Top Cosmetics Players Globally in 2024 | IMARC Group

Cosmetics are products that people use to enhance or change the appearance of the face and body. It includes different items: makeup, skincare products, perfumes, hair dyes, and nail polish, among many others. They are mainly used for beautification but also hold protective and corrective purposes. For example, both foundations and concealers can cover imperfections, even out skin tones, and offer protection to the skin from external damage, while moisturizers and sunscreens protect the skin from environmental damage. The cosmetics industry has grown into a global multi-billion-dollar enterprise, driven by changing beauty ideals and scientific and technological breakthroughs. These developments have enabled products to become more inclusive, effective, and tailored to a diversity of skin types and concerns.

The global cosmetics market size reached US$ 400.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 618.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.

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The major forces in the cosmetic industry are busy innovating new products, launching them in the market, expanding business, acquiring other businesses, and forming partnerships in order to continue competing against each other in the market. The infusion of technology into product development and consumers is one of the significant trends in the industry. Companies such as L'Oréal and Estée Lauder have been investing heavily in digital technologies like augmented reality (AR) and artificial intelligence (AI) to bring personalization to consumers' shopping experiences and consumer products. For instance, L'Oréal's acquisition of ModiFace, a world leader in AR beauty tech, has made it possible for companies to offer virtual try-on services that allow customers to see how makeup looks on their skin before making a purchase.

The industry's move toward sustainability is another significant development. Businesses are remixing and reinventing products using materials that are ethically and environmentally derived, as well as repurposing packaging to lessen its ecological impact. Large corporations such as Unilever and Procter & Gamble have established challenging targets for sustainability, such as cutting back on plastic consumption and making sure that all packaging is recyclable, biodegradable, or reusable by 2030. Furthermore, the skyrocketing popularity of clean beauty has prompted the creation of goods devoid of potentially dangerous substances like parabens, sulfates, and synthetic perfumes. In addition, strategic actions like expansions and acquisitions becoming increasingly common, as companies aim to improve product lines and break into new markets. Similarly, celebrity or other brand partnerships with cosmetics firms continue to be a common tactic to increase awareness and appeal to a wide range of consumer bases.

Top Cosmetics Companies/Manufacturers in the World:

·         Amway Corp

·         Avon Products Inc.

·         Beiersdorf AG

·         Henkel AG & Co. KGaA

·         Kao Corporation

·         L'Oréal S.A.

·         Oriflame Cosmetics AG

·         Procter & Gamble Company

·         Revlon Inc. (MacAndrews & Forbes Incorporated)

·         Shiseido Company Limited

·         Skinfood Co. Ltd.

·         The Estée Lauder Companies Inc

·         Unilever plc

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