The growth of the cosmetics industry in Italy continues.
After the 15 billion euro turnover in 2023, up by 13.3%, the forecasts for 2024 project a further leap of 9.8%, up to 16.5 billion euro.
These are just the estimates of the Cosmetica Italia Study Center in the economic survey presented in Milan.
The survey records cosmetic consumption expanding up to 12.5 billion euros in 2023 (+8.9%) and to 13.5 billion in the projection for 2024 (+8.4).
The increase in exports is even greater, reaching 7 billion in 2023 (+19.5%) and which, according to the study center's estimates, will grow by a further 12 percentage points during 2024. "The economic data give us the image of a reactive sector: in 2023, despite a socio-economic context characterized by tensions, difficulties linked to the costs and availability of raw materials, energy increases, the Italian cosmetics industry recorded positive trends both on the domestic market and on international markets ", commented the president of Cosmetica Italia, Benedetto Lavino, underlining that cosmetics in 2023 were the first among the traditional Made in Italy sectors for export growth.
"Innovation, research, ability to suddenly adapt to new consumption methods are the ingredients that constitute the winning formula for our sector", added Lavino. The various sales channels show positive consumption trends for both 2023 and 2024 , even in double digits. This is the case of perfumery which closes 2023 with a +12.6% and consumption equal to 2.5 billion euros and could record +11.4% in 2024. Similar trend for e- commerce, +12.5% in 2023, which thus reaches a value of 1.1 billion euros, and +10.1% expected in 2024. The growth of herbal medicine is also in double digits, +12% in 2023 and +10.5% expected in 2024. Large-scale distribution with 5.2 billion in cosmetic consumption remains the most representative channel in terms of value with an increase of 8% in 2023 and projections of +7.8% in 2024. After the second position of perfumery, pharmacy maintains third place and closes 2023 with growth of 7.4% and a value of 2.1 billion euros (+7.2% in 2024).
The trends of the professional channels are also defined as "good": hairdressing salons with 600 million euros close 2023 at +6.1%, while beauty centres, according to preliminary 2023 figures, record a value of 200 million euros per cosmetic consumption and grows by 5.1% compared to 2022. A positive sign also for direct sales which, although to a lesser extent than other channels, show an increase of 1.1% in 2023/2022 and reach 400 million EUR.
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 of contract turnover to over 2.1 billion euros.
Among the consumption trends, omnichannel emerges, with companies' strategies on the e-commerce channel increasingly strengthening the physical and digital stores, in a single flow of engagement with the consumer.