The Skin Care, Makeup, and Cosmetics market in Austria stood at 348.14 million Euros in 2023. Looking at the historical data, the market experienced an annual growth rate of around 9-10% from 2014 to 2016, with a significant high of 29.13% in 2016. However, growth rate stabilized to mid-single digits post-2017. In the most recent two years, the market saw year-on-year increases of 3.95% in 2022 and 3.76% in 2023. The past five-year CAGR was 3.94% up to 2023.
Forecasted data suggests that the market size will continue to grow, reaching 409.36 million Euros by 2028, with a forecasted five-year CAGR of 2.57% and cumulative growth rate of 13.51%. The growth trend appears to be stabilizing further with a relatively lower CAGR compared to historical data, indicating a mature market phase.
Future trends to watch for include:
- Growing consumer preference for organic and natural products.
- Increased digital sales channels driven by e-commerce.
- Rising demand for anti-aging and wellness-oriented products.
- Impact of sustainability initiatives on product packaging and formulation.
- Technological advancements leading to personalized skincare solutions.