Breaking down the performance of the European beauty market by product segment and country, the report gives insight into the current health of the industry and the trends shaping it.
Bringing the data together, Colipa said sales of cosmetic, toiletry, and perfumery products in Europe rose 4.1 per cent in 2007, taking the overall market to €64.6bn.
This is a slight increase on last year's growth figure of 3.5 per cent.
Spanish rose On a country-by-country basis Spain was the top performer among the large, developed markets growing 5.8 per cent to reach €7.9bn.
Colipa said the country is gradually catching up on Italy's more sluggish €8.9bn market.
The European trade body attributed the growth to product development catering for consumer demand for multi-functionality, convenience and naturalness.
Private label It also said private label products took off in Spain last year as their quality improves and consumers compare them positively to branded alternatives.
Across Europe the private label grew fast as it became more sophisticated entering the so-called 'masstige' category, which fills the gap between mass market and premium.
Europe now accounts for over two-thirds of private label sales; its consumers being more cynical about branding than most.
Hair care Another significant trend that Colipa picked out was the weakness of hair care, which is struggling to cope with market maturity, discounting and private label entrants.
Hair care sales rose by 1.5 per cent in Europe and only grew on account of the booming Eastern European markets with lower sales reported in France and Italy.
Nonetheless, Colipa highlighted ethnic products and men's hair care, especially styling products, as two under-exploited niches within hair care.
In compiling its report on market statistics and trends, Colipa worked with fellow cosmetics trade associations and market research companies.