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1 Market Overview

1.1 Definition and presentation

The make-up market, a segment of the cosmetics market, refers to the sales of products intended to beautify or change appearance, and to be applied to the face. There are different categories of products in relation to their function and place of application:

  • For the lips (e.g. lipsticks, lip pencils, lip glosses)
  • For the complexion (e.g. foundation, blush, cream, powder, concealer)
  • For the eyes (e.g. mascara, eye shadow, pencils, eyeliner, false eyelashes)
  • Eyebrows (e.g. pencils, powders, gels)
  • Accessories (e.g. lip brushes)

The global cosmetics market is growing rapidly, driven by the American and Asian markets. The Italian cosmetics market is a key economic sector for the country, and has seen steady growth in recent years, excluding the effects of the pandemic. The makeup segment occupies a relatively marginal place in terms of sales generated in the cosmetics market (about 14.1% in 2018) but shows a stronger performance in exports, accounting for 20.1% of total exported products in 2019.

Italian demand for makeup products is expected to see an upward trend, driven by an increase in distribution channels - particularly pharmacies, perfumeries and retail specialists - and product innovations towards organic and sustainable ingredients/packaging. In addition, online sales are expected to grow; in 2018, 15.8% of makeup products were purchased online.

1.2 The Global Make Up Market

The global cosmetics market is a dynamic one. Despite a sharp decline, it was worth $*** billion in **** and is estimated to reach a value of $*** billion by ****, with a CAGR of *.*% from **** to ****.

Growth Index, Cosmetics Sector World, ****-****, % L'Oréal - **** annual report

The sector is largely dominated by Asia, ...

1.3 The Italian make-up market

The Italian market has been deeply affected by the health crisis, due to the effects on both consumption and cosmetic manufacturing trends. There is a drop in turnover of almost ** percentage points in ****, from €** billion in **** to €**.* billion in ****. However, the cosmetics sector has shown great resilience and once again anti-cyclicality, ...

1.4 Import and Export

in ****, exports fell by **.* percentage points to a total export value of *.* billion euros. As a result of the pandemic crisis, imports also declined by -**.*% which brings the balance between the two dimensions to about *.* billion euros, about *** million less than the difference in ****. However, if we look at the ...

1.5 Impact of Covid-19

The performance of individual products clearly reflects the new consumer habits, which have been strongly influenced by the health emergency and measures to contain contagions. If, in fact, the reduction in the number of social occasions led to significant falls in some product categories, such as face make-up (***). In particular, liquid ...

2 Demand Analysis

2.1 Characteristics of the Application

in ****, makeup products show a sharply declining trend, despite the fact that the face was the most exposed part of everyday life and work relationships. Specifically, there is a decline in face makeup, -**.*%, eye makeup (***). There was also a drop in makeup boxes, -**.*%.

Themask effect has strongly hindered the ...

2.2 Demand Drivers

Italian women are particularly attentive to beauty: according to a study by Survey Lab, Vente-privee's European laboratory, they devote about ** minutes a day to face care and make-up. They look for quality products: they are willing to spend more than ** euros for a beauty cream, *% more than the European average. The ...

2.3 New trends

Over the last few years, Green Beauty has become increasingly important. This is a trend, constantly growing, for which greater importance is given to products of plant origin and from an organic agriculture, in total respect for the environment and eco-sustainable to the maximum. More and more importance is being given ...

3 Market Structure

3.1 The Cosmetics Industry

The cosmetics sector is one of the main sectors of the Italian economy, just think that, among the main sectors of Made in Italy, it is the third sector by value of the trade balance, behind only Wine and Fashion.

The sector generated a turnover, in ****, of **.* billion euros, down *.*% compared ...

3.2 Cosmetics Value Chain

Source: ****

3.3 Distribution Channels

As a result of the pandemic and ongoing lockdowns, consumer buying patterns have changed significantly. There has been a strong acceleration of online sales (***) and professional channels.

main channels of purchase of facial cosmetic products Italy, ****, percentage https://www.cosmeticaitalia.it/documenti/a_centrostudi/***-****-Cosmetica-Italia_Presentazione-IP_**.**.**.pdf

3.4 Competitive Scenario

The Italian Make-Up market is composed of a small number of brands, some of which are widely recognized, with a well-established market positioning. Larger companies benefit from large economies of scale that allow them not only to compete more efficiently on price but also to allocate significant amounts of money to ...

3.5 Geographical Distribution of Supply

In ****, the most important concentration of cosmetic companies is confirmed in Northern Italy (***). In the Center-South, in various areas such as Campania and Puglia, new productive realities linked to the territory and specialized in niche activities are being born.

The quadrilateral of cosmetics

In the so-called quadrilateral of cosmetics, between Milan, ...

4 Analysis of the offer

4.1 Price level

The prices of beauty products vary greatly depending on the quality of the product. For lipsticks we find in fact products at prices between *.** and * euros belonging to the low end of the market. Among these we distinguish those KIKO products in Italy sold at a minimum price of *.**. Moving into ...

4.2 Natural and Organic Offer

The biocosmetics sector is constantly developing. In the production of these products are used exclusively organic ingredients (***) and chemicals of natural origin that are selected according to more or less strict criteria of environmental sustainability and healthiness.

The sector has a turnover of about *.* billion and represents about **% of the cosmetic ...

5 Regulation

5.1 Regulation

Cosmetovigilance is the set of activities for the collection and management of reports of undesirable effects attributable to the use of a cosmetic, carried out with the aim of facilitating post-marketing surveillance and ensuring the protection of public health.

Cosmetic products placed on the market must comply with Regulation (***) n. ****/**** and ...

6 Positioning of actors

6.1 Segmentation

  • KIKO Milano
  • Rocher Groupe (Yves Rocher)
  • L'Oréal Groupe
  • Estée Lauder
  • Sephora
  • PROFUMERIE DOUGLAS S.P.A.
  • Giorgio Armani
  • Deborah Group Srl
  • Bottega Verde - SRL
  • Collistar SPA
  • Micys Company SPA
  • Shiseido
  • Bourjois (Groupe Coty)
  • Rimmel London (Groupe Coty)
  • Dolce & Gabbana

List of charts presented in this market study

  • Cosmetic Market Growth
  • Cosmetics: share by market segment
  • Percentage weight of the various divisions on total turnover in the cosmetics sector
  • Pandemic effect on the cosmetics industry
  • Cosmetic Trade Balance
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Latest news

Beauty: Estée Lauder cautious about 2024 - 02/05/2024
  • - Acquisition of Tom Ford for $2.3 billion
  • - Double-digit growth in Clinique sales, across all geographic regions
Behind the glamour, L'Oréal's massive investments in its French factories - 01/05/2024
  • - 38 L'Oréal plants worldwide.
  • - 11 plants located in France, employing 3,000 of the country's 15,000 employees.
  • - 500 million euros invested by L'Oréal over the last five years in its French industrial base.
  • - French production accounts for 25% of L'Oréal's worldwide production volume, 80% of which is destined for export.
  • - The Caudry (Nord) plant is one of L'Oréal's largest, with 500 employees and 97% of production supplied to international markets.
  • - 7,000 new products launched each year by L'Oréal.
  • - Prada skincare products and Ralph Lauren fragrances manufactured in France since their integration into L'Oréal in 2019.
  • - 100% of L'Oréal group fragrances are made in France.
Groupe Rocher's low-carbon strategy recognized by ESSEC business school - 15/02/2024
  • Groupe Rocher becomes the first Company to Mission in 2019.
  • Groupe Rocher was awarded the Essec Grand Prix for Responsible Commerce in the "Reducing environmental impact" category.
  • The group has 16,000 employees.
  • The group generated sales of around 2.4 billion euros.
  • The group has embarked on an industrial reorganization plan involving the loss of 300 jobs in Brittany
  • . The group's Ploërmel plant, which employs 90 people, has been put up for sale.
L'Oréal becomes number one in luxury cosmetics and dethrones Estée Lauder - 11/02/2024
  • 2023: the strongest year of sales growth in 20 years
  • L'Oréal, the world leader in this sector, becomes number one in the prestige skincare, make-up and fragrance segment, sold in department stores and perfumeries. It dethrones the American Estée Lauder(Estée Lauder, Clinique, La Mer, Jo Malone, Frédéric Malle, Tom Ford...).
  • sales of L'Oréal Luxe (Lancôme, Yves Saint Laurent, Biotherm, Armani, Kiehl's, Helena Rubinstein...) rose by 4.5% in 2023 to 14.92 billion).
  • L'Oréal has outperformed the luxury goods market for 13 years
  • Total group sales 41.2 billion euros in 2023 (+ 11%).
  • World leader in fragrances and skincare products.
  • Comeback ofHelena Rubinstein, thebrand founded in the United States in the early 20th century and owned by L'Oréal since 1984
  • In 2023, Helena Rubinstein exceeded one billion euros in sales.
  • Sales have increased 10-fold in ten years.
  • L'Oréal Luxe controls 32% of the prestige products market.
  • Perfumes: 20% growth.
  • Success of "La Vie est Belle", Valentino and Prada licensed fragrances (Paradoxe), Yves Saint Laurent's Libre, second best-selling fragrance for women in Europe.
  • Good start for MYSLF
  • The division dedicated to consumer products (L'Oréal Paris, Garnier, Maybelline...) has overtaken L'Oréal Luxe again

Another record year for L'Oréal - 09/02/2024
  • -Cosmetics market growth in 2023: 8.5
  • - Increase in L'Oréal sales in 2023: 7.6% (published), 11% (comparable data)
  • - L'Oréal sales in 2023: 41.18 billion euros
  • - Number of L'Oréal "billionaire" brands in 2023: 12
  • - Growth of L'Oréal's consumer division in 2023: 8.2
  • - L'Oréal consumer division sales in 2023: Over 15 billion euros
  • - L'Oréal Paris sales in 2023: 7 billion euros
  • - L'Oréal dermatological division sales in 2023: 6.4 billion euros
  • - L'Oréal dermatological division growth in 2023: 25.5
  • - Sales growth for L'Oréal's luxury division in 2023: 2% (organic)
  • - L'Oréal luxury division sales in 2023: 14.9 billion euros
  • - L'Oréal growth in Europe in 2023: 14% (published), including 9.2% in the year-end period
  • - L'Oréal growth in the United States in 2023: 10%.
Guillaume Darrousez (Yves Rocher): "Make the brand more profitable, desirable and sustainable" - 10/12/2023
  • Yves Rocher has achieved sales growth of +9.4% in 2022.
  • There are a total of 2,300 Yves Rocher stores worldwide, including : - 660 in France - 400 in Russia - 240 in Turkey
  • 90% of Yves Rocher stores are franchised or managed.
  • Groupe Rocher achieved sales of €2.4 billion in 2022, down 14% over two years.
  • The total number of sales outlets (boutiques and resale outlets) is 5,800, representing two-thirds of the Group's business.
  • Digital sales account for 10% of Group sales.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

KIKO Milano
Rocher Groupe (Yves Rocher)
L'Oréal Groupe
Estée Lauder
Sephora
PROFUMERIE DOUGLAS S.P.A.
Giorgio Armani
Deborah Group Srl
Bottega Verde - SRL
Collistar SPA
Micys Company SPA
Shiseido

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