Beauty industry contributes 19 billion to Spain's GDP and exports more than wine and olive oil
The sector has doubled its sales in just over a year and now accounts for 1.03% of the country's economy
Shower gels, shampoos, moisturisers, cosmetics and even the most basic toothpaste, deodorant and perfumes - all items within the beauty industry. Whether you classify it as an investment, expense or necessity, the truth is that this industry has proven to be highly profitable, having contributed 19 billion euros to Spain's GDP in 2024. This means 221.6 euros a year in personal care per capita, 7.7% more than the previous year, according to data from the national association of perfumery and cosmetics (Stanpa).
Beauty is one of the world's most dynamic industries, showing steady annual growth and outperforming many other sectors. It has doubled its sales in just over a year and already accounts for 1.03% of GDP, with a growth rate double that of the national economy.
In addition, the sector generates more than 50,000 direct jobs and more than 300,000 indirect jobs. The glass ceiling broke for women some time ago and there are now more than 1,000 female managers, with one in two occupying executive roles.
In terms of revenue, Spain is only surpassed by the US (107 billion euros) and China (65 billion), catching up with Germany and France, which lead the ranking in Europe. The sector reached a turnover of 104 billion euros in sales in Europe, "confirming its power and dynamism". With millions of employees, Europe is the world leader in cosmetics exports.
EU products, worth 26 billion euros in total, were among the most exported in the sector last year. Of these, more than three out of every ten euros corresponded to Spanish exports, "more than wine, footwear and olive oil", according to data from the global beauty industry, produced by L'Oréal and consultancy firm Asterès. "Spain is an industrial powerhouse and we should be proud of it. We have attracted giants in the sector who create products for the entire planet from here," said Val Díez, general director of Stanpa. France led the ranking of exporters with 21.6 billion euros, followed by Germany, Italy and Spain, which reached 7.8 billion. "We are not a low-cost country: there are many hours of science behind all cosmetic products," she added.
According to L'Oréal CEO for Spain and Portugal Juan Alonso de Lomas, the competitiveness of the beauty sector can be protected by lightening bureaucratic procedures "that affect both companies and consumers". Val Díez also believes that Europe is "mismanaging the industry's risk", "despite its commitment to sustainability".
Europe - key market
Of the world's top seven beauty companies, five are based in Europe and some of them, such as L'Oréal, have been present in Spain for almost a century. "We renew our commitment to continue being a strategic partner for growth and innovation in Spain," the company's CEO states.
The Spanish market is one of the most important for the French group, with more than 30 brands available to the public. Present on the Iberian Peninsula since 1950, the company measures its positive impact "not only on the economy but also on technological development, sustainability and the well-being of all people". Today, the group employs more than 2,800 people across the country, divided mainly between its headquarters in Madrid and its factories in Burgos and Alcalá de Henares, where it has boosted local economic development, especially among women.
The report also noted L'Oréal Groupe's influence beyond the cosmetics industry, as the company also supports strategic sectors such as hairdressing, retail and scientific and technical services in Spain. Globally, L'Oréal Groupe leads the industry in innovation investment, with more than 1.3 billion euros in research and development by 2024, representing more than 3% of the group's total sales.
