In Romania, sales of perfumes, make-up and skincare products increased until 2019, with a pandemic-driven decline in 2020. Last year, however, the market bounced back once people started going to the office or out again.
“The beauty industry in Romania has been on an upward trend in recent years (2015-2021), recording an average annual growth rate of 3.1%, to around EUR1.5 billion at the end of the period considered. Sales of cosmetics (CAGR 5.1%) and skincare products (3.7%) were the growth drivers of the market, closely followed by perfumes (3.6%),” says Cristian Bisa, managing partner of Virtual Board.
As far as the local market is concerned, the good performance, especially before the pandemic, is due to the fact that in Romania, the average consumption per capita has been and continues to be well below the European average, even below the regional average, he added.
“There will definitely be some small corrections in terms of demand over the coming period, but we can safely say we are headed to growth (2.3% CAGR) of the local market in the forecast period (2022-2026). The growth will be driven by the cosmetics segment (3.8% CAGR), followed by perfumery (2.4%) and skincare products (2.3%).”
(English version by Loredana Fratila-Cristescu)