2023 will be a record year for the cosmetics industry which closed 2022 with results superior to the pre-Covid period. The sector therefore continues to gain ground despite new difficulties – from inflationary uncertainties to geopolitical tensions with the war in Ukraine, up to energy price increases and supply chain crises – that have appeared on the horizon, putting a strain on the entire world economy. And, as always, it proves to be resilient and acyclical thanks also to the ability to react that characterizes its companies which continue to invest – on average 7% of turnover in research and development: double the national manufacturing average – even in times of crisis .
After closing 2022 with a turnover of over 13 billion euros, up not only compared to 2021 (+10.7%), but also compared to the pre-pandemic period (+8.3% compared to 2019), Cosmetica Italia, l trade association estimates for this year a further increase in industry revenues of 7.1% to 14 billion euros. The driving force behind this positive trend are exports: at the end of the year that has just ended, they amounted to around 5.6 billion euros – the highest value in the last twenty years – up by 15.2% compared to 2021, exceeding the pre-pandemic levels as demonstrated by the 12.1% increase compared to 2019 and with an estimate of a further 9.5% rebound in 2023.
The first importer of Italian cosmetics is the United States – thanks to the weakening of the euro against the dollar – which, with a value of 330 million, an increase of 44.1% (in the first half of 2022), have ousted the first position France, historic importer of 297 million (+13.6%). In third place is Germany (231 million) which, however, lost 0.6%, followed by Spain (162 million, +26.2%), the Netherlands (143 million, +26.6%), the United Kingdom (141 million, +16.3%), Poland (115 million, +32.6%). The highest of all the recovery of China rose by 85.9% with 80 million, positioning itself in tenth place in the ranking of countries importing made in Italy beauty, followed by +54.6% of the United Arab Emirates, eighth with 113 million. In sharp decline (-30.4%), however, Hong Kong, ninth with 108 million and penalized by protracted pandemic effects.
The strategic destinations of the future appear to be those outside Europe which are gaining more and more weight on total Italian cosmetic exports in the world: in the space of twenty years they have gained almost ten percentage points and have gone from 30% in 2001 to over 39% in the first six months of 2022. Among the most interesting outlets are the so-called Asean and India: the latter is the sixth country for the consumption of cosmetics worldwide with a value of almost 12 billion euros and in the last ten years purchase growth more than doubled.
As for South East Asia – the first edition of Cosmoprof Cbe Asean was held in Bangkok in September – Italian cosmetic exports to this area exceed 76 million. A value that recorded a recovery of almost two percentage points in 2021, after the marked contraction in 2020 following the pandemic. Within this market, which includes Burma, Brunei, Cambodia, Philippines, Indonesia, Laos, Malaysia, Singapore, Thailand and Vietnam, Singapore is the main destination with over 54 million euros (+4%); followed by Vietnam (8 million euros) and Malaysia (4.5 million euros). Although marginal in terms of weight to value (both with 3.7 million euros), Indonesia and Thailand are interesting in terms of growth dynamics: the demand for made in Italy cosmetics in these countries grew respectively by 16.6% and by 18.6 percent. In particular, as far as Thailand is concerned, it must be considered that it is the most important beauty production center in South East Asia and can be considered access to the Asean market. Among the most imported Italian products, alcoholic perfumery is in the lead with a concentration of almost 60%, followed by hair products (equal to 19% of the total for a value of 14.6 million) and body care cosmetics face and body (15% of the total equal to 11.4 million).