To help boost the recognition and competitiveness of the European cosmetics sector, Cosmetic Valley and Go4Cosmetics have published 10 strategies intended for European elected representatives and their administrations to adapt regulations and support small and medium-sized enterprises (SME) in their "quest for innovation and sustainability."
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To help boost the recognition and competitiveness of the European cosmetics sector, Cosmetic Valley and Go4Cosmetics have published 10 strategies intended for European elected representatives and their administrations to adapt regulations and support small and medium-sized enterprises (SME) in their "quest for innovation and sustainability."
The proposed strategies came out of a July 3, 2023, meeting of representatives in the industry who discussed major challenges facing the sector to, in turn, identify concrete courses of action.
10 Recommendations to Boost the European Cosmetics Sector
The 10 suggestions include the following (bolding added for emphasis).
The proposed strategies came out of a July 3, 2023, meeting (shown here) of representatives in the industry who discussed major challenges facing the sector.Cosmetic Valley
- Create a European Sector Committee for the cosmetics industry comprising sector-specific players and European Commission representatives to discuss legislative issues, with a view to preparing a global European strategy for the sector.
- Recognize the cosmetics industry officially as an innovative sector and economic force and consolidate its position as Europe's fifteenth largest industrial ecosystem.
- Develop and implement effective legislation imposing stricter safety and quality standards for imported cosmetic products.
- Recognize the cosmetics industry as an asset and a powerful "soft" power tool for promoting European values and rely on this sector to strengthen EU influence and promote its ideals on a global scale.
- Increase support and financing possibilities, especially in research and innovation, by targeting specifically the cosmetics sector and the industrial players in the EU's outermost regions.
- Align the sector's regulatory framework with the latest scientific research in cosmetics so that manufacturers can adapt effectively to the constant changes in consumer expectations.
- Continue to support and finance the internationalization of European SME.
- Strengthen cooperation between the industry and European institutions to introduce effective solutions to the issues of protecting intellectual property and counterfeiting.
- Encourage active participation by the cosmetics sector in discussions on the challenges posed by the environment and the ecological transition by recognizing the interest of this sector and its potential to develop innovative solutions that will be of benefit to other manufacturing sectors.
- Allocate resources to preparing sector-specific vocational education and training program focusing on digital and ecological skills and promote career opportunities in the sector to attract a pool of young professionals with wide-ranging profiles.
According to Cosmetic Valley, this initiative is part of Go4Cosmetics, the S3 Smart Specialization Strategy partnership of the European perfumery and cosmetics sector, which is striving for the sector's competitiveness, innovation and recognition; Cosmetic Valley is one of several entities comprising Go4Cosmetics.
By attracting investment from outside of the EU, developing intangible assets such as brands, and investing in research and development, the cosmetics and personal care products industry is reportedly helping to strengthen the competitiveness of the European economy and foster its future prosperity.
5 Facts About the European Cosmetics Industry
Cosmetic Valley additionally shared five general facts and figures about the European cosmetics industry.
- The industry is valued at 88 billion euros (retail prices - 2022 estimate).
- It is the largest cosmetic product market in the world.
- It adds a value of 29 billion euros to the European economy every year (2021 estimate).
- The manufacturing of cosmetics brings in 11 billion euros.
- The cosmetics supply chain indirectly brings in 18 billion euros.
- The industry supports more than 3 million jobs.
- More than 254,259 people were employed directly, and another 2.7 million indirectly, in the cosmetics value chain (2022).
