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Euromonitor International Reports Value Growth in 2008
Posted: March 9, 2009
Euromonitor International released its 2009 cosmetics and toiletries data. According to the report, the global cosmetic and toiletries industry saw a growth of 5% in value terms for 2008, despite the economic slowdown. Much of this growth was due, in large part, to the success of skin care, facial care in particular, over the 2007-2008 period. Expansions in sectors such as deodorants, sun care and baby care have contributed to the overall performance of the global market.
The outlook for 2009 and beyond has yet to be determined; with reduced spending, some categories may be more resiliant than others. “Overall, cosmetics and toiletries will see sales decline in varying degrees over the next year. We’ve already seen a drop in revenues in the U.S. and Japan, two key geographical markets for the industry,” said Irina Barbalova, cosmetics and toiletries research manager for Euromonitor International. “There are markets that performed well in the last year—including some from Latin America, Eastern Europe and Asia-Pacific. Looking to markets with high levels of growth will offer manufacturers insight into opportunities for maintaining or increasing sales over the next few years."
Euromonitor International's annual state-of-the-industry report for GCI magazine will be published in June.