Beauty and personal care saw healthy growth in 2022 backed by the reopening of the economy and consumers pursuing more active lives outside the home for work, education and social reasons. The high dependence on imports put upward pressure on prices due to the impact of rising manufacturing and logistics costs on the global market.
Beauty and personal care saw strong growth in current value terms in 2022. Most of those products which were negatively impacted by the outbreak of COVID-19 managed to recover to pre-pandemic sales levels in 2022.
One of the important sources of income for Panama is tourism, which is driven by the country’s tropical climate which ensures warm sunny weather for much of the year. Panama also benefits from the wide availability of beaches and the wide range of products such as clothing, shoes, perfumes, and food which benefit from the country’s tax free zones.
The National Institute of Statistics and Census (INEC) estimated the growth of the Panamanian economy to be close to 10% for 2022, highlighting the country’s strong recovery from the negative effects of the COVID-19 pandemic. One of the pillars of Panama's economic recovery is the income generated by the Panama Canal.
In the years prior to the pandemic, Panama had shown economic stability with sustained growth, a strengthening of its middle class, and limited social upheaval. However, driven by the negative impact of the pandemic on the economy and growing inflationary pressure, unprecedented social protests were unleashed in July 2022, with roadblocks and the interruption of work and commercial activities.
It is expected that in the coming years the Panamanian economy will continue to grow at a steady pace supported by its relevance in the international context by the commercial flow through the Panama Canal and by an increase in tourism. This should help strengthen the country’s middle class and boost per capita income.
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Beauty and Personal Care
This is the aggregation of baby and child-specific products, bath & shower, deodorants, hair care, colour cosmetics, men's grooming, oral hygiene, fragrances, skin care, depilatories and sun care. Black market sales and travel retail are excluded.See All of Our Definitions
This report originates from Passport, our Beauty and Personal Care research and analysis database.
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