MOSCOW, January 16. /TASS/. Perfumery and cosmetics production in Russia increased by more than 10% as of 2022 year-end, the Russian government said on its website, citing preliminary data of the National Perfumery, Cosmetics and Home Care Council.
"The National Perfumery, Cosmetics and Home Care Council presented a report with the preliminary results of 2022 in it. In particular, steady growth of the share of domestic producers by 7-8% in money terms was observed in the industry, along with perfumery and cosmetics production volumes growth of more than 10%," the government said.
Russia’s Deputy Prime Minister Denis Manturov stressed the need for supporting entrepreneurs implementing projects on import substitution of ready perfumery and cosmetic products, raw materials and packaging. "For example, control should be exercised over the support of their production facilities with the demand, stimulating conclusion of mutually beneficial contracts among producers of raw materials, packaging and cosmetics. In case of conclusion of such contracts participants in the chain of cooperation will be confident that their products are demanded on the market and will invest with greater enthusiasm in production expansion and mastering of new kinds of products. Such intertwining will give a multiplying effect," the official said, as cited by the government.
Major Russian players coped with tasks of providing households with required goods, President of the Executive Board of the National Perfumery, Cosmetics and Home Care Council Svetlana Matelo said. "At the same time, producers had to significantly build up commercial stocks of ingredients and ready products, which required extra working capital from us. Nevertheless, we can now state at present the fact that domestic companies are ready to further ramp up production volumes - this is a positive effect," she said, as cited by the Cabinet’s press service.