2024 Global Cosmetics Company Ranking reshuffle: P&G falls to fourth place

In 2024, the global cosmetics market is once again changing, with data from multiple comprehensive indicators showing the industry's fluctuations and challenges. According to the data from the National Bureau of Statistics, the retail sales of cosmetics for units above designated size in China this year amounted to 435.7 billion yuan, a year-on-year decrease of 1.1%. At the same time, the total import and export volume of cosmetics in China reached 23.53 billion US dollars, a year-on-year decrease of 3.7%. This means that as the world's second-largest cosmetics consumer market, China, although still important, is showing signs of weakness in consumer enthusiasm.

In this context, the ranking of the top ten global cosmetics companies in 2024 has also undergone changes. According to statistics from the cosmetics newspaper, after divesting non cosmetics businesses, the total revenue of these ten companies reached 1.040648 trillion yuan. From a regional perspective, France and the United States each have three companies shortlisted, while Japan, the United Kingdom, Germany, and Spain each hold one seat. The freshly released list shows that L'Oreal of France still holds its position as the world's largest beauty group, with sales exceeding 300 billion yuan, but its growth rate has significantly slowed down in recent years.

In the ranking, Germany's Beiersdorf and Japan's Shiseido also appeared on stage together. Remarkably, after successfully entering the top ten globally last year, Spain's PUIG has further risen one rank, becoming the only company on the list to achieve double-digit growth. Its revenue increased by as much as 11.3% year-on-year. It holds many well-known brands, and PUIG's recent success shows its strong strength in the field of perfume and fashion.

However, the performance of global cosmetics companies in the Chinese market varies, resulting in fluctuations in overall performance. For example, Procter&Gamble currently ranks fourth in the United States, and its SK-II and OLAY brands, although facing pressure, still demonstrate certain market resilience. Next, Est é e Lauder ranks third. The newly appointed president and CEO of the company announced the launch of the "Beauty Reimagined" strategy, attempting to awaken brand vitality through large-scale organizational changes.

Unilever UK ranked second, and its investment in perfume attracted a lot of attention. The company clearly stated that it would increase its efforts in the perfume market, rather than just stay on the traditional advantages of daily chemical products. The importance of cooperation and innovation is further highlighted in this process.