Our Market Opportunities
We continue to expect a demanding economic environment in 2026, which will likely be characterized by stabilizing price trends following the persistently high inflation of recent years. Pressure will be eased in particular by largely stable raw material and logistics costs. Development of monetary and fiscal policy conditions will likely differ by region, and contribute to moderate economic momentum in some markets.
Consumer
The Consumer Business Segment is well positioned overall against this backdrop, and is confident that it can achieve growth in the persistently challenging market environment, based in large part on volume impetus, with price increases expected to play a subordinate role. The targeted development of the portfolio by means of product innovations and selective regional market expansion form the basis for sustainable outperformance of the market. The main drivers remain the strategic focus on Skin Care, continuous innovation-driven impetus, and the further expansion of digital activities. The refinement of the NIVEA strategy includes a more balanced approach, in which targeted additional support will be provided for Face Care, as well as other Skin Care categories and the deodorant business.
Uncertainties nevertheless remain for 2026, primarily with a view to geopolitical developments, continued subdued consumption in some markets, and possible trade policy measures including in the USA and China. These factors may affect market development differently from region to region, and require flexible and nuanced management.
Based on the solid financial structure, robust earnings position, and a broad-based, internationally successful brand portfolio, the Consumer Business Segment is well positioned overall to address the existing challenges and maintain its competitive position for the long term.
tesa
tesa expects moderate growth in 2026. This applies both to business with end consumers and with industrial customers. Close collaboration with customers in Asia, particularly in the electronics market, is vital for growth. However, the project-based nature of this collaboration continues to pose a high risk of volatility. tesa will increase its investments in product and technology development in 2026, thereby creating a solid basis for future growth. Key economic regions such as China and Europe remain crucial for tesa, while Southeast Asia and India are also very important for tesa as growth markets.