Between 2013 and 2023, the import value of lip make-up preparations into Mexico displayed fluctuating growth. After an initial steady rise from 40.948 million USD to a peak of 78.826 million USD in 2017, the market experienced a significant dip in 2018. Recovery has been evident since 2019, with slight declines observed during the pandemic in 2020. By 2023, the value stood at 80.433 million USD, marking a 3.3% year-on-year increase. Over the past five years, the compound annual growth rate (CAGR) was 5.27%, indicating moderate but consistent growth.
Looking ahead, the forecasted data suggests a steady growth trend, with the import value expected to reach 93.867 million USD by 2028. The forecasted CAGR for the next five years is 2.43%, translating to an overall growth rate of 12.74%.
Future trends to watch for include:
- Continued market recovery and potential impact from new product launches and consumer trends.
- Possible fluctuating demand influenced by economic factors and global supply chain dynamics.
- Innovation in sustainable and organic products potentially driving increased imports.