The cosmetic sector is dynamically evolving, adapting to new challenges and changing consumer preferences. A report prepared by the research company Statista, commissioned by Bank PKO BP, presents forecasts for the cosmetic market up to the year 2028.
🔹Sustainability at the Forefront🔹
In the coming years, the importance of sustainable development will continue to grow. Consumers are becoming more environmentally conscious and prefer products that are environmentally friendly. The cosmetic industry is responding to these needs by investing in biodegradable raw materials, eco-friendly recycled packaging, and formulas that minimize the use of harmful and allergenic substances. Companies that focus on transparency and validate their actions with appropriate certifications will gain a competitive edge.
🔹Changing Consumer Preferences🔹
This is yet another report showing that consumers are looking for products that are not only effective but also more efficient and economical. Cosmetics with concentrated formulas that require a smaller amount of product per application are gaining popularity. At the same time, there is a growing demand for “clean” products—free from undesirable chemical ingredients. The trend towards minimalism and simplicity in cosmetics is becoming increasingly evident.
🔹Polish Cosmetics on Global Markets🔹
Cosmetic exports play a significant role in the Polish economy. Between 2020-2022, Polish cosmetics exports increased by 24% compared to 2019, reaching a value of over 4.3 billion EUR in 2022. The main export markets are Germany, the Czech Republic, the United Kingdom, and Belgium, which together account for over 40% of exports. The growing interest in Polish products indicates their high quality and ability to compete in demanding foreign markets.
🔹Dynamic Growth of the Makeup Segment🔹
According to the report data, the makeup cosmetics segment will be the fastest-growing category in the cosmetic industry from 2023 to 2028, with an average annual growth rate of 5.9%. Makeup cosmetics are expected to be a key driver of growth, fueled by product innovations and changing fashion and beauty trends.
🔹Market Growth Forecasts to 2028🔹
The Statista report forecasts that the global cosmetics market value will increase by 29% between 2023 and 2028, reaching nearly 714 billion EUR. Poland is also expected to accelerate its cosmetic market growth, with a projected market value of 6.4 billion EUR by the end of 2028. The most dynamic growth is forecasted for the makeup cosmetics segment, which may increase by as much as 51% compared to its 2022 value.
🔹Technological Innovations Driving the Industry🔹
Another significant trend is the development of innovative production technologies that reduce energy and water consumption and limit CO2 emissions. Technological innovations also allow for the optimization of production processes, which is crucial in the context of rising costs and environmental protection requirements. The cosmetic industry is increasingly using advanced technologies to create more sustainable and efficient products.
🔹Conclusions for the Future of the Cosmetic Industry🔹
The cosmetic sector faces many challenges, but also enormous opportunities for growth. Key will be adapting offerings to changing consumer expectations and investing in sustainable development and technological innovation. Companies that are already implementing new solutions and taking steps toward sustainable development will have the greatest chances of success in the coming years.
Data source: The Cosmetic Industry: Current Situation and Market Development Forecasts to 2028, Report by Bank PKO BP
