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For cosmetics, 2024 will be growing and driven by sales abroad

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For cosmetics, 2024 will be growing and driven by sales abroad

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A turnover of 14.8 billion euros, up by 10.9% and a projection, for 2024, of just over 16 billion (+8.5% compared to 2023) with exports that will reach the value at the end of the year record of 6.7 billion, an increase of 15% and a further increase of 10% in 2024. These are the numbers of the cosmetics industry in Italy presented yesterday during the last day of Milan Beauty Week.

Results which, according to Benedetto Lavino, president of Cosmetica Italia, the trade association that developed preliminary final results and forecasts, «testify to the relevance of our sector and its ability to create value for the entire country system and allow us to rank third in Europe by turnover, after Germany and France.”

Indicative of the excellent state of the sector is the trend of third-party production, upstream of the supply chain, which should close the year with a turnover of 2 billion (+9.1% compared to 2022). While, on the domestic market front, consumption should reach 12.4 billion at the end of the year (+8.2% compared to 2022) with growth forecasts of 5.8% for 2024.

Mass market, perfumery and pharmacy remain the three most representative channels in terms of value. Instead, e-commerce and perfumery are recording the most important growth dynamics. Specifically, estimates for the second half of 2023 indicate a value of 5.2 billion for cosmetics purchased in large-scale retail trade (+7.8% and +4.8% in 2024); in second place are purchases in perfumery with 2.5 billion (+12%) and a growth forecast for next year of 8.5 percent. The pharmacy confirms itself in third position with a preliminary value of 2 billion (+5.8% and +4.1% in 2024).

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E-commerce remains solid as the fourth distribution channel with 1.1 billion at the end of the year (+12%) and a sustained growth rate (+9.8%) also for 2024. This is followed by professional hairdressing (around 600 million in 2023) and herbal medicine, close to 400 million. Direct sales, door to door and by mail, also settled at similar values ​​(around 400 million); finally, professional aesthetics with an estimated value at the end of 2023 of almost 200 million.

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