27 Dec Cosmewax continues its expansion in the cosmetic industry market
Cosmewax is delighted to unveil outstanding outcomes for the year 2023. Serving as a reliable ally in the cosmetic industry market, Cosmewax has encountered notable advancement as cosmetics supplier, solidifying its standing as a foremost supplier of private label cosmetic innovations.
Key highlights: Cosmetic industry market expansion
Revenue increase
As, cosmetics supplier, Cosmewax disclosed a sales figure of 40.5 million euros for the year 2023, marking a notable uptick of 16.7% compared to 2022.
Innovative cosmetics
Cosmewax remains a pioneer in cosmetic industry market, unveiling more than 100 new products in 2023. Exceptional growth was observed across all consumer skincare categories, particularly in wax strips, face serums, and face creams. The R&D team consistently enriches the product portfolio by incorporating global trends, such as formulations featuring high-tech active ingredients, innovative textures, upcycled and multi-benefit products, menopause-specific offerings, and body skinification solutions, among others. This year, the Spanish company earned a spot among the finalists of the Cosmoprof Awards with its product, Glowing Milk Lotion.
Cosmetic Market expansion
In 2023, Cosmewax effectively broadened its market reach by venturing into new regions and forming partnerships with well-known retailers and brands. Presently, its revenue distribution as cosmetics supplier spans 36% in America, 57% in Europe, and 7% in Asia and Oceania. With over 90 clients globally and the management of more than 1,200 ongoing projects, Cosmewax continues to expand its market presence.
Environmentally Friendly Practices
Acknowledging the significance of sustainability in the contemporary cosmetic industry market, Cosmewax remains dedicated to integrating eco-friendly practices into its manufacturing processes. In comparison to 2018, there has been a noteworthy 42.36% reduction in the carbon footprint.
Additionally, Cosmewax has successfully navigated and satisfied the RSPO and IFS HPC audits across its two cosmetics manufacturing facilities, earning the prestigious EcoVadis Gold Medal.
Enhanced Production Capabilities:
Cosmewax is actively constructing a new skin care manufacturing facility spanning 5,100 square meters in Puzol (Valencia) specifically designed for skincare product production. This state-of-the-art facility is poised to have a production capacity of 7,000 tons per year, marking a significant 94.4% increase in capacity. The expansion aims to further elevate cosmetics manufacturing flexibility and reaction capabilities, ensuring adept responsiveness to demand surges and accommodating a diverse array of specifications and requirements. The opening is slated for the fourth quarter of 2024. This new plant complements the existing Skin Care Division in Massalfassar (Valencia, Spain), and the Depilatories Division in Jerez de la Frontera (Cádiz, Spain).
The 16.7% surge in turnover is attributed to profitable growth as cosmetics supplier across all regions and product categories, bolstered by recurring sales.
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