Singapore: Lip Make-Up Preparations Market 2024

Lip Make-Up Preparations Market Size in Singapore

In 2022, the Singaporean lip make-up preparations market increased by 79% to $X, rising for the second year in a row after two years of decline. Overall, consumption posted a significant expansion. Lip make-up preparations consumption peaked in 2022 and is expected to retain growth in the immediate term.

Lip Make-Up Preparations Production in Singapore

In value terms, lip make-up preparations production reduced dramatically to $X in 2022 estimated in export price. Over the period under review, production, however, posted a significant expansion. The growth pace was the most rapid in 2017 when the production volume increased by 259%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Lip Make-Up Preparations Exports

Exports from Singapore

In 2022, overseas shipments of lip make-up preparations decreased by -41.9% to X tons, falling for the third consecutive year after eight years of growth. In general, exports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 90% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, lip make-up preparations exports fell to $X in 2022. Overall, exports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 87% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X tons) was the main destination for lip make-up preparations exports from Singapore, accounting for a 50% share of total exports. Moreover, lip make-up preparations exports to South Korea exceeded the volume sent to the second major destination, China (X tons), twofold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea totaled +22.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+15.3% per year) and Hong Kong SAR (-5.1% per year).

In value terms, South Korea ($X) remains the key foreign market for lip make-up preparations exports from Singapore, comprising 58% of total exports. The second position in the ranking was held by China ($X), with a 22% share of total exports. It was followed by Hong Kong SAR, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea stood at +31.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+21.4% per year) and Hong Kong SAR (-0.5% per year).

Export Prices by Country

The average lip make-up preparations export price stood at $X per ton in 2022, jumping by 54% against the previous year. Overall, export price indicated a resilient expansion from 2012 to 2022: its price 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. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Australia ($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 South Korea (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Lip Make-Up Preparations Imports

Imports into Singapore

In 2022, purchases abroad of lip make-up preparations decreased by -41.6% to X tons, falling for the third year in a row after eight years of growth. Over the period under review, imports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 61%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, lip make-up preparations imports dropped to $X in 2022. In general, imports, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2017 when imports increased by 81% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, France (X tons) constituted the largest supplier of lip make-up preparations to Singapore, accounting for a 62% share of total imports. Moreover, lip make-up preparations imports from France exceeded the figures recorded by the second-largest supplier, Canada (X tons), ninefold. The third position in this ranking was taken by Japan (X tons), with a 6.6% share.

From 2012 to 2022, the average annual growth rate of volume from France totaled +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+12.5% per year) and Japan (+0.8% per year).

In value terms, France ($X) constituted the largest supplier of lip make-up preparations to Singapore, comprising 70% of total imports. The second position in the ranking was taken by South Korea ($X), with a 6.9% share of total imports. It was followed by the United States, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from France amounted to +17.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+31.6% per year) and the United States (+6.6% per year).

Import Prices by Country

The average lip make-up preparations import price stood at $X per ton in 2022, surging by 56% against the previous year. Overall, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +8.2% 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 import price increased by +74.2% against 2020 indices. As a result, import price attained 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 Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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