Cosmetics Trade Volume Between China and ASEAN Reached $ 1.23 Billion

Chaileedo Press
Apr 17, 2023
2 min read

The trade volume of cosmetics products between China and ASEAN reached $1.23 billion in 2022. It is estimated that by 2025, the cosmetic market size in Asean will exceed $300 billion.

On April 16, the 2023 China Cosmetics International Cooperation Forum on Cosmetics officially kicked off in Changping, Beijing, at which the "RCEP Cosmetics Market Research Report (ASEAN Chapter)" was released.

According to the report, the trade volume of cosmetics products between China and ASEAN reached $1.23 billion in 2022. Among them, China exported $920 million cosmetics products to the ASEAN region, accounting for about 16.1% of China's total cosmetics exports, and China imported $310 million cosmetics products from the ASEAN region.

From the perspective of specific cosmetics products, the product export categories are relatively balanced. In 2022, the largest category of China's exports to ASEAN were beauty and skin care products, with an export value of $367 million, a year-on-year increase of 82.8%.

Followed by other personal care products delivered the fastest growth with an export value of 335 million US dollars, doubled from the previous year. The export value of hair care products increased by 26.8% to 100 million US dollars, while oral care products was $92.21 million, with an increase of 62.3%. The export value of fragrance reached $18.9 million, with an impressive growth rate 70.9%.

From the perspective of specific countries, the concentration of the ASEAN market is very high. In terms of cosmetics products exports, the top five countries include Thailand, Indonesia, Malaysia, the Philippines and Singapore, with a total export value of $750 million, accounting for 81.5%. In terms of cosmetics products imports, the top five countries were Thailand, Vietnam, Indonesia, Singapore and Malaysia, with a total import value of $ 290 million US dollars, accounting for 98.9%.

In addition, according to the report it is estimated that by 2025, the cosmetic market size in Asean will exceed $300 billion, with a compound annual growth rate higher than that of the European and American markets. Therefore, ASEAN is a key market for China's cosmetics industry to "go overseas".