Republic of Korea: Lip Make-Up Preparations Market 2024

Lip Make-Up Preparations Market Size in Republic of Korea

The South Korean lip make-up preparations market reduced rapidly to $X in 2022, falling by -24.9% against the previous year. Overall, consumption continues to indicate a mild decrease. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Lip Make-Up Preparations Production in Republic of Korea

In value terms, lip make-up preparations production reduced to $X in 2022 estimated in export price. Overall, the total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.4% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of 45%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Lip Make-Up Preparations Exports

Exports from Republic of Korea

In 2022, overseas shipments of lip make-up preparations were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 75% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, lip make-up preparations exports soared to $X in 2022. Over the period under review, exports showed significant growth. The pace of growth appeared the most rapid in 2016 with an increase of 87% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons), China (X tons) and Japan (X tons) were the main destinations of lip make-up preparations exports from South Korea, with a combined 67% share of total exports. Vietnam, Singapore, Thailand, France, Taiwan (Chinese), Canada, Hong Kong SAR and Malaysia lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +90.0%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for lip make-up preparations exports from South Korea, comprising 37% of total exports. The second position in the ranking was taken by China ($X), with a 17% share of total exports. It was followed by Vietnam, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +56.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+42.3% per year) and Vietnam (+38.8% per year).

Export Prices by Country

The average lip make-up preparations export price stood at $X per ton in 2022, falling by -1.8% against the previous year. Over the period under review, export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, lip make-up preparations export price increased by +68.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 35% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the United States (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Lip Make-Up Preparations Imports

Imports into Republic of Korea

After four years of decline, purchases abroad of lip make-up preparations increased by 19% to X tons in 2022. Over the period under review, total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -27.8% against 2017 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 22% against the previous year. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, lip make-up preparations imports surged to $X in 2022. In general, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

France (X tons), the United States (X tons) and China (X tons) were the main suppliers of lip make-up preparations imports to South Korea, together accounting for 75% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +8.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of lip make-up preparations to South Korea, comprising 60% of total imports. The second position in the ranking was taken by the United States ($X), with a 9.3% share of total imports. It was followed by Italy, with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from France amounted to +10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.1% per year) and Italy (+11.4% per year).

Import Prices by Country

The average lip make-up preparations import price stood at $X per ton in 2022, surging by 10% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2014 an increase of 10% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain 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 Belgium ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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