Figures released at the Cosmetics Europe General Assembly during the second annual Cosmetics Europe Week last week suggest that the European cosmetics industry is showing signs of recovery in the face of a tough economic climate. The retail market reached a value of €72.5 billion in 2014, a small but significant rise of 0.5 percent.

Europe’s export market represents a third of the global market, totaling €16.4 billion. SMEs have seen a 10-fold increase since 2009 and employment has grown by 2.3 percent in the past five years.

The mood was positive at the meet, which comprised a regulatory conference and stakeholder forum and general assembly. The event bought together Cosmetics Europe members, corporate entities, scientists and regulatory leaders from across the globe.

“The outstanding turnout of both European enterprises and international associations this week demonstrates the spirit of international cooperation in this industry across the globe on matters pertaining to consumers, safety and regulatory issues. We have seen a 10 percent increase in delegate participation this year compared to last year and importantly, significant participation from international cosmetics and personal care associations,” said Loïc Armand, President of Cosmetics Europe. “Encouraging signs of recovery and a global industry that is 100 percent committed to growth, jobs and innovation is an excellent recipe for success.”