Italy‘s beauty industry keeps gaining traction, and the positive momentum is expected to continue. According to preliminary figures released by the national association Cosmetica Italia on Thursday, sales generated by Italian beauty companies in 2023 grew 13.3 percent versus 2022, hitting the 15 billion euros milestone. Projections show a further 9.8 percent increase in 2024, with sales forecast to reach 16.5 billion euros.

The performance is in sync with the global trend — the association’s president Benedetto Lavino said the global beauty industry is “experiencing a very strong acceleration.” According to this study, global beauty sales grew 6.9 percent to 567 billion euros in 2023. Lavino also said that an increase of roughly 8 percent is expected in the 2022-27 period, compared to the 4.6 percent growth registered in the 2017-22 period.