In this piece, we will take a look at the five countries that produce the best cosmetics in the world. For more countries, head on over to 12 Countries That Produce the Best Cosmetics in the World.
5. United States of America
Cosmetics Exports in 2021: $5.49 billion
The United States of America is the world’s largest economy in nominal terms and one that also has the largest cosmetics industry. The U.S. cosmetics market was worth $92 billion in 2020 and it will grow at a CAGR of 8.64% until 2026 to sit at $155 billion by the end of the forecast period. The U.S.’s largest personal care company, The Procter & Gamble Company (NYSE:PG), opened a new beauty division in March 2022 to further expand its personal care lineup. Other American cosmetics behemoths are The Estée Lauder Companies Inc. (NYSE:EL) (an $85.9 billion market capitalization making it the world’s second largest cosmetics company) and Kimberly-Clark Corporation (NYSE:KMB) with a $45.66 billion market cap. The U.S.’s cosmetic exports in 2021 were worth $31,094 per ton, making them the third most valuable on our list.
4. Japan
Cosmetics Exports in 2021: $6.2 billion
Japan is an Asian island nation that is one of the most prosperous nations in the world, alongside having a vibrant cosmetics industry that was worth $41.9 billion this year and is slated to grow at a CAGR of 5.4% until 2026. The Japanese industry is home to various innovations, such as a personalized skin color test which provides the right color palette based on skin tone. Japan’s largest pure play cosmetics company is Shiseido Company, Limited (TYO:4911.T) which is worth a massive 2.48 trillion Japanese Yen. Other top firms are DHC Corporation and Mandom Corporation (TYO:4917.T).
3. Republic of Singapore
Cosmetics Exports in 2021: $6.6 billion
The Republic of Singapore is an Asian island nation with the second highest GDP per capita in the world which sits at a whopping $131,580. Due to the country’s small size, its cosmetics industry is worth only $1.1 billion and is expected to grow by 1.51% until 2027. However, Singapore is a strong cosmetics exporter, with its exports standing at $6.6 billion in 2021. The country’s largest publicly traded cosmetics company is Best World International Limited (SGX:CGN.SI) which is worth $775 million Singaporean dollars (SGD) on the stock market.
2. Republic of Korea (ROK)
Cosmetics Exports in 2021: $7.6 billion
The Republic of Korea (ROK), commonly known as South Korea, is an Asian country with an advanced economy. It is also one of the largest cosmetics markets in the world, which was worth $12.6 billion in 2020 and is expected to grow at a 5.22% CAGR by 2027. A ton of South Korea’s $7.6 billion cosmetics exports in 2021 was worth $30,157, the third most valuable on our list. Its largest cosmetics company is LG H&H Co., Ltd. (KRX:051900.KS) with an 11.36 trillion Korean Won market cap. Other large players are Amorepacific Corporation (KRX:090430.KS) and Cosmax, Inc. (KRX:192820.KS).
1. French Republic
Cosmetics Exports in 2021: $10.7 billion
The French Republic is a European nation with a developed economy and a great power status. Its cosmetics industry is also one of the largest in Europe and was worth $15 billion this year and is slated to grow at a CAGR of 1.79% by 2027. France is home to the world’s largest cosmetics brand L’Oréal S.A. (EPA:OR.PA), which is worth a massive EUR184 billion on the stock market. Other French cosmetics firms are Interparfums SA (EPA:ITP.PA) and Société BIC SA (EPA:BB.PA). One ton of French cosmetics exports was worth $31,417 in 2021 – the second highest on our list.
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