L’Oréal and Beiersdorf are leaders in this category, ranking second and eighth respectively in Happi’s 2023 International Top 30 report. Kiko Milano and Ancorotti Cosmetics is a beauty company based in Italy.
The founding members gathered in Brussels at the end of January to present key figures and insights on the industry’s diverse value chains and its key economic and social contributions to key stakeholders from European Union institutions.
The report is said to summarize the “vital role of the beauty value chain for the EU’s economy and society”, as well as health and wellbeing.
Europe’s €74.1 billion beauty industry resonates with 80% of EU consumers who consider beauty products essential to their daily lives, according to officials from the newly formed group. That’s what it means.
“With six founding members, the Alliance represents many different facets of our sector. All members of our broader value chain, industries and associations will join the Value of Beauty Alliance. Together we will raise our voices and demonstrate the socio-economic importance of our industry for Europe,” said Nicolas Hieronymus, CEO of the L’Oréal Group. Masu.
“Driven by the constant pursuit of innovation with a focus on sustainability, this vast and diverse ecosystem stretches across Europe, contributing to our economies, supporting our health and well-being, and supporting our lives. shaping our society and culture,” said CEO Vincent Warnery. of Beiersdorf.
The Value of Beauty Alliance is open to all parties keen to contribute to the European cosmetics value chain and to better understand the economic and social contribution of the ecosystem. Alvea and PUIG have already committed to participating in this joint effort.
The report focuses on three key areas: economy and innovation, the alliance said. health and welfare, and society and culture.
economy and innovation
The European cosmetics and personal care industry is a vibrant ecosystem of innovation and employment, directly supporting more than 3 million people employed across value chains across the EU and with a total turnover of €74.1 billion. It is estimated that annual sales will exceed 100 billion euros. According to report data, 2027.
The value of Beauty’s report
The sector is the cradle of scientific progress, investing €2.35 billion in research and development and training more than 30,040 scientists in various fields. By fostering this industry, the EU combines economic prosperity with scientific ingenuity and ensures that this industry remains at the forefront of the EU’s competitiveness. Technology and product innovation is continuous, the Alliance notes, driven by consumer preferences, ever-changing beauty trends and sustainability.
Sustainability is a key priority at every point in the value chain, from the use of green energy and ethical testing to eco-friendly packaging, and innovative ways to use recyclable materials and eliminate waste. Continued efforts are needed to reduce and continue to improve our environmental and social footprint.
According to the report, five of the 13 companies globally that received CDP’s Triple A rating for their sustainability efforts in 2022 were in the beauty and personal care sector.
health and welfare
This sector is more than just a driver of economic activity. It also plays an important role in preventing some skin diseases. For example, using sunscreen adapted to suit your needs can contribute to the prevention of skin cancer, the Alliance says.
According to the alliance, the majority of Europe’s 448 million consumers use a variety of beauty and personal care products to enhance their well-being, and this is due to the fact that high-quality, innovative beauty and It is said to reflect the region’s deep appreciation for personal care products.
The report found that in Europe, nearly seven in 10 women (68%) consider perfume to be important or very important in helping them feel good in their daily lives.
society and culture
The beauty industry is also an integral part of European culture and society and is protected, such as perfume-related techniques from France’s Pays de Glace region, which is on UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity. He is said to be nurturing. to the alliance.
According to the report, the field is constantly reinventing itself, transcending social and cultural roles and incorporating inclusive beauty ideals that describe products and practices that cater to everyone in society. Masu.
The Value of Beauty Alliance is open to all parties keen to contribute to the European beauty and personal care value chain and to improve understanding of the economic and social contribution of the ecosystem.
Membership information can be viewed here.