Turnover - Another record year for the cosmetics industry
Consumers have given the cosmetics industry in Germany record sales despite the weakening economy at the end of the year. The industry association IKW predicts further growth for the personal care and detergent industry in 2024: domestic business is expected to increase by 2.5% to around 21.7 billion euros.
In the current year, consumers in Germany and abroad are likely to have spent 33.4 billion euros on shampoo and deodorants as well as detergents and household cleaners produced in Germany, according to estimates by the German Personal Care and Detergents Industry Association (IKW). This would be 8.4 percent more than a year earlier, as the association calculated in Frankfurt. Domestic sales are expected to increase by 8.6 percent to 21.1 billion euros, while the export business is expected to grow by 8.1 percent to 12.3 billion euros in 2023.
Rising prices for energy and raw materials
"Cosmetics are the little luxury of everyday life - especially in difficult times," says IKW Managing Director Thomas Keiser, referring to the increase in sales in an environment characterized by sharp price increases and global crises. Not only consumers have been struggling with high inflation for months, but almost two thirds of IKW member companies have also stated that they have been hit hard by increases in the cost of energy and raw materials.
According to its own information, the association represents a good 440 companies with a total of around 50,000 employees. According to the association, IKW member companies represent 95 percent of the German market.
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- The record sales in the cosmetics industry are not only limited to Germany, as global demand is also forecasted to reach new heights, contributing to a potential record year for the trade of cosmetics worldwide.
- Frankfurt on the Main, being an international hub for trade, is set to witness a significant boost in cosmetics turnover as both domestic and international businesses continue to thrive, following another record year.
- Despite the economic challenges, Germany's cosmetics industry has managed to set a new trade record, with exports to countries like the United States and China demonstrating a notable increase, contributing to the industry's overall turnover.
- As Germany's cosmetics industry boasts yet another record year, the Frankfurt Trade Fair, a renowned platform for showcasing industry innovations and trends, is expected to attract a vast number of international buyers and industry professionals in 2024.
- The German cosmetics industry's record year has been largely fueled by strategic partnerships with renowned international brands, leading to groundbreaking advancements in product development, production, and marketing processes, further bolstering the industry's turnover.
Source: www.stern.de
