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The Value of Beauty
The socio-economic impact of the beauty and personal care industry in the EU27
The Value of Beauty | The socio-economic impact of the beauty and personal care industry in the EU27
About Oxford Economics
Oxford Economics was founded in 1981 as a commercial venture with Oxford University’s business college to provide economic forecasting and modelling to UK companies and financial institutions expanding abroad. Since then, we have become one of the world’s foremost independent global advisory firms, providing reports, forecasts, and analytical tools on more than 200 countries, 100 industries, and 8,000 cities and regions. Our best-in-class global economic and industry models and analytical tools give us an unparalleled ability to forecast external market trends and assess their economic, social, and business impact.
Headquartered in Oxford, England, with regional centres in New York, London, Frankfurt, and Singapore, Oxford Economics has offices across the globe in Belfast, Boston, Cape Town, Chicago, Dubai, Dublin, Hong Kong, Los Angeles, Mexico City, Milan, Paris, Philadelphia, Stockholm, Sydney, Tokyo, and Toronto. We employ 700 staff, including more than 450 professional economists, industry experts, and business editors—one of the largest teams of macroeconomists and thought leadership specialists. Our global team is highly skilled in a full
range of research techniques and thought leadership capabilities from econometric modelling, scenario framing, and economic impact analysis to market surveys, case studies, expert panels, and web analytics.
Oxford Economics is a key adviser to corporate, financial, and government decision-makers and thought leaders. Our worldwide client base now comprises over 2,500 international organisations, including leading multinational companies and financial institutions; key government bodies and trade associations; and top universities, consultancies, and think tanks.
March 2025
All data shown in tables and charts are Oxford Economics’ own data, except where otherwise stated and cited in footnotes, and are copyright © Oxford Economics Ltd.
This report is confidential to the Value of Beauty Alliance and may not be published or distributed without their prior written permission.
The modelling and results presented here are based on information provided by third parties, upon which Oxford Economics has relied in producing its report and forecasts in good faith. Any subsequent revision or update of those data will affect the assessments and projections shown.
To discuss the report further please contact:
Vasilis Douzenis
vdouzenis@
Oxford Economics
4 Millbank, London SW1P 3JA, UK Tel: +44 203 910 8061
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The Value of Beauty | The socio-economic impact of the beauty and personal care industry in the EU27
About The Value of Beauty Alliance
The Value of Beauty Alliance is a CEO-led initiative that represents the EU value chain of the beauty and personal care industry
which includes farmers, glassmakers, perfumers, manufacturers, professional services and retailers. Its mission is to raise awareness for the beauty and personal care industry’s vital role in the EU.
The Alliance is made up of 16 members
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The Value of Beauty | The socio-economic impact of the beauty and personal care industry in the EU27
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The Value of Beauty | The socio-economic impact of the beauty and personal care industry in the EU27
Contents
Foreword 6
Executive summary 8
1. Introduction 16
1.1 The economic structure of the beauty and personal care sector 18
1.2 Structure of this report 19
2. The economic contribution of beauty and personal care in the EU27 20
2.1 Measuring the economic impact of beauty and personal care 22
2.2 Household spending on beauty and personal care 24
2.3 The direct economic impact of beauty and personal care 25
2.4 The total economic impact of beauty and personal care 27
3. Innovation in the European beauty and personal care industry 30
3.1 R&D expenditure by the beauty and personal care sector 32
3.2 The occupational profile of beauty and personal care R&D roles 34
3.3 Beauty and personal care innovation in practice 36
4. Environmental sustainability in the beauty and personal care sector 42
4.1 Standardisation initiatives 44
4.2 Operational changes 46
4.3 Supply chain initiatives 48
5. The social impact of beauty and personal care 52
5.1 Encouraging diversity in gender and age 54
5.2 Social impact initiatives in the beauty and personal care sector 57
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The Value of Beauty | The socio-economic impact of the beauty and personal care industry in the EU27
Foreword
The European beauty and personal care sector plays a vital role in the EU’s industrial landscape and is an important contributor to the EU27 GDP. Built on a rich European legacy of creativity, science, and innovation, our industry has earned its place as a true global powerhouse, continually setting new standards for quality, research & development, sustainability, and consumer trust.
A significant job creator, our industry supports a diverse range of roles across the value chain, including product development, manufacturing, logistics and professional services, and provides employment to over 3.2 million people across the EU. From cutting- edge scientists developing breakthrough new formulas, to skilled artisans crafting iconic products, our workforce exemplifies the diversity and excellence that define Europe’s economic strength.
Our dynamic, science-driven industry is deeply committed to innovation and sustainability. From sourcing ingredients, to designing and distributing products, we adhere to rigorous standards to ensure safety, effectiveness, and environmental stewardship. This commitment to research & development not only ensures compliance with EU regulations, but also helps us anticipate evolving consumer preferences and address global challenges like climate change and resource conservation.
Aligned with the European Union’s key policy priorities, we are a proactive partner in advancing the goals of the Clean Industrial Deal, competitiveness, and skills development. We are deeply committed to promoting a circular economy, reducing our carbon footprint,
and leveraging digital tools to enhance efficiency and consumer trust. These initiatives reinforce our alignment with EU objectives and position our sector as a model for sustainable and inclusive growth.
This report is brought to you by the Value of Beauty Alliance, an organization comprising companies from across the European beauty and personal care industry value chain. It outlines the economic and societal contributions of our industry and explores how we positively impact the lives of millions of people across the EU every day.
I’d like to invite policymakers, stakeholders, and all those interested in the future of European industry to explore these findings and join us in building a more beautiful and sustainable future.
Cynthia Sanfilippo President
The Value of Beauty Alliance
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The Value of Beauty | The socio-economic impact of the beauty and personal care industry in the EU27
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The Value of Beauty | The socio-economic impact of the beauty and personal care industry in the EU27
Executive summary
The beauty and personal care sector is deeply embedded in European citizens’ lives, providing valuable products and services that consumers use every day. In common with many predominantly consumer-facing industries, the beauty and personal care sector has been rocked by a series of economic shocks since 2019 that have shaped challenging market conditions.
First, restrictions on mobility associated with the outbreak of the Covid-19 pandemic transformed consumer spending patterns. In parallel, a combination of megatrends has shaped various strategic objectives outlined by the European Commission in policy programmes such as Europe’s Digital Decade, the European Green Deal, and the new Clean Industrial Deal (CID)—the next phase of the EU’s sustainability plan. These programmes place a premium on research and innovation. Moreover, the overarching strategic aim of the CID—striking the balance between decarbonisation and industrialising the EU economy — is supported by both industry- wide collaboration and individual company efforts to advance progress in line with climate objectives.
In this challenging backdrop, beauty and personal care companies make a substantial economic and social contribution and the sector’s sophisticated value chain supports a wide range of further benefits that align with EU policy priorities. This report
seeks to provide a more complete understanding of the value of beauty and personal care in the EU and, where possible, provide comparisons to other
industries which can help policymakers and industry navigate this complex landscape.
Beauty and personal care companies make a substantial economic and social contribution and the sector’s sophisticated value chain supports a wide range of further benefits that align with EU policy priorities.
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The Value of Beauty | The socio-economic impact of the beauty and personal care industry in the EU27
DEFINING THE BEAUTY AND PERSONAL CARE SECTOR
The beauty and personal care sector provides valuable goods and services that consumers rely on every day including personal hygiene products,
skincare, haircare (including hair colour), make-up, and fragrance. It also includes professional services such as hairdressing, beauty and socio-aesthetics care.
To deliver high quality services and products to consumers, the sector supports economic activity across a sophisticated value chain represented by a diverse workforce. This includes people employed directly by beauty and personal care companies like hairdressers, shop assistants, account managers, distributors, chemical engineers, and operatives at manufacturing plants. It also includes employees
in the sector’s supply chains such as farmers, dermatologists or those working for packaging, chemicals, sourcing, or logistics companies.
This report takes a more complete perspective compared to existing studies that assessed the market size of the European beauty and personal care industry. Previous reports by Cosmetics Europe covered beauty and personal care goods markets while this report extends the scope by integrating beauty and personal care services as well as goods
categories, such as personal care electrical appliances that were not previously considered. Besides
the scope extension, this report applies Oxford Economics’ tested approach to modelling the beauty and personal care sector’s direct economic impact through consumer expenditure.1 The analysis also leverages Oxford’s proprietary Global Sustainability Model to estimate the sector’s indirect and induced economic impact, capturing supply chain and employees’ spending.
FIG 1: SCOPE COMPARISON BETWEEN PREVIOUS STUDIES AND THIS STUDY
Scope of previous reports
Fragrances & Perfumes
Decorative Cosmetics
Skin Care
Hair Care
Toiletries
Scope of this report
Fragrances & Perfumes
Decorative Cosmetics
Skin Care
Hair Care
Toiletries Personal Care Electrical Appliances
Beauty & Personal Care Services
1 This approach was most recently implemented in Oxford Economics’ Value of Beauty report for the British Beauty Council: Oxford Economics, “The economic impact of the UK personal care industry in 2022”, accessed January 2025.
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The Value of Beauty | The socio-economic impact of the beauty and personal care industry in the EU27
THE BEAUTY AND PERSONAL CARE SECTOR IS A MAJOR ECONOMIC FORCE IN EUROPE
TOTAL EMPLOYMENT
3.2 mn
TOTAL GDP
�180 bn
TOTAL TAX
�71 bn
0
FIG. 2: TOTAL EMPLOYMENT, GDP, AND TAX CONTRIBUTIONS OF THE BEAUTY AND PERSONAL CARE SECTOR IN THE EU27, 2023
Source: Oxford Economics
Direct impact Indirect impact Induced impact
�180 billion
contribution to EU27 GDP through all impact channels.
The beauty and personal care market is a big deal for Europe, with consumer spending across the EU27
exceeding €180 billion in 2023. This translates to total daily spending by consumers of nearly €500 million and monthly spending per person of €33.70 on beauty and personal care products (52% of the total) and services (48% of the total).2
To deliver quality to consumers, beauty and personal care companies rely on a sophisticated value chain which supports substantial economic activity for the region. This activity sustains a major contribution
to the EU27 economy which is comprised of the sector’s direct, indirect, and induced impact.
Direct impact reflects beauty and personal care companies’ contributions while the indirect channel reflects the contributions made by their spending with their supply chain. Beauty and personal care sector employees and employees of its supply chain spend their wages in consumer facing sectors and support further economic activity, captured by the induced channel.
Consumer expenditure on beauty and personal care supported a €180 billion contribution to EU27 GDP through all impact channels and €71 billion in tax receipts in 2023. Its total GDP contribution is equivalent to the combined GDP of Croatia, Slovenia, and Estonia. Our research underscores that the sector’s footprint rivals some of the EU’s most prized industries.
2 Based on our estimates for spending on beauty products and services of €94 billion and €87 billion respectively, and a 2023 EU27 population estimate of 448 million.
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The Value of Beauty | The socio-economic impact of the beauty and personal care industry in the EU27
For example, beauty and personal care’s direct contribution to GDP at €78 billion was larger than several manufacturing sectors including beverages, textiles, and air transport.3 Its direct contribution is larger than the GDP of Slovenia (€64 billion) or of Lithuania (€74 billion), and larger than the GDP of Latvia and Estonia combined (€77 billion).
The beauty and personal care sector also makes a substantial contribution to employment in
the EU by directly providing nearly 2 million jobs, which is comparable to total employment in the real estate sector across the EU27. For context, direct employment within the beauty and personal care sector alone is higher than total employment across all sectors in Croatia (1.0 million), Slovenia (1.6 million) or Estonia (700,000).
In addition, through beau
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