Mexico‘s cosmetics exports totaled 338 million dollars in 2020, maintaining an upward trend.
This amount also includes exports of beauty, makeup and skin care preparations, except medicines, including sunscreen and tanning preparations; manicure or pedicure preparations.
Although marginally, these external sales as a whole increased 0.1% year-on-year.
The result occurred in an atypical year, with global economic effects due to the Covid-19 pandemic.
By country of destination, Mexican exports of cosmetics and the rest of the referred products, the United States accounted for 71%, followed by Guatemala (4.4%), Colombia (3.4%) and Chile (2.7%), according to data from the Secretariat of Economy.
On the contrary, Mexican imports of those same products fell 21.1% in 2020, at an annual rate, to 486 million dollars.
Of that total, the main suppliers were: the United States (35.1%), France (13.2%), Colombia (9.3%), China (8.6%) and Brazil (6 percent).
Mexico is ranked among the top 10 markets in the world for cosmetics and personal care products, and it continues to be the second largest market for beauty products in Latin America.
According to the United States Department of Commerce, due to the strengthening of the economy and the availability of a variety of national and imported brands, the consumption of cosmetics in Mexico has grown steadily during the last 15 years.
Instead of an eight percent annual growth rate, based on industry momentum in previous years, experts now believe that the beauty sector in Mexico might not even achieve 4% growth in 2020.
However, even if color cosmetics and fragrances see a downward trend, health care products are increasing in demand, presenting an opportunity for US exporters.
Mexico is a mature market with opportunities for select products that can be differentiated from locally manufactured ones, although it is important to consider that Mexico is a price driven market.
According to the National Chamber of the Cosmetic Products Industry of Mexico (CANIPEC), the number of Mexican personal care brands has tripled since 2013, and several of them attract a younger audience looking for products that are locally sourced and respectful of the environment. environment.