import price increased by 47% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Free Zones ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform