Cosmetics & Personal Care Sector (Japan): DATA & NEWS: Supply and prices: Growth of cosmetics exports slowed significantly in May

Research evidence excerpt

Cosmetics & Personal Care Sector (Japan): DATA & NEWS: Supply and prices: Growth of cosmetics exports slowed significantly in May

J P M O R G A N Asia Pacific Equity Research

01 July 2026

Cosmetics & Personal Care

Sector (Japan)

DATA & NEWS: Supply and prices: Growth of cosmetics

exports slowed significantly in May

As of June 30, 2026, the combined market capitalization of the nine Japanese Japan Equity Research

cosmetics and personal care companies we cover was up 0.9% from end-May,

Cosmetics and Personal Care /

largely in line with Topix’s rise. April and May data show a noticeable deterioration Paper and Packaging

in external demand indicators for cosmetics, such as a sharp slowdown in export AC Akiko Kuwahara

growth, which we think could weigh on Shiseido’s and Kosé’s share prices for a

(81-3) 6736-8617

while. akiko.kuwahara@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Cosmetics: May export growth momentum slowed: In May, Japanese

shipments (preliminary, weight basis) fell 14% YoY for skincare products and

8% for makeup products but rose 10% for UV care products (April: +7%, flat,

and +5%, respectively). May cosmetics export value increased 7% YoY (April:

+22%), rising 7% for skincare products and 1% for makeup products. By

region, exports fell 1% YoY to China but rose 63% to South Korea (April:

+35% and +24%, respectively). Chinese customs data show the value of May

duty-free purchases on Hainan Island was largely flat YoY (April: +10%).

Also, Korea Duty Free Shops Association data show May duty-free sales

contracted 1% YoY (April: -8%). Japan’s cosmetics imports fell 2% YoY in

May (April: +19%). The May corporate goods price index for cosmetics

overall rose 0.6% MoM.

• Daily necessities: May production momentum slowed for adult diapers