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The cosmetics sector was unable to escape the severe economic impact caused by the COVID-19 pandemic in 2020. Specifically, that year the global beauty and personal care industry’s revenues contracted by 8 percent compared to 2019’s turnover. However, this segment has recently managed to regain ground and return to positive figures. Thus, in 2024, it recorded a growth of 4.5 percent compared to the previous year.

The global cosmetics industry

The estimated size of the global cosmetics market currently stands at around 455.7 billion U.S. dollars, and projections point to sustained growth over the next decade. Although products such as makeup, perfumes, and other beauty items have been present in society since ancient times, it is in recent years that their use has experienced a remarkable boom, especially regarding skincare. In 2024, this segment accounted for 39 percent of the global sales of the cosmetics sector, establishing itself as the main source of industry revenue. Regarding its geographic distribution, North America and Northern Asia lead the market, generating a combined 56 percent of revenues.

The sector has a name of its own: L’Oréal

Despite having lost some prominence in recent years, Europe remains home to the leading company in the cosmetics sector. L’Oréal continues to be the undisputed market leader, not only for being behind the most valuable cosmetics brand in the world, but also for being the company with the highest annual revenue. The year 2024 was a clear demonstration of this supremacy: the French firm generated revenues exceeding 47 billion U.S. dollars, surpassing its closest competitor, the British company Unilever, by a margin of more than 20 billion U.S. dollars.