Beauty 2026: cyclical slowdown, structural shift

According to consultancy firm Bersingéco and a study conducted for Cosmetic Valley, French cosmetics exports reached a turning point in 2025 (€22.4 bn, compared with €22.5 bn in 2024). This marks the first decline outside of crisis periods since 2008. Over the first ten months of 2025, exports amounted to €18.8 bn, compared to €19.0 bn a year earlier. This decline is due to a slowdown in the US market (-17%, resulting from higher customs duties of around €2.4 bn) and stagnation in China (French sales totalling around €1.5 bn over the period).

By contrast, according to consolidated data from Cosmetic Valley, the European Union acted as a buffer. As the leading outlet for French cosmetics (41% of exports, and over half according to certain statistical scopes), it recorded growth of around +4%. The dynamism of Spain, the Netherlands, and Poland partly offset the weakness in Germany and the slowdown outside Europe.

Despite the slowdown, France remains the world's leading cosmetics exporter, with a 14.1% market share in 2024, well ahead of the United States (7.9%), according to key sectoral data. Cosmetics remain France's second-largest export sector, generating a trade surplus of nearly

€17 bn. According to the Astérès study carried out for Febea, colour cosmetics and skincare products (49% of sales, down -2.1%) and perfumery (36% of sales, up +1.9%) continue to drive activity.

According to Bersingéco projections, a moderate rebound of around +3% is expected for 2026, which would take exports to nearly €22.9 bn amid an uncertain international context. A stabilised US trade environment could boost sales, though growth in the Chinese market is expected to remain limited.