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Globally there has been a general increase in costs and prices, which have now stabilized. However, the cosmetics industry is rapidly accelerating thanks to new product and distribution mixes that respond to and anticipate consumer needs. The global cosmetics turnover estimated at the end of 2023 stands at almost 570 billion euros, an increase of 6.9% compared to the previous year, with an annual growth of 7.9% expected by 2027. In this context, the industry of Made in Italy beauty continues to run: the past year closed with a turnover of 15 billion, recording an increase of 13.3% over 2022 and the estimate of a further increase of 9.8% in 2024 to 16.5 billion.
These are the forecasts of Cosmetica Italia, the trade association, which reports the record result achieved by exports, driving this positive trend, which in 2023 reached 7 billion euros, growing by 19.5% with Europe (61% of the total), America and Asia (both at 18%) in pole position among the most important markets. The turnover generated by cosmetic contracting is also significant, equal to 2 billion euros in 2023 (+9.1% compared to 2022); projections for 2024 indicate a growth rate of 7.5% which will bring the value to over 2.1 billion euros.
«The economic data give us the image of a reactive sector: in 2023, despite a socio-economic context characterized by tensions, difficulties linked to costs and availability of raw materials, energy increases, the Italian cosmetics industry recorded positive trends both on the domestic market and on international markets”, comments the president of Cosmetica Italia, Benedetto Lavino, underlining that cosmetics, in 2023, were the first among the Made in Italy manufacturing sectors for export growth.
And he adds: «Innovation, research, the ability to suddenly adapt to new consumption methods are the ingredients that constitute the winning formula for our sector». In fact, Italians’ consumption is also growing: +8.9% for a value of 12.5 billion and the projection for 2024 of an increase of 8.4% to 13.5 billion.
Perfumery and e-commerce accelerate with, respectively, an increase of 12.6%, and consumption equal to 2.5 billion, and 12.5% to 1.1 billion. The growth of herbal medicine is also in double figures, +12%, for an estimated channel value of 400 million. Large-scale distribution, with 5.2 billion in cosmetics consumption, remains the most representative channel in terms of value with an increase of 8%. After the second position of the perfumery, the pharmacy maintains third place and closes 2023 with growth of 7.4% and a value of 2.1 billion.