Singapore: Market for Beauty, Make-Up And Skin Care Preparations 2024

Market Size for Beauty, Make-Up And Skin Care Preparations in Singapore

After three years of decline, the Singaporean market for beauty, make-up and skin care preparations increased by 1,710% to $X in 2022. In general, consumption, however, showed a deep downturn. Consumption of peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Beauty, Make-Up And Skin Care Preparations in Singapore

In value terms, production of beauty, make-up and skin care preparations rose notably to $X in 2022 estimated in export price. Over the period under review, production enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 34% against the previous year. Over the period under review, production of hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Beauty, Make-Up And Skin Care Preparations

Exports from Singapore

In 2022, shipments abroad of beauty, make-up and skin care preparations decreased by -8.9% to X tons, falling for the second year in a row after five years of growth. Over the period under review, exports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2019 with an increase of 26%. Over the period under review, the exports of attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, exports of beauty, make-up and skin care preparations dropped slightly to $X in 2022. In general, exports, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2018 when exports increased by 33%. The exports peaked at $X in 2021, and then reduced modestly in the following year.

Exports by Country

China (X tons), South Korea (X tons) and Hong Kong SAR (X tons) were the main destinations of exports of beauty, make-up and skin care preparations from Singapore, with a combined 84% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +22.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for beauty, make-up and skin care preparations exported from Singapore were China ($X), South Korea ($X) and Hong Kong SAR ($X), together comprising 84% of total exports.

China, with a CAGR of +30.3%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for beauty, make-up and skin care preparations amounted to $X per ton, rising by 5.4% against the previous year. Overall, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for beauty, make-up and skin care preparations increased by +14.1% against 2020 indices. The pace of growth was the most pronounced in 2015 an increase of 24% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Australia ($X per ton) and Japan ($X per ton), while the average price for exports to Malaysia ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Beauty, Make-Up And Skin Care Preparations

Imports into Singapore

In 2022, after six years of growth, there was significant decline in overseas purchases of beauty, make-up and skin care preparations, when their volume decreased by -29.5% to X tons. Overall, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 24% against the previous year. Over the period under review, imports of attained the maximum at X tons in 2021, and then dropped rapidly in the following year.

In value terms, imports of beauty, make-up and skin care preparations totaled $X in 2022. Over the period under review, imports, however, showed resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 31% against the previous year. Over the period under review, imports of attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Japan (X tons), France (X tons) and the United States (X tons) were the main suppliers of imports of beauty, make-up and skin care preparations to Singapore, together accounting for 74% of total imports. South Korea, China, Italy, Switzerland, Thailand, Malaysia, the UK and Germany lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +13.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest beauty, make-up and skin care preparations suppliers to Singapore were France ($X), Japan ($X) and the United States ($X), with a combined 78% share of total imports. South Korea, the UK, Thailand, Italy, Switzerland, China, Malaysia and Germany lagged somewhat behind, together comprising a further 16%.

Among the main suppliers, South Korea, with a CAGR of +21.9%, recorded the highest rates of growth with regard to the value of imports, 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 import price for beauty, make-up and skin care preparations amounted to $X per ton, increasing by 44% against the previous year. In general, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for beauty, make-up and skin care preparations increased by +56.3% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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