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
Top cosmetic companies | Market value (as of September 2024) |
1. L'Oréal | $234.75 billion |
2. Givaudan | $47.55 billion |
3. Estée Lauder | $32.88 billion |
4. International Flavors & Fragrances | $26.58 billion |
5. Galderma Group | $22.63 billion |
6. Kaō | $20.88 billion |
7. ULTA Beauty | $16.62 billion |
8. Puig Brands | $15.82 billion |
9. Shiseido | $8.79 billion |
10. e.l.f. Cosmetics | $8.44 billion |
Biggest cosmetic companies in the world: top 10
1. L'Oréal: $234.75 billion
According to recent data, L'Oréal is currently the world's largest cosmetics company. As of September 2024, the French company has a market value of $234.75 billion. It owns popular brands including Maybelline, Garnier, and Urban Decay. This marks an 11.81% 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.
2. Givaudan: $47.55 billion
L'Oréal is followed by Givaudan, a Swiss company popularly known for its fragrance products. Its market capitalization currently stands at $47.55 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: $32.88 billion
Third on the ranking of the largest cosmetics companies is Estée Lauder. The New York–headquartered business is valued at $32.88 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: $26.58 billion
International Flavors & Fragrances, another US firm, follows in fourth place with a market value of $26.58 billion.
Its market capitalization has seen large fluctuation in recent years. In 2020, the company’s value fell by 15.52%, 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 $20.66 billion. That said, the firm appears to be on a rebound—its current valuation in September 2024 marks a 28.62% increase from the end of 2023.
5. Galderma Group: $22.63 billion
The Galderma Group, based in Switzerland, makes up the top five cosmetic brands in the world. It is currently valued at $22.63 billion. Established in 1981 and based in Lausanne, the company specializes in esthetics and dermatological products. Included in its portfolio are popular skincare brands like Cetaphil, Epiduo, and Oracea.
6. Kaō: $20.88 billion
Japan’s Kaō, currently valued at $20.88 billion, is the sixth largest cosmetic company in the world. Aside from cosmetic products, the company also owns brands related to household goods and pet care products.
7. ULTA Beauty: $16.62 billion
Another US company, ULTA Beauty, formerly known as Ulta Salon, Cosmetics & Fragrance Inc., ranks next on this list of the largest cosmetic companies in the world. As of September 2024, its market value is $16.62 billion, representing a 30.14% plunge from the end of 2023.
8. Puig Brands: $15.82 billion
The eighth-biggest cosmetic company is Puig Brands, with a market value of $15.82 billion. Founded in 1914, the Barcelona-headquartered company has experienced immense growth in recent years and went public in May 2024. It owns prominent brands like Carolina Herrera and Jean Paul Gaultier.
The eight companies mentioned so far are the only ones with a market capitalization of more than $15 billion.
9. Shiseido: $8.79 billion
Another Japanese company, Shiseido, is in ninth place, with a value of $8.79 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.
10. e.l.f. Cosmetics: $8.44 billion
Shiseido is followed by US company e.l.f. Cosmetics, with a value of $8.44 billion. Headquartered in California, e.l.f. Cosmetics has experienced massive growth since 2019, when its value was registered at $800 million, less than one-tenth of its current worth.
Experts attributethe firm’s rise to its creative and effective marketing strategies through popular social media platforms like TikTok and a Super Bowl ad. The company is performing particularly well outside of the US, with international revenues more than doubling year on year.
Largest cosmetic companies: summary
US companies make up half of the list of the 10 biggest 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, three are from Europe and two are from Asia.
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