Serbia’s cosmetic industry is experiencing unprecedented growth, with exports reaching record levels in the first five months of 2024, according to the latest data from the Serbian Chamber of Commerce (PKS).

Cosmetic product exports amounted to €36.8mn in the first five months of 2024, an 8% increase compared to the same period last year. This continues the upward trend seen in recent years.

"The value of exports from 2023 represents the largest volume of cosmetic product exports in the last five years," said Adrija Nikola Rankovic, a senior adviser at the Center for Strategic Analysis, Analytics, and Planning within the PKS.

"The export of cosmetic products reached a value of €80.2mn last year, which is about 40% more than in 2022 when the value of exports was €57.8mn. The export of cosmetic products from Serbia has been increasing year by year since 2019 and is growing by about 12% annually," Rankovic added.

The growth has been driven by strong demand in regional markets as well as the Russian Federation. "The three most important and largest markets for cosmetics from Serbia are Bosnia and Herzegovina, Montenegro, and the Russian Federation, to which about 50% of the total sales of cosmetics abroad are exported," Rankovic noted.

Serbian cosmetic products are also penetrating EU markets, including Bulgaria, Austria, Romania, Slovenia, Croatia, Germany, and Hungary, albeit on a smaller scale. Additionally, there is a significant presence in Kosovo and North Macedonia.

Among the most exported products were beauty and skincare items, which saw an annual export value of €33mn, along with perfumes and toilet waters, with exports reaching €10mn. Other notable exports included hair products (€7.5mn), deodorants (€5.5mn), and hair shampoos (€4.3mn).

Leading the charge in this export boom are multinational and local companies, including Henkel Srbija, Esensa, Korpa, Beiersdorf, and Sarantis.