Largest Cosmetic Companies in the World
The multibillion-dollar global cosmetics market is expected to expand by 4.4% in 2024, bringing total revenues to $108.4 billion.
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
- L'Oréal: $253.88 billion
- Givaudan: $44.86 billion
- Estée Lauder: $40.84 billion
- International Flavors & Fragrances: $24.14 billion
- Kaō: $19.93 billion
- ULTA Beauty: $18.64 billion
- Shiseido: $12.69 billion
- e.l.f. Cosmetics: $10.77 billion
- Coty: $8.54 billion
- Amorepacific: $8.21 billion
1. L'Oréal: $253.88 billion
According to recent data, L'Oréal is currently the world's largest cosmetics company. As of June 2024, the French company has a market value of $253.88 billion. It owns popular brands including Maybelline, Garnier, and Urban Decay. This marks a 4.6% fall from its $266.18 billion valuation at the end of 2023. L'Oréal’s current market capitalization also accounts for more than half of the combined values of the top 10 cosmetics companies, highlighting the brand’s dominance.
2. Givaudan: $44.86 billion
L'Oréal is followed by Givaudan, a Swiss company popularly known for its fragrance products. Its market capitalization currently stands at $44.86 billion. Despite being in second place, its value is around one-fifth of L'Oréal’s, highlighting the French company’s dominance in the global cosmetics industry.
3. Estée Lauder: $40.84 billion
Third on the ranking of the largest cosmetics companies is Estée Lauder. The New York–headquartered business is valued at $40.84 billion. As one of the world’s top makeup brands, Estée Lauder manages dozens of premium brands, including Bobbi Brown, Aveda, Jo Malone London, Tom Ford Beauty, and The Ordinary.
4. International Flavors & Fragrances: $24.14 billion
International Flavors & Fragrances, another US firm, follows in fourth place with a market value of $24.14 billion.
Its market capitalization has seen large fluctuation in recent years. In 2020, the company’s value fell by 15.5%, to $11.63 billion, before more than tripling the following year, to $38.34 billion—its highest year-end valuation recorded to date. Two years of decreases followed, and the company closed out 2023 with a value of $22.66 billion.
5. Kaō: $19.93 billion
Japan’s Kaō, currently valued at $19.93 billion, makes up the top five cosmetic brands in the world. Aside from cosmetic products, the company also owns brands related to household goods and pet care products.
6. ULTA Beauty: $18.64 billion
Another US company, ULTA Beauty, formerly known as Ulta Salon, Cosmetics & Fragrance Inc., is the sixth-largest cosmetic company in the world. As of June 2024, its market value is $18.64 billion, representing a 21.6% plunge from the end of 2023.
7. Shiseido: $12.69 billion
Another Japanese company, Shiseido, is close behind, with $12.69 billion. Founded in Tokyo in 1872 as Japan’s first Western-style drugstore, the family-owned business has since evolved into a leader of the global beauty industry. Today, it operates in nearly 120 countries, generating annual revenues of more than $7 billion. Shiseido also owns popular brands such as NARS and Ulé.
8. e.l.f. Cosmetics: $10.77 billion
Shiseido is followed by US company e.l.f. Cosmetics, with a value of $10.77 billion. These eight companies mentioned so far are the only ones whose current value is worth more than $10 billion.
9. Coty: $8.54 billion
Coty, which has products from popular cosmetics brands like Vera Wang, Nautica, and Lacoste in its portfolio, is in ninth place. Its market capitalization is $8.54 billion.
Headquartered in New York and founded in 1904 by Francois Coty, the company consists of three main units: skin and body care, color cosmetics, and fragrances.
10. Amorepacific: $8.21 billion
South Korea’s Amorepacific rounds out the 10 biggest cosmetic companies. Boasting a market cap of $8.21 billion, the company distributes more than 20 increasingly popular brands like Amore Pacific, Primera, and Laneige.
Biggest cosmetic companies: summary
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 $97.81 billion in 2023. Of the remaining five largest cosmetic companies, two are from Europe and three are from Asia.