The field meeting of the Ministry of Industry and Trade of the Russian Federation (Minpromtorg of Russia) took place on March 24 at the International exhibition of professional and household chemistry, cosmetics and perfumery ChemiCos – 2021. Deputy Minister of Industry and Trade of the Russian Federation Mikhail Ivanov discussed the development prospects of the industry with its representatives.

In the course of the discussion, its participants addressed, inter alia, the main challenges that the manufacturers of perfumery and cosmetics face, including low availability of raw materials for the Russian manufacturers, insufficient amount of modern equipment and low recognizability of Russian brands.

The biggest market players among the manufacturers of perfumery and cosmetics shared their experience of solving the arising difficulties. They confirmed their readiness to join the state in its work to address the needs of the industry.

Deputy Minister of Industry and Trade of the Russian Federation Mikhail Ivanov highlighted the importance of uniting the efforts of state and business in this area.

 “The perfumery and cosmetics industry is high-end, dynamic and highly competitive. Based on the market share of perfumery and cosmetics our country is among the TOP-5 European states. It is worth mentioning that last year their production in Russia increased by 12% as compared to 2019 and reached over 120 billion roubles. At the same time our share within the global production is only 3% today. I believe that we have high potential to increase the presence of quality perfumery and cosmetics of Russian brands on the global market,” – said Mikhail Ivanov.

The trade exhibition ChemiCos - 2021 takes place at Crocus Expo IEC from March 23 to 25, 2021. It is organised by the Scientific and Technical Center “CHIMVEST” of Minpromtorg of Russia.