France is the only advanced economy where cosmetics and beauty hold a top 10 positioning for exports.
Australians have always been keen on the Made in France label. Even during the height of the Covid-19 pandemic, Australia imported $456.1 million worth of French beauty and personal care products in 2020.
The French Federation of Beauty Companies (FEBEA) reports that French beauty exports soared 19 per cent during the first half of 2022 and are expected to reach 20 billion euros ($28.86 billion) by the end of the year.
Over 60 per cent of total fragrance and beauty products manufactured in France are exported. The two most important markets are China and the US.
China was the number one destination for French beauty products in 2021, accounting for 11.7 per cent of total exports worth 1.9 billion euros ($2.74 billion).
Lipsticks hold the number one spot for French beauty exports to China, followed by fragrances.
These two categories also have a grip on the top two rankings in the US and Germany, but fragrances are number one in both major markets.
For the full year 2021, makeup, skincare and fragrances accounted for 86.2 per cent of total French beauty exports. Skincare exports alone pulled in 7.5 billion euros over the year ($10.84 billion).
L’Oréal is the biggest pure play beauty company in the world and number one in Australia. The multinational’s performance over the past year has been indicative of the continuing appeal of French beauty, enjoying 20.9 per cent growth in the first half of 2022.
Nicolas Hieronimus, CEO of L’Oréal noted that interest in fragrances is soaring worldwide and after two years of Covid-19 restrictions consumers are keen to socialise and indulge themselves.
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