The perfumery and cosmetics sector will close another year in the black. According to forecasts from the DBK Observatory of Informa, sales in these two sectors will remain on the rise at the end of this year as well.
In 2024, the cosmetics and perfumery sector, unlike others, managed to hold its ground and reached a value of 8.164 billion euros, 7.5% more than in 2023.
In Spain, as indicated by DBK, sales were around 6.833 billion euros, with an increase of 7.7%, while in Portugal they amounted to 1.331 billion euros, after growing by almost 7%.
Skincare continues to lead the cosmetic market
The skincare segment continues to lead the business, accounting for 32% of the total. This is followed by grooming and personal care products, with 22%, and perfumes and fragrances with 20%. Regarding hair care and color and decorative cosmetics, significant progress and increases have been recorded.
Spanish exports have reached 8,125 million euros, 24% more than in 2023, and Portugal's foreign sales have reached 346 million, growing by almost 5%. The main destinations for Spain's exports are the United States, France, Portugal, Germany, and Italy. Like exports, imports also grew, in Spain's case by 13%.
Companies continue to bet on innovation, digitalization, and niche markets
The report indicates that companies in Spain allocate a large part of their budgets to innovation, digitalization, and the search for and penetration into niche markets such as natural and men's cosmetics. The same report also highlighted that operators have strived to minimize and contain costs through process optimization, combined with demand dynamism, which favored an improvement in profitability in the 2024 fiscal year.