The Italian beauty and cosmetics sector is in for a bumper year, according to a new report from the Cosmetica Italia Study Centre presented this week.
Exports are expected to rise by 11%, while domestic consumption is due to grow by 0.7%, the study found. "By year end global turnover in the sector will have exceeded 10.5 billion euros, a 5% rise over 2015," Cosmetica Italia president Fabio Rossello said.
"Once again foreign demand will have a positive impact on turnover growth and we estimate that exports will grow by over 11% to a value of over 4.2 billion euros," he continued.
"Slow but positive growth in the domestic market is also significant, approaching 9.9 billion euros," Rossello added.
Distribution channels that suffered during the economic crisis are also showing signs of recovery.
Hair dressers are expected to close the year up 0.8% and perfume shops up 1%.
On-line and mail order purchases are expected to grow by over 7% with a sales volume in excess of 750 million euros, while herbalists and pharmacies should see their cosmetics sales rise respectively by 2.2% (430 million euros) and 1.3% (1.85 billion euros).
Only supermarkets and beauty centres buck the trend, with a predicted contraction respectively of 0.8% and 2.1%.
Third-party production is set to grow by 4.3% by year end, with a turnover of over 1.1 billion euros. Cosmetica Italia also forecasts a new record trade surplus of over 2.1 billion euros, driven primarily by export growth.
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