French cosmetic exports broke a new record in 2024, reaching a value of 22.5 billion euros, an annual increase of +6.8%. While France, which exports more than 60% of its cosmetics production, remains a global leader in this sector, the country is facing increasingly intense competition.
French cosmetic exports continued to rise in 2024, increasing by 6.8% compared to 2023—an additional 1.4 billion euros—reaching a record 22.5 billion euros (23.2 billion dollars) [1]. While growth remains strong, it reflects a slowdown from the 10.8% increase recorded last year, mainly due to weak Chinese demand.
Perfumes drive global growth
The perfume category, accounting for 35% of total exports, was a key driver of last year’s growth. According to figures released on Friday, February 7, by the French Federation of Beauty Industries (FEBEA), perfume sales alone rose by nearly one billion euros. “This surge in perfume sales is evident across all regions,” FEBEA stated in a media release.
The amount of perfume exports has reached 8 billion euros in 2024 (+13.6%), more than doubling over the past five years.
Rising by 2.3% between 2023 and 2024, the “makeup and face care” category played a smaller role in the growth. However, with 11 billion euros in exports, it remains the largest segment of French cosmetics exports.
As far as they are concerned, hair products recorded an increase of +9.6%, although they represent a smaller share of French exports, representing 1.4 billion euros (6.2%).
United States are the first trading partner
With 2.8 billion euros (12.6% of the total), the United States remains the world’s leading buyer of French cosmetics. The growth of this market, which had slowed down in the previous two years, is picking up very strongly to reach +17.6% in 2024, which represents a net increase of 427 million euros. This growth rate is notable compared to the 2.8% increase in 2023 but remains below the exceptional 26.7% recorded in 2022.
The growth of French exports to the U.S. market was largely driven by perfumes, which accounted for 52.4% (1.5 billion euros) of total exports to the country. In fact, one in five perfumes produced in France is exported to the United States.
However, the United States is not only an importer of French cosmetics. It is also a major supplier to the French market. “In 2023, France imported more cosmetic products from the American market than from Germany,” underlines the FEBEA at a time when threats of trade war are rising across the Atlantic.
After the United States, other European countries – notably Germany, Spain and Italy — play a key role for the French cosmetics sector. With 9.1 billion euros in exports (+8.2% compared to 2023), the European Union, all countries combined, remains the first buyer of French cosmetic products.
For their part, sales to China fell by -8.9% to reach 1.78 billion euros. According to the FEBEA, this is mainly explained by: a drop in consumption in China, the rise of local brands and an increased competition from Asian players such as Korea. In this market, only the “perfumes” category is doing well, up 5.6% from 2023.
Let’s note that French exports of cosmetic products to the Middle East have grown +12.3% in 2024 (compared to a decline of -2.9% in 2023) due in particular to a sharp increase in exports to the United Arab Emirates (+14.1%), as well as the return to growth in Saudi Arabia (+0.9% compared to -19% last year).
Global competition
With a trade surplus of 17.6 billion euros in 2024, the French cosmetics industry remains optimistic about the future. However, French manufacturers emphasize the critical need to maintain competitiveness.
Indeed, global competition is becoming increasingly intense! While over the past twenty years, with the exception of the pandemic period, French cosmetics exports have continued to grow, both in value and volume, the country’s share of global exports has eroded, falling from more than 20% to around 14% today. For instance, in 2024, global exports of South Korean cosmetics reached nearly 10 billion dollars, an increase of 20% compared to 2023.
“France remains a world leader thanks to the quality of its products, its robust industrial network, and its capacity to adapt to evolving consumer expectations. Despite operating in an environment characterized by growing international competition and uncertainty, companies within the cosmetics sector remain largely confident,” concluded Emmanuel Guichard, General Delegate of FEBEA.
