The Value of Beauty Alliance has launched its first report to highlight the beauty and personal care industry’s impact. The group comprises the renowned companies L'Oréal, Beiersdorf, Givaudan, IFF, Kiko Milano and Ancorotti Cosmetics. The report titled ‘What is the Value of Beauty’ offers key figures of the industry’s value chain and its economic and societal contributions within the EU.

Cosmetics As an Economic Factor

The industry generates an estimated total turnover of 74.1 billion euros. This figure is forecasted to surpass 100 billion euros by 2027. The sector is said to invest an average of 2.35 billion euros in R&D. Sustainability is a key priority at all points of the value chain. According to the report, five out of the thirteen companies that globally achieved a ‘Triple A’ CDP Rating in 2022 were in the beauty and personal care sector.

Cosmetics As a Wellbeing Factor

According to the Alliance, a vast majority of Europe’s 448 million consumers use beauty and personal care products to enhance their wellbeing. In Europe, nearly seven out of ten women (68 per cent) see perfumes as ‘important’ or ‘very important’, making them feel good in their daily lives.

Cosmetics As a Cultural Factor

The beauty industry is also an integral part of European culture and society, safeguarding skills like those related to perfume in the Pays de Grasse region of France, which have been inscribed in UNESCO’s List of the Intangible Cultural Heritage.

The Value of Beauty Alliance is open to all companies contributing to the cosmetics value chain in Europe, keen to help provide a better understanding of the economic and societal contributions of the ecosystem. Albéa and Puig recently have committed to join the Alliance.

Source: Beiersdorf