L’Oréal tops our list this year with $40.84 billion in beauty sales.

Scroll down to see how all the top 20 global beauty companies ranked below. 

Here is a look back on the year in beauty—market outlook, top-selling categories, innovations, and more.

In a global environment disrupted by inflation and an uncertain economic and geopolitical atmosphere, the Beauty industry continues to prosper.

Following the major disruptions of 2021, 2022 was a year that saw retail brick and mortar reopen, and online sales increase. It was a time when the global beauty industry proved resilient and was able to adapt and captivate consumers, in many cases by providing products that engaged and sparked joy, especially as more people were able to resume socializing post-pandemic.

Color was back on people’s minds and the Makeup category grew more than Skincare.

Similar to Leonard Lauder’s iconic coining of the term “Lipstick Index,” in which he noted that many beauty consumers enjoyed the splurge of buying cosmetics to boost their mood in difficult times (in particular, during the recession of the early 2000’s), his theory evidently holds true in 2022-23—but with the index expanding to encompass small luxuries in all categories including makeup, fragrance, skincare and hair care (notably in Prestige Lipstick and Fragrance).

In the U.S., Prestige Beauty was the only CPG category to experience unit sales growth in 2022. According to Larissa Jensen, beauty industry advisor at Circana—and a member of Beauty Packaging’s Board of Advisors—all Prestige beauty categories grew by double digits.

• Makeup rose by 18%, skincare grew by 12%, fragrance increased 11%, and hair products are up 22%. 
• U.S. Prestige beauty industry sales revenue grew 15%, year over year, to reach $27.1 billion in 2022.  

At press time, Coty raised its FY24 outlook, led by continued momentum in its Prestige business.

Our In-Depth Look at the World’s Top Beauty Companies

Beauty Packaging’s in-depth look at the world’s top beauty companies honed in on those with the highest annual net sales in 2022.

While the majority (12) were up in annual sales, some (8) were down, but all together, tallied a whopping $186 billion (U.S.) in annual net sales. In general, these 20 leaders kept their positions on BP’s previous annual lists of top performers.

L’Oréal retained its No.1 spot on this year’s global Top 20 list with an impressive $40.84 billion in annual net sales. The world’s largest beauty company estimates the total global cosmetics market in 2022 at €250 billion euros.

Packaging's Expanded Role

Sustainable packaging and clean beauty have become more of a must-have—for much of the industry's brands and suppliers (and many consumers.) As packaging target compliance dates draw near, interest in refillables has risen as a promising solution, but it still remains to be seen whether there will be enough product loyalty among consumers to make this practical. 

One thing is for sure though: Packaging is now playing a greater role than ever in consumer influence—and innovation is competitive. 

According to a recent report from Research and Markets, the cosmetic packaging market’s overall revenue is expected to surpass $46.1 billion in 2023, with strong growth projected through to 2033.

2022-23 Beauty Industry Trends

What else stood out in 2022-23 among our Top 20? Many of the brands that made our list entered the Beauty Metaverse.

AI and AR advances moved quickly, offering cosmetic consumers unique personalization assets. Online sales boomed while brick-and-mortar held a firm if not larger position than in the past.

Our leading brands also have an eye on expansion. China and Korea are exporting prominent domestic cosmetic brands to the U.S., as the Americas and Europe target brands to Asia and Africa.

Some global brands are acquiring or partnering with domestic brands. Industry packaging suppliers are doing the same to ensure regional service and distribution.

At press time, looking to gain ground in Asia, ELC made its first investment in a Chinese clean beauty brand—Code Mint, founded in 2021 by "super-influencer" Grace Chow. Amorepacific purchased the Tata Harper brand in 2022.

Revlon emerged from bankruptcy and Coty made a strong comeback, while the Estée Lauder powerhouse stumbled due to the decline in Travel Retail (but still holds its No.3 position on our list).

There were also several changes in leadership including Revlon’s Debra Perelman stepping down from her role as president and chief executive officer, to be replaced in the interim by Elizabeth A. Smith. For the first time since 1985, there are no Perelmans in leadership positions at Revlon.

In January 2023, Unilever appointed Hein Schumacher as its new CEO, replacing Alan Jope, who retired in September 2022.

And here are the rankings...

Top 20 Global Beauty Companies

We ranked the following companies by beauty sales in 2022—click each for the full report on each company, including key executives, major brands, latest innovations & more. 

#1:  L'Oreal — $40.84 billion

#2:  Unilever — $27.6 billion

#3:  Estee Lauder Companies — $15.9 billion

#4:  P&G — $15 billion

#5:  LVMH — $8.5 billion

#6:  Shiseido — $8.1 billion

#7:  Beiersdorf — $7.8 billion

#8:  Bath & Body Works — $7.6 billion

#9:  Johnson & Johnson — $7.3 billion

#10:  Natura & Co. — $7.1 billion

#11:  Chanel — $6.5 billion

#12:  Coty — $5.6 billion

#13:  Kao — $4.7 billion

#14:  Henkel — $4.2 billion

#15:  Amorepacific — $4.1 billion

#16:  LG H&H — $4 billion

#17:  Colgate-Palmolive — $3.8 billion

#18:  Mary Kay — $3.2 billion

#19:  Kose — $2.2 billion

#20:  Revlon — $2 billion

A NOTE ON THE COMPILATION OF THIS REPORT: Companies were analyzed based on 2022 data. Annual reporting varied among these leaders from 12-22 to 8-23. Beauty sales included only cosmetics, fragrance and personal care items when possible. We included packaging information whenever available. Figures for companies outside the U.S. were based on the exchange rate for the fiscal year on the day it ended. Estimates are provided in cases where full disclosure was not available. 

What's Next?

The continuation of this year and 2023-2024 will be exciting to keep tabs on as global brands expand their strategies. 

Could there even be a new contender for next year’s Top 20 list, as Natura searches for a buyer for The Body Shop and Prada enters the cosmetics industry? 

Stay tuned!