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Europe and the Asia Pacific region153. Skincare is the largest segment with huge growth potential by 2017, while the second segment, hair care is reported as following closely behind. The European (EU27+N+CH) cosmetics industry is a flagship industry, with a value of more than EUR 72 billion154. This makes it the world leader by a considerable margin, almost as large as the US and Japanese markets together. Figure 0.20 European Cosmetic Market Volume by country (in EUR billion retail sales price)155. The market for organic skin care grows most rapidly. Worldwide it was estimated at EUR 5.9 billion in 2012, and is expected to rise to EUR 10.2 billion by 2018, giving a CAGR of 9.6 % over the six year period156. One of the biggest drivers of this growth across all consumers groups is the fact that they are reaching out for products that are deemed to be more natural, reflecting aspirations for better personal health and hygiene. Within the European cosmetic market over 1.5 million people are employed in all areas of the industry from manufacturing to marketing, sales and retail environments.157 Research & development is particularly important in this fast-moving consumer goods market and the industry employs over 25,000 scientists researching new areas of science, working with new ingredients, developing formulations and carrying out safety assessment; 10% of all patents granted in the EU during 2009 were for cosmetic products. 158 European cosmetic products are sought after all over the world and export represents a key activity for all sizes of companies, especially SMEs of which there were over 4,000 in 2011. Trade with countries outside of Europe amounted to EUR 18.6 billion at trade prices showing nearly 50% increase over 2010 (EUR 12.5 billion in 2010)159. 153http://www.lucintel.com/reports/personal_care/global_beauty_care_products_industry_20122017_trend_profit_and_forecast_analysis_september_2012.aspx 154 Eurostat 155 Eurostat/Cosmetics Europe Statistics Working Group 156 Transparency Market Research 157 Fabio Fanchina 2012: "Personal Care - an essential component of living", Activity Report 2012 of Cosmetics Europe 159 The Cosmetic Toiletry & Perfumery Association - CTPA 158 Wynberg, R. & Laird, S., 2013, "Bioscience at a Crossroads: Access and Benefit Sharing in a Time of Scientific, Technological and Industry Change: The Cosmetics Sector", Published by the Secretariat of the Convention on Biological Diversity 2013, ISBN: 92-9225-491-X Study in support of Impact Assessment work on Blue Biotechnology 129

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