Beyond aesthetics, skincare is a type of self-care that may boost confidence and attitude. From cleaning and moisturizing to protecting and renewing, it encompasses processes and products devoted to promoting and improving skin health. Through a perfect fusion of science and beauty, skincare products enable people to embrace their inherent radiance and make progress toward having skin that is youthful and beautiful.
Global Skincare Market:
Grand View Research estimates that the size of the global market for skincare products was $135.83 billion in 2022 and is projected to grow at a CAGR of 4.7% between 2023 and 2030. It is anticipated that the global market for face creams, body lotions, and sunscreens will boost growth. Additionally, significant market expansion is anticipated as a result of the booming e-commerce sector. The COVID-19 epidemic had a serious effect on the cosmetics and beauty industry. Store closures were the result of strict lockdown procedures, which had detrimental implications. Between March and April 2020, global sales decreased by 60–70%. As customers reduced their spending on cosmetics and grooming products, companies responded positively by increasing manufacturing and offering hand sanitizers and cleaning agents.
In the US, people’s desire for individualized products has been growing. Asia-Pacific was the most prosperous region globally in 2022, with a revenue share of 39.65%. North America’s CAGR is predicted to be 4.4% between 2023 and 2030. Consumers in North American countries such as the US and Canada are willing to pay extra for skin that appears more youthful and vibrant. Face creams and moisturizers had the largest revenue share (42.11%) in 2022, and it is expected that this trend will be steady for the duration of the forecast.
The Growing Organic Skincare Industry:
As more individuals seek natural and eco-friendly substitutes for traditional cosmetics, organic skincare products are becoming increasingly popular.
The size of the global market for organic skin care was valued at $9.83 billion in 2021, and it is projected to increase at a CAGR of 8.9% between 2022 and 2030, as per Grand View Research. Throughout the projected time frame, the demand for organic skin care products is anticipated to be driven by consumers’ growing preference for chemical-free beauty products as well as the expanding ideas of creams, serums, and moisturizers infused with organic ingredients. Customers are anticipated to use these products more frequently since they are considered to be more efficient and have fewer negative effects on the skin.
To satisfy the rising demand for organic skincare products, skincare companies are concentrating on product breakthroughs, new product launches, and portfolio expansion. For instance, in June 2022, the Australian natural skincare company Biologi introduced the first anti-pollution serum ever made with strawberry gum leaf extract.
A major participant in the skincare industry, Loreal, acquired the California-based American skincare brand Youth to the People for an undisclosed amount in December 2022. The acquisition was made to produce vegan skin care products that are mindful of our health.
Businesses are switching to skincare products without parabens. Renee Cosmetics introduced its premium facial oils in January 2021. This product is FDA-approved and makes claims that it is organic, cruelty-free, and paraben-free.
Skincare Companies are Evolving Rapidly:
In response to the increasing consumer desire for sustainable, natural, and organic products, the skincare sector is changing quickly. To meet the evolving needs and tastes of their customers, businesses are putting a greater emphasis on sustainability, innovation, and transparency.
The organic skincare market has been significantly impacted by e.l.f. Beauty, Inc. (NYSE:ELF)’s recent $355 million acquisition of Naturium. With this calculated decision, e.l.f. Beauty, Inc. (NYSE:ELF) is better positioned to develop its market share in the skincare industry and meet the growing demand for high-quality, natural skincare products.
With the acquisition of Naturium, E.l.f. Beauty aims to increase its retail skincare sales share to roughly 18%, giving it a stronger position in the market. In 2023, e.l.f. Beauty, Inc. earned $578.84 million in revenue annually.
Naturium’s emphasis on reasonably priced and efficient skincare aligns with the goals and principles of E.l.f. Beauty, which makes it a perfect partner for the skincare industry’s expansion and growth.
Since Naturium is only available in the United States through Target and Amazon in addition to its direct-to-consumer website, E.l.f. Beauty also intends to increase its partnerships with retailers. e.l.f. Beauty, Inc. CEO Tarang Amin stated in a conference:
“In terms of our plans, I’d say first, near term it’s to really maximize where Naturium already is,” Tarang said. “Certainly given the momentum that Naturium has, there are going to be other distribution opportunities for Naturium that we’ll look into. We’re not ready to talk about those yet but obviously, you can see the track record we’ve had on E.l.f. and our ability to get E.l.f. broadly distributed. … We feel there are opportunities not only in the U.S. but also internationally.”
Naturium is a skincare brand dedicated to providing environmentally friendly, clinically effective skincare products for all skin types. The brand highlights how effective and powerful actives and organic ingredients can be in helping consumers attain a healthy complexion. The cruelty-free, paraben-free, vegan, gluten-free, and dermatologist-tested nature of Naturium’s products demonstrates their dedication to skin compatibility and clean beauty.
The beauty industry has been significantly influenced by Procter & Gamble Company (NYSE:PG) recent purchases in the skincare sector. Farmacy Beauty, a ‘farm-to-face’ company acclaimed for its cruelty-free and sustainable procedures, was purchased by Procter & Gamble Company in 2021.
Through this acquisition, Procter & Gamble Company has been able to increase its market share in the skincare sector and provide customers with more options that support ethical beauty practices. In 2023, Procter & Gamble Company had an astonishing annual revenue of $82 billion.
Furthermore, Procter & Gamble Company acquired Tula Skincare in 2022, a company that makes probiotic skincare products. Tula Skincare was co-founded by Dr. Roshini Raj, Ken Landis, and Dan Reich, and its revenues surpassed $150 million in the United States in 2021.
Procter & Gamble Company’s acquisition of Tula Skincare enhances its standing in the premium beauty industry and gives it access to the expanding market for probiotic skincare products.
With that said, here are the 15 biggest skincare companies in the US.
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Methodology:
We have picked the 15 biggest skincare companies in the US based on their annual revenue figures for 2023. For private companies on our list, we estimated their revenues by comparing them with public companies of the same size and in the same industry. It is pertinent to note that we have taken into account conglomerates although they are not pure-play companies and don’t make the bulk of their revenue from skincare, still have a significant impact on this industry.
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15. Sunday Riley
2023 Revenue: ~$26 million
Sunday Riley is one of the top skincare lines in America, which provides focused treatments and advanced products for both instant and long-term benefits. The company’s line of expensive and high-quality skincare products goes beyond conventional beauty regimens. Some of its best-selling products include Good Genes Glycolic Acid Treatment, C.E.O. Glow Vitamin C + Turmeric Face Oil, A+ High-Dose Retinoid Serum, and U.F.O. Ultra-Clarifying Face Oil. Founded in 2009, Sunday Riley Modern Skincare is a well-known brand in the beauty business, supporting sustainability and human rights.
14. Mario Badescu
2023 Revenue: ~$30 million
Mario Badescu Skin Care, Inc. has been a New York-based skin care product manufacturer since 1967. To help customers treat skin conditions as well as enhance the quality of their skin, this company provides customized skin care products. Products including face creams, body lotions, body washes, acne treatment kits, facial cleansers, and more are accessible from Mario Badescu. The Acne Facial Cleanser, A.H.A. Botanical Body Soap, A.H.A. Body Lotion, and A.H.A. & Ceramide Moisturizer are a few of its most popular items. It is among the 15 largest skincare companies in the US.
13. Glossier
2023 Revenue: ~$275 million
The prominent private beauty brand Glossier is recognized for its skincare, fragrance, and makeup products. It sells a wide range of products, including cleansers, serums, blushes, lipsticks, lip balms, and more. Glossier is committed to producing user-friendly, premium skincare products that accentuate inherent beauty. Their items are available straight from their website or at stores like Sephora. Hence, Glossier is one of the largest skincare brands in the US.
12. The Honest Company, Inc.
2023 Revenue: $344.36 million
One of the 15 biggest skin care companies in the US by revenue and digital-first consumer goods companies The Honest Company, Inc. was created by actress Jessica Alba, Christopher Gavigan, and Brian Lee. It is headquartered in Los Angeles. The Honest Company, Inc. makes items for homes and babies that are practical, economical, and environmentally friendly. Skincare products such as the 3-in-1 Detox Mud Mask, Vitamin C Serum, and Prime + Perfect Mask are a hit. Numerous The Honest Company, Inc. products come in carefully curated kits, like the skin-improving brightening kit and the acne-fighting complexion goals set.
11. e.l.f. Beauty, Inc. (NYSE:ELF)
2023 Revenue: $578.84 million
e.l.f. Beauty, Inc. is an American multi-brand beauty company that was founded in June 2004. e.l.f. Beauty, Inc. sells cruelty-free, vegan, clean, inclusive, and accessible skincare and makeup products. It has a skincare range that includes products like serums, moisturizers, and face masks. Some of the brands owned by e.l.f. Beauty, Inc. are Keys Soulcare, e.l.f. Cosmetics, e.l.f. SKIN, and Well People.
10. NU Skin Enterprises
2023 Revenue: ~$1.97 billion
Nu Skin’s US headquarters are located in Provo, Utah. Nu Skin Enterprises, Inc. is a company that combines wellness and beauty. Its US headquarters are located in Provo, Utah. This company produces and provides an extensive variety of wellness and skincare products in about 50 global markets. The company carries three brands, which are ageLOC, an anti-aging line; Pharmanex, a health brand; and Nu Skin, a beauty brand.
9. Revlon
2023 Revenue: ~ $2 billion
Revlon, Inc. is a private global American firm that sells skin care products, makeup, fragrances, and personal hygiene items. On March 1, 1932, Revlon opened its headquarters in New York City, where it is still located today. Charles Lachman, a chemist, and his brother Joseph Revson invented Revlon. Elizabeth Arden, Almay, Cutex, and SinfulColors are a few skincare brands connected to Revlon. It is one of the top cosmetic brands in the world.
8. Mary Kay Inc.
2023 Revenue: ~ $2.5 billion
Mary Kay Inc., is a privately owned multi-level marketing business based in Texas. According to Euromonitor International, Mary Kay Inc., the well-known beauty brand and multinational entrepreneurship firm, is the top direct-selling brand of color cosmetics and skincare products worldwide. A natural skincare brand with certification, Mary Kay Naturally specializes in mild formulas for delicate skin types, containing ingredients like vitamin E, sweet almond oil, olive oil, and cornflower floral water.
Throughout the world, millions of independent beauty consultants sell Mary Kay products in almost 40 nations. Hence, this company is expanding significantly and reaching more than 20 new international markets to become one of the most famous cosmetics brands on the globe.
7. Coty Inc. (NYSE:COTY)
2023 Revenue: $5.55 billion
Coty Inc. (NYSE:COTY) is one of the top-notch multinational beauty companies with French and American roots that produces and distributes skincare, color cosmetics, and beauty items. Coty Inc. is divided into three business segments: skin and body care, color cosmetics, and fragrances. The names that fall in the fragrances category include fashion designer labels, lifestyle brands, and brands connected to celebrities like Kylie Jenner. Products for coloring the lips, eyes, nails, and face are available under the Color Cosmetics section. Among the skin and body care brands are TJoy, Adidas, Lancaster, Philosophy, and Orveda.
6. Bath & Body Works, Inc. (NYSE:BBWI)
2023 Revenue: $7.56 billion
One of the biggest skincare companies in the United States, Bath & Body Works, Inc. was established in 1990 and offers an array of products, such as candles, hand sanitizers, liquid hand soaps, body creams, lotions, and diffusers for the house. Tropidelic, Waikiki Beach Coconut, and Pink Pineapple Sunrise are among the newest offerings. The secret to Bath & Body Works, Inc.’s success is its ability to creatively reimagine a single fragrance in a variety of ways to draw in more consumers.
It was a smart move for Bath & Body Works, Inc. to formally split from Victoria’s Secret in 2021 and launch as a standalone brand. In 2022, overall revenue climbed from $6.43 billion to $7.9 billion, a 22% increase from 2021. Even though the pandemic had an impact on the company’s overall growth, it nevertheless managed to flourish through digital platforms and develop the buy-online-pick-up-in-store model, or BOPIS, which bolstered the company’s online visibility and grew its customer base.
5. Amway
2023 Revenue: ~ $7.7 billion
Amway, one of the top 5 skincare companies in the US, is a health and wellness company managed by entrepreneurs. It is one of the biggest direct-selling companies in the world. It produces and distributes products for home, personal care, beauty, and nutrition, all of which are only available through Amway independent business owners in 100 countries. Amway’s best-selling products include XS energy drinks, Artistry skincare and color cosmetics, eSpring water treatment systems, and Nutrilite vitamin, mineral, and dietary supplements.
4. Estée Lauder Companies Inc. (NYSE:EL)
2023 Revenue: $15.91 billion
Founded in 1946, the United States-based Estée Lauder Companies Inc. (NYSE:EL) is a world-renowned manufacturer, marketer, and retailer of high-quality skincare, makeup, fragrance, and hair care products. Being one of the number 1 skincare brands Estée Lauder Companies Inc. also serves as a global custodian of 25 premium and prestige brands like La Mer, Clinique, Origins, M·A·C, La Mer, Bobbi Brown, Aveda, Jo Malone London, Smashbox, Michael Kors, Darphin Paris, Tom Ford Beauty, Ermenegildo Zegna, AERIN, Bumble and bumble, Le Labo, Glamglow Kilian Paris, Too Faced, Dr.Jart, The Ordinary, and NIOD. Hence, Estée Lauder Companies Inc. (NYSE:EL is one of the 15 biggest skincare companies in the US.
3. Colgate-Palmolive Company (NYSE:CL)
2023 Revenue: $19.45 billion
New York City’s Manhattan serves as the headquarters of the global American consumer goods firm Colgate-Palmolive Company (NYSE:CL). The company’s areas of expertise are home, health care, personal care, and veterinary product manufacturing, distribution, and provision. Among the brands owned by Colgate-Palmolive Company are Eltamd Skincare, PCA Skin, Filorga, Lady Speed Stick, Colgate, and Palmolive. This company is widely known for promoting sustainability.
2. The Procter & Gamble Company (NYSE:PG)
2023 Revenue: $82 billion
One of the most well-known multinational corporations in the skincare sector is Procter & Gamble Company, which was founded in 1837. Head & Shoulders, Rejoice, Herbal Essences, Pantene, and skin and personal hygiene products like Olay, Safeguard, Old Spice, and Secret are among its product lines. The “SK-II” brand of this company is a luxurious facial treatment line that has been widely recognized across the globe. Procter & Gamble focused on developing creative product lines during the COVID-19 pandemic, including necessities like skin care, hair care, and personal hygiene items. As a result, Procter & Gamble Company’s yearly sales soared to a whopping 82 billion in 2023 from 80.20 billion in 2022.
1. Johnson & Johnson (NYSE:JNJ)
2023 Revenue: $85.15 billion
At a staggering $85.15 billion in total revenue in 2023, Johnson & Johnson, a worldwide corporation with headquarters in the United States and founded in 1886, is among the largest skincare manufacturers globally. Vivvi, Johnson Baby Products, Dabao, Le Petite Marseillais, Aveeno, Clean & Clear, OGX, Lubriderm, Neutrogena, Neutrogena Clear Coverage makeup, Neutrogena Stubborn Acne & Marks Treatments, and Sundown are some of the most popular items in its beauty portfolio. Johnson & Johnson is the largest beauty company in the world, according to our list.
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This article is originally published at Insider Monkey.
