• Analysis and Studies
• Beauty Products: import and export (1)

Global Trade Overview of Beauty Products (2023)

Growing Market for Beauty Products

In 2023, Beauty Products emerged as the 55th most traded product worldwide, with a total trade value of $70.4 billion. This sector experienced a 9.03% growth compared to 2022, when exports totaled $64.6 billion. Representing 0.31% of global trade, the beauty industry continues to expand, driven by increasing consumer demand for skincare, cosmetics, and personal care items.

Key Components of the Beauty Industry

Beauty Products fall under the Perfumery & Cosmetics category, encompassing a diverse range of items, including:

• Makeup products – Lipstick, eye makeup, and powders for skincare and cosmetic application.
• Skincare products – Moisturizers, exfoliators, toners, and other treatments.
• Sun protection – Sunscreens and suntan preparations that safeguard skin from harmful UV rays.
• Nail care – Manicure and pedicure preparations.

Leading Exporters and Importers

The top exporting countries in 2023 were:

• France ($13.1B) – A dominant player in luxury beauty and cosmetics.
• South Korea ($8.03B) – Renowned for innovative skincare and K-beauty trends.
• United States ($6.86B) – A major producer of both mass-market and high-end beauty products.
• Japan ($4.9B) – Known for advanced skincare formulations.
• Germany ($4.46B) – A key supplier of dermatological and cosmetic products.

On the import side, the largest beauty product consumers were:

• China ($10.4B) – The fastest-growing beauty market with a rising middle class.
• United States ($6.58B) – A major consumer of international beauty brands.
• Hong Kong ($5.64B) – A vital trade hub for luxury beauty products.
• Germany ($3.04B) – Strong demand for high-quality skincare and cosmetics.
• Singapore ($2.82B) – A regional distribution center for beauty brands in Asia.

Complexity and Market Influence

Despite its large market size, Beauty Products rank 406th on the Product Complexity Index (PCI), indicating that while the industry is highly competitive, the production process is relatively standardized compared to more technologically complex sectors.

Conclusion

The beauty industry is a dynamic and rapidly growing global market, driven by consumer preferences for skincare, cosmetics, and sun protection products. With France, South Korea, and the U.S. leading in exports, and China and the U.S. as major importers, the sector reflects shifting beauty trends, luxury demand, and regional preferences. As the market expands, innovation in sustainability, clean beauty, and advanced skincare is expected to shape the future of global beauty trade.

Source: https://oec.world/