Europe is a key market for the cosmetics industry. In 2019, the total value of the sector was more than $123 billion. In 2020 the global pandemic, which dealt a heavy blow to many of the 27 Member States, brought that figure down 3.5% to $118.8 billion and seems to have triggered longer lasting consequences compared to other regions. Forecasts by Euromonitor International, international market research company, expect a slow recovery in 2021, with a total value of just over $119 billion (+0.1% compared to 2020, -3.3% compared to 2019), and even in 2022 pre-COVID figures will still seem distant. In fact, Euromonitor analysts expect revenue to reach $120.2 billion next year, -2.3% compared to 2019.
Skincare is one of the best performing categories in Europe and is responding well to the post-COVID transformation: in 2022 skincare will surpass $27.5 billion, re-aligning with 2019 levels.
The largest national markets for cosmetics and personal care products within Europe are Germany (€13.6 billion), France (€12.0 billion), Italy (€10.6 billion), the UK (€9.9 billion), Spain (€6.9 billion) and Poland (€4.0 billion)*.
The Hair Care segment is one of the largest in the Cosmetics and Personal Care market and includes care products such as shampoo, conditioner, hair tonics as well as styling products such as hair spray, gel and dyes.
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Germany, France, UK and Italy were the leading markets in Europe, standing at 13.6 billion euros; 11.3 billion euros, 11.1 billion and 10.1 billion euros respectively.
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