Currently the market is valued at PLN 16 billion (€3.8bn) a figure that has increased by 78% since 2002 when it stood at PLN 9 billion, according to figures from Deloitte’s Sustainability Consulting division, published in the Warsaw Business Journal.
Over the 15-year period the figures show that in real terms the market for beauty increased by 32% during the period, which represents an increase of 2% each year.
Growth outstrips much of Europe
Deloitte researchers point out that this growth rate outstrips growth for the other major markets in the European Union, which in the past couple of years have struggled to register annual increases over 1%.
In particular, the research points to the French market, where annual growth has actually decreased by 0.19% per year over the same period, and the Italian market where the beauty market has shrunk by 1.09% each year.
The Deloitte statistics also reveal that the industry is the sixth biggest beauty market in Europe, and during the 15 years that the data has been tracked for the country, the industry has created a further 43,000 jobs.
Polish economy continues to grow
The fact that the Polish economy has continued to grow in recent years also points to a wealthier population and a broadening of consumer spend in a variety of fast moving consumer goods categories.
With respect to the beauty and personal care market, the fact that the average consumer has greater spending power suggests that there will be a more pronounced growth in luxury beauty products in the coming years.
Likewise, the population is also ageing in Poland, which suggests that there is also likely to be a spike in products that are targeted at older consumer, specifically anti-ageing hair and skin care products.