Cosmetics & Personal Care Sector (Japan): DATA & NEWS: Supply and prices: Cosmetics exports reaccelerate in June

Research evidence excerpt

Cosmetics & Personal Care Sector (Japan): DATA & NEWS: Supply and prices: Cosmetics exports reaccelerate in June

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

03 August 2026

Cosmetics & Personal Care

Sector (Japan)

DATA & NEWS: Supply and prices: Cosmetics exports

reaccelerate in June

As of July 31, 2026, the total market cap of the nine Japanese cosmetics and Japan Equity Research

personal care companies we cover was up 5.6% versus end-June, outperforming

Cosmetics and Personal Care /

TOPIX by 5.4ppt. This reflected a rise in cosmetics companies’ share prices in Paper and Packaging

response to the improved momentum of Chinese cosmetics demand data released AC Akiko Kuwahara

in July. Growth in cosmetics exports from Japan to China YoY returned to positive

(81-3) 6736-8617

territory in June. However, there is little sign of improvement in duty-free sales- akiko.kuwahara@jpmorgan.com

related data, which makes the sustainability of export growth highly uncertain. Takehito Watanabe

• Cosmetics: Exports reaccelerate in June, but domestic shipments (81-3)takehito.watanabe@jpmorgan.com6736-8622

decrease: In June, YoY growth in shipments from Japan was as follows: JPMorgan Securities Japan Co., Ltd.

skincare -8%, makeup -15%, UV care -12% (preliminary figures, weight basis;

May figures were -14%, -8%, and +10%, respectively). June cosmetics export

value was up 11% YoY (May: +7%). Skincare exports increased 9% YoY and

makeup exports grew 32%. By region, exports to China increased 11% and

exports to South Korea were up 16% (May: -1% and +63%, respectively).

Chinese customs data show the value of duty-free purchases on Hainan Island

increased 3% YoY in June (May: about flat). According to Korea Duty-free

Shops Association data, June duty-free sales contracted 7% YoY (May: -1%).