Venezuela: Lip Make-Up Preparations Market 2024

Lip Make-Up Preparations Market Size in Venezuela

The Venezuelan lip make-up preparations market skyrocketed to $X in 2022, surging by 23% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a dramatic decline. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Lip Make-Up Preparations Exports

Exports from Venezuela

In 2022, overseas shipments of lip make-up preparations were finally on the rise to reach X kg after five years of decline. Over the period under review, exports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2013 when exports increased by 463%. The exports peaked at X kg in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, lip make-up preparations exports rose notably to $X in 2022. Overall, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 337%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Colombia (X kg) was the main destination for lip make-up preparations exports from Venezuela, accounting for a 57% share of total exports. Moreover, lip make-up preparations exports to Colombia exceeded the volume sent to the second major destination, the Dominican Republic (X kg), twofold. Chile (X kg) ranked third in terms of total exports with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia amounted to -7.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+25.9% per year) and Chile (+7.2% per year).

In value terms, the Dominican Republic ($X), Colombia ($X) and Chile ($X) were the largest markets for lip make-up preparations exported from Venezuela worldwide, together comprising 96% of total exports.

The Dominican Republic, with a CAGR of +84.6%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 lip make-up preparations export price amounted to $X per ton, with an increase of 5.6% against the previous year. Overall, the export price showed a strong increase. The growth pace was the most rapid in 2017 when the average export price increased by 176% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to Canada ($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 Panama (+119.9%), while the prices for the other major destinations experienced more modest paces of growth.

Lip Make-Up Preparations Imports

Imports into Venezuela

In 2022, supplies from abroad of lip make-up preparations increased by 14% to X tons, rising for the fourth consecutive year after six years of decline. In general, imports, however, faced a precipitous slump. The pace of growth was the most pronounced in 2019 when imports increased by 115%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, lip make-up preparations imports skyrocketed to $X in 2022. Overall, imports, however, showed a significant contraction. The pace of growth appeared the most rapid in 2019 when imports increased by 171%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), Peru (X tons) and the United States (X tons) were the main suppliers of lip make-up preparations imports to Venezuela, with a combined 81% share of total imports. The Dominican Republic, Turkey, South Korea, Colombia and Mexico lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Dominican Republic (with a CAGR of +45.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Peru ($X) constituted the largest supplier of lip make-up preparations to Venezuela, comprising 58% of total imports. The second position in the ranking was held by the United States ($X), with a 15% share of total imports. It was followed by South Korea, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value from Peru amounted to +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-23.7% per year) and South Korea (+52.2% per year).

Import Prices by Country

The average lip make-up preparations import price stood at $X per ton in 2022, picking up by 16% against the previous year. Overall, the import price enjoyed a mild expansion. The pace of growth appeared the most rapid in 2014 an increase of 56% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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 Peru ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+36.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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