Italian Beauty Industry Hits 15B Euros in Sales, Gears Up for Buzzy Trade Show Season
MILAN — Italy‘s beauty industry keeps gaining traction, and the positive momentum is expected to continue.
According to preliminary figures released by the national association Cosmetica Italia on Thursday, sales generated by Italian beauty companies in 2023 grew 13.3 percent versus 2022, hitting the 15 billion euros milestone. Projections show a further 9.8 percent increase in 2024, with sales forecast to reach 16.5 billion euros.
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The performance is in sync with the global trend — the association’s president Benedetto Lavino said the global beauty industry is “experiencing a very strong acceleration.” According to this study, global beauty sales grew 6.9 percent to 567 billion euros in 2023. Lavino also said that an increase of roughly 8 percent is expected in the 2022-27 period, compared to the 4.6 percent growth registered in the 2017-22 period.
For Italy specifically, exports have been a key sales driver, accounting for 46.4 percent of total revenues and climbing 19.5 percent to 7 billion euros in 2023 compared to 2022. Europe was the first destination of Italian beauty products and accounted for 61 percent out of total exports, followed by the Americas and Asia, each representing 18 percent of the total.
Such an increase put the beauty segment at the top of the ranking of Italian industries with the biggest growth in exports, ahead of categories like boats and yachts, jewelry and eyewear. In terms of value, beauty exports ranked seventh, while fashion topped the ranking with exports totaling 19 billion euros.
“These figures further affirm that this sector is one of Italy’s industrial engines. They show it generates value for the whole country and should be further supported by institutions,” said Lavino, adding that beauty exports are projected to grow 12 percent in 2024.
Growth was reported across all distribution channels in the domestic market, with the best performances registered by perfumeries, where sales grew 12.6 percent and are expected to further increase 11.4 percent in 2024. Perfumeries were second only to mass market, where sales grew 8 percent, and were followed by pharmacies and e-commerce, where sales rose 7.4 and 12.5 percent, respectively.
The overall booming demand for fragrances will propel what promises to be a buzzy edition of Esxence, the Milan-based show dedicated to niche perfumery that will open the season of the industry’s fairs in the country.
Running March 6 to 9, the fair will return at the Allianz MiCo-Milano Convention Centre venue to stage its 14th edition, and is doubling its show surface to 150,694 square feet in order to accommodate the record number of 360 exhibitors that will hail from 30 countries, including new entries such as Australia, South Korea and Estonia.
Companies will be divided into the two Main Brands and Spotlights sections, the latter of which is showcasing emerging players. Still keeping a limited incidence on total revenues, in Italy the artisanal perfumery segment reached around 310 million euros in sales last year, accounting for more than 14 percent of sales generated in perfumeries.
Esxence will be closely followed by the 55th edition of leading beauty trade show Cosmoprof Worldwide Bologna. Running March 21 to 24, the fair is growing, too, reporting a 4 percent increase in number of exhibitors versus 2023. More than 3,000 companies from 67 countries — 40 percent of which are from outside Europe — will gather in Bologna. Out of total exhibitors, 35 percent of companies will attend the show for the first time and five of the 30 country pavilions will make their debut this year, including Estonia, Norway, the Pacific Islands, Palestine and Singapore.
“The fairgrounds are sold out and we had to implement additional structures outside to satisfy all requests,” said Enrico Zannini, general director of BolognaFiere Cosmoprof in a dedicated press conference on Wednesday.
In terms of layout, he said the fair will continue to allocate different areas to different categories, but conversely to the past all pavilions will open on the same day. “It’s an important and strategic decision taken in accordance with exhibitors to further maximize all operators’ visit during those days,” said Zannini.
In particular, cosmetics packaging trade show Cosmopack will run three days, with an 8 percent increase in number of exhibitors versus 2023. These will include international firms from different parts of the supply chain, such as contract manufacturing and private labels, process and packaging machinery, primary and secondary packaging, applicators, ingredients and raw materials.
Concurrently with Cosmopack, Cosmo Perfumery & Cosmetics will showcase 43 percent out of total exhibitors, including makeup, skin care and fragrance brands operating in the mass market, prestige and masstige sectors. Indie brands that will be spotlighted in the Extraordinary Gallery area, as in preview editions.
Specialized in products and services for the professional channel, exhibitors spotlighted at Cosmo Hair & Nail & Beauty Salon — which will close on March 24, instead — will account for 38 percent of total companies at the show.
Cosmoprof Worldwide Bologna is the most important event within the international Cosmoprof platform, which includes events in Hong Kong, Mumbai, Las Vegas, Bangkok, and, starting this year, Miami. Zannini said beginning in 2025, Cosmoprof will also integrate the SANA Beauty event to bring international visibility to the organic and natural cosmetics industry.
Closing the beauty calendar in Italy, the Milano Beauty Week will make its return from Sept. 25 to 29, right after the city’s fashion week. A brainchild of Cosmetica Italia in collaboration with the Cosmoprof and Esxence trade shows, the consumer-facing beauty event was introduced in 2022 with the mission of further creating awareness around the social and economic role the national cosmetic industry plays in the country.
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