Singapore: Cosmetics Market 2024

Cosmetics Market Size in Singapore

After three years of decline, the Singaporean cosmetics market increased by X% to $X in 2022. In general, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Cosmetics Production in Singapore

In value terms, cosmetics production rose slightly to $X in 2022 estimated in export price. In general, production saw a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Cosmetics Exports

Exports from Singapore

In 2022, shipments abroad of cosmetics decreased by X% to X tons, falling for the second year in a row after five years of growth. Overall, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, cosmetics exports dropped to $X in 2022. Over the period under review, exports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then fell 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 cosmetics exports from Singapore, together comprising X% of total exports.

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

In value terms, China ($X), South Korea ($X) and Hong Kong SAR ($X) constituted the largest markets for cosmetics exported from Singapore worldwide, together comprising X% of total exports.

In terms of the main countries of destination, China, with a CAGR of X%, saw the highest growth rate of the value of exports, 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 cosmetics export price amounted to $X per ton, surging by X% against the previous year. Overall, export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cosmetics export price increased by X% against 2020 indices. The growth pace was the most rapid in 2015 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Australia ($X per ton) and Japan ($X per ton), while the average price for exports to China ($X per ton) and Taiwan (Chinese) ($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 (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cosmetics Imports

Imports into Singapore

In 2022, supplies from abroad of cosmetics decreased by X% to X tons, falling for the third consecutive year after four years of growth. Overall, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2019 indices. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, cosmetics imports declined to $X in 2022. In general, imports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2018 when imports increased by X%. 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

Japan (X tons), France (X tons) and the United States (X tons) were the main suppliers of cosmetics imports to Singapore, together comprising X% of total imports. South Korea, Italy, China, Switzerland, Thailand, Malaysia, the UK and Germany lagged somewhat behind, together comprising a further X%.

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

In value terms, France ($X), Japan ($X) and the United States ($X) appeared to be the largest cosmetics suppliers to Singapore, with a combined X% share of total imports. South Korea, Italy, the UK, China, Thailand, Switzerland, Malaysia and Germany lagged somewhat behind, together comprising a further X%.

Italy, with a CAGR of X%, recorded 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 cosmetics import price amounted to $X per ton, rising by X% against the previous year. Overall, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cosmetics import price increased by X% 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 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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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