Largest Cosmetic Companies in the World
The multibillion-dollar global cosmetics market is expected to expand by 11.8% this year, bringing total revenues to $104 billion. Not only does this mark the second-largest annual increase in more than a decade, it is also the first time the sector’s revenues are set to surpass the $100 billion milestone.
What companies are driving these rising sales worldwide? Here’s a look at the top cosmetic companies ranked by their market values.
Biggest cosmetic companies by market value
According to recent data, L'Oréal is currently the world's largest cosmetics company. As of September 2023, the French company has a market value of $236.7 billion. It owns popular brands including Maybelline, Garnier, and Urban Decay. This marks a 24.2% rise from its $190.5 billion valuation at the end of 2022.
Second on the ranking of the largest cosmetics companies is Estée Lauder. The New York–headquartered business is valued at $57.8 billion. Despite being in second place, its value is less than one-quarter of L'Oréal’s, highlighting the French company’s dominance in the global cosmetics industry.
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Estée Lauder is followed by Givaudan, a Swiss company popularly known for its fragrance products. Its market capitalization currently stands at $30.7 billion. Another US company, ULTA Beauty, and Japan’s Kaō make up the five largest cosmetic companies in the world, with market values of $20.5 billion and $18.2 billion, respectively.
Sixth on the list is International Flavors & Fragrances, which is valued at $17.9 billion. Another Japanese company, Shiseido, is close behind, with $16.3 billion. Coty, which has products from popular cosmetics brands like Vera Wang, Nautica, and Lacoste in its portfolio, is in eighth place. Its market capitalization is just under $10 billion.
This is followed by another US company, e.l.f. Cosmetics, with a value of $7.5 billion. South Korea’s Amorepacific rounds out the 10 biggest cosmetic companies. It has a market cap of $6.2 billion.
US companies make up half of the list of the 10 largest cosmetics companies in the world. This should come as no surprise, considering the US currently is the biggest beauty and personal care market, with revenues hitting $88.5 billion in 2022. Of the remaining five largest cosmetic companies, two are from Europe and three are from Asia.