Key Market Indicators
Make-up sales are set to reach $374 billion by 2026, a 1.6% increase from 2020. This growth is slightly higher than the 2.2% year-on-year market average. Japan, the United Kingdom and Germany ranked second, third and fourth respectively. Malagasy make-up exports decreased 14.9% in 2021 compared to 2020, dropping from $25 billion to $21.3 billion. Since 1995, supply has declined 5.9% year-on-year. Mozambique overtook Madagascar in 2021, ranking 118th, while the United States, Singapore and South Korea were second, third and fourth respectively. Malagasy make-up imports are set to reach $3.9 billion by 2026, with an average growth rate of 3.1% year-on-year. Since 1995, demand has increased 8.7% year-on-year. Madagascar ranked 123rd in 2021, overtaken by Benin at $3.2 billion. The United States, Singapore and Germany were second, third and fourth respectively.
