Facial Cleanser Market: Global Industry Analysis and Forecast (2024-2030)

  • The Facial Cleanser Market size was valued at USD 18.11 Bn. in 2023 and the total Global Facial Cleanser revenue is expected to grow at a CAGR of 6% from 2024 to 2030, reaching nearly USD 27.23 Bn. by 2030.

  • Format : PDF | Report ID : SMR_1823

Facial Cleanser Market Overview

The facial cleanser market is a dynamic sector within the skincare industry, characterized by various product types, target skin types, and distribution channels. The report aims to provide a comprehensive analysis of the market, highlighting key trends, drivers, challenges, Profitability, and opportunities. The market dynamics section examines the drivers of market growth, including consumer trends, technological advancements, and regulatory factors. It also explores challenges hindering market growth, such as competition, environmental concerns, and evolving consumer preferences. Also, opportunities for market growth are identified, including emerging markets, product innovation, and strategic partnerships.

 

There's a growing preference for facial cleansers formulated with natural and organic ingredients thanks to their perceived safety and efficacy, aligning with consumer preferences for clean and sustainable skincare products. Ongoing innovations in skincare technology have led to the development of advanced formulations with targeted benefits, such as anti-aging properties, acne-fighting capabilities, and hydration, driving consumer interest and adoption. Social media platforms and celebrity endorsements play a significant role in shaping consumer preferences and purchasing decisions, amplifying the visibility and desirability of facial cleanser brands through influencer marketing and celebrity endorsements.

 

There's immense potential in developing personalized cleansers tailored to individual skin types and concerns, meeting the rising demand for customized skincare solutions. Collaborating with dermatologists and skincare professionals offers avenues for credibility and product endorsement, enhancing brand reputation and consumer trust. Investing in eco-friendly practices and packaging addresses consumer preferences for sustainable products, fostering brand loyalty and meeting regulatory requirements.

 

Key highlights Covered in the SMR Report:

  • Sales of beauty products free from parabens are experiencing an XX% faster growth rate compared to the overall market.
  • Skincare dominates a market share of 45% within the beauty industry.
  • Beauty companies allocated an estimated sum of $XX billion toward advertising expenditures in 2022.
  • Cosmetic retailers disclosed online sales totaling $XX.XX billion.

 

 

Facial Cleanser Market

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Facial Cleanser Market Dynamics

Increased awareness of skincare routines and the importance of maintaining healthy skin

The facial cleanser market has risen because of heightened consumer focus on skincare regimens and skin health. The trend is driven by widespread access to skincare information through the internet and social media, empowering consumers with knowledge about the significance of cleansing in maintaining healthy skin. Also, there's a growing focus on preventive skin care, as individuals seek to ward off issues like acne and wrinkles by understanding the role of thorough cleansing in removing pore-clogging impurities. The combination of increased awareness and a preventative approach has driven significant growth in the facial cleanser market.

 

The surge in demand reflects consumers' heightened interest in facial cleansers, indicating a greater investment in skincare rituals. Responding to this trend, brands are innovating their product lines, introducing cleansers tailored to specific skin types and concerns. The strategic response aligns with consumers' increasing awareness, as they seek out products that address their unique skincare needs. The focus on product innovation underscores a dynamic market landscape, where brands make every effort to meet evolving consumer preferences and expectations.

 

Sustainability concerns

Consumers are increasingly concerned about the environmental impact of the beauty industry. It includes concerns about packaging waste and the use of harsh chemicals. Manufacturers need to develop sustainable practices and eco-friendly products to remain competitive.  Sustainability has emerged as a significant concern in the beauty and personal care (BPC) industry, prompting consumers to prioritize eco-friendly options in their product choices. According to Stellar Research, the beauty industry produced a staggering 97.9 billion units of plastic packaging alone. The extensive use of packaging materials, including plastic, foil packets, cardboard boxes, and shrink-wrap, contributes to a substantial environmental footprint, with a significant portion ending up in landfills rather than being recycled.

 

Sustainability is the fourth-highest criterion for purchasing beauty products among U.S. consumers. Also, 58% of respondents expressed willingness to pay more for sustainable versions of their regular personal care products, with a similar proportion (56%) willing to do the same for beauty products. On average, consumers are willing to pay approximately 35%-40% more for sustainable options. The majority of U.S. consumers indicate that they have switched BPC brands due to sustainability, environmental, and ethical concerns.

 

Sustainability initiatives enhance brand reputation and loyalty, as consumers align themselves with companies that demonstrate a commitment to environmental responsibility. By incorporating sustainability into their business models, facial cleanser manufacturers not only meet consumer expectations but also differentiate themselves in a competitive market landscape. Therefore, addressing sustainability concerns is vital for the continued growth and success of the facial cleanser market, as it aligns with evolving consumer preferences and values.

Facial Cleanser Market1

Facial Cleanser Market Segment Analysis

By Product Type, the Foaming Facial Cleanser segment holds the largest market share in the Global Facial Cleanser Market. According to SMR analysis, the segment is further expected to grow at a CAGR of XX% during the forecast period. The effectiveness of foaming cleansers in removing dirt and oil, coupled with the refreshing sensation they impart on the skin. Therefore, foaming cleansers attract consumers with oily or combination skin types seeking thorough cleansing and a refreshing experience. However, it's essential to acknowledge the drawbacks associated with some foaming cleansers, particularly their potential harshness and stripping effects on dry or sensitive skin.

 

The consideration underscores the importance of product formulation and providing to diverse skin needs within the facial cleanser market. The revenue generated from the foaming facial cleanser segment is expected to continue its upward trajectory. With the skincare industry's overall growth and the enduring popularity of foaming cleansers among specific consumer demographics, the segment is poised to contribute significantly to the facial cleanser market's revenue. As consumer preferences evolve and demand for specialized skincare solutions persists, innovative formulations addressing concerns like gentleness and hydration are expected to drive further growth and revenue within the foaming cleanser segment.

Facial Cleanser Market2

Facial Cleanser Market Regional Analysis

In North America, The facial cleanser market holds a significant position, driven by factors such as robust disposable incomes and a burgeoning demand for premium skincare. With consumers increasingly seeking high-performance cleansers enriched with natural ingredients, the market landscape is evolving. The rise in e-commerce platforms further fuels accessibility, enabling consumers to explore and procure a diverse array of facial cleanser brands. There's a growing focus on micro biome-friendly cleansers that preserve the skin's natural balance, promoting overall skin health. Additionally, the market landscape is evolving with the emergence of indie beauty brands, which introduce innovative and often natural facial cleansers. These brands resonate particularly well with younger demographics, contributing to the diversification and competitiveness of the market.

 

The Facial Cleaner market exhibits distinct segments, with premium skincare constituting 30% of the overall market in the U.S. Within the premium segment, categories such as prestige and masstige dominate attention because of factors like pricing, accessibility, customer service, and marketing strategies. Significantly, premium skincare has demonstrated robust growth, averaging a 5.5% annual increase, in contrast to a slight decline of -0.5% in the mass market segment. For the growth of the facial cleanser market in North America, these factors have notable implications.

 

As premium skincare gains traction, consumers increasingly prioritize quality and efficacy, seeking facial cleansers that offer advanced formulations and scientific validation. Therefore, manufacturers and brands in the region align their offerings with evolving consumer preferences, focusing on product innovation and marketing strategies that highlight key active ingredients and clinical benefits.

 

Facial Cleanser Market Competitive Landscape

Established giants like L'Oreal, Neutrogena, and Estee Lauder vie for dominance alongside dermatologist-recommended brands such as Cetaphil and La Roche-Posay. Additionally, natural and organic players like The Body Shop and Burt's Bees compete with Korean beauty brands like COSRX and Laneige, as well as indie favorites like Glossier and The Ordinary. Brands engage in fierce rivalry, leveraging factors like pricing, product quality, branding, and marketing strategies to gain market traction. Furthermore, new product launches serve as pivotal opportunities for brands to capture market share and differentiate themselves from competitors.

 

  1. In November 2023, Natura & Co. announced the sale of The Body Shop to international private equity group Aurelius, as part of its strategy to streamline operations. The move signifies a strategic shift for Natura & Co., allowing The Body Shop to benefit from Aurelius' expertise in fostering company growth and continuing its transformation journey.
  2. In the same month, Shiseido Co., Ltd. claimed the top spot in the "Corporate Ranking" at the Forbes JAPAN WOMEN AWARD 2023, a prestigious accolade in Japan celebrating women's achievements. The recognition underscores Shiseido's commitment to gender equality and empowerment, enhancing its global reputation.
  3. Kao Corporation joined the Japanese Cosmetics & Personal Care Products Industry Buyer Members Sedex working team in November 2023 to address labor conditions within the supply chain. The collaboration demonstrates Kao's ongoing dedication to improving human rights practices across its supply chain, aligning with industry efforts to uphold ethical standards.

Facial Cleanser Market Scope

Market Size in 2023

USD 18.11 Bn.

Market Size in 2030

USD 27.23 Bn.

CAGR (2024-2030)

6%

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

 

By Product Type

Foaming Facial Cleanser

Gel Facial Cleanser

Cream & Lotion Facial Cleanser

Oil Facial Cleanser

No Foam Cleanser

Micellar Water

Bar Facial Cleanser

Solvent Facial Cleanser

Collagen Type Cleanser

Cleansing Cotton Pads

Others

By Packaging Type

Bottles and Jars

Tubes

Dispenser

Pouches

Blisters and Strip Packs

Others

By Skin Type

Combination Skin

Oily Skin

Neutral Skin

Dry Skin

Sensitive Skin

Mixed Skin

Others

By End Use

Household/Retail

Parlor

Modelling and Fashion Agencies

Movies and Entertainment

Media Houses

Others

By Application

Moisturizing

Skin Whitening

Oiliness

Anti-Aging

Blackheads

Dark Spots

Repair

Dryness

Others

Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

Key Player in the Facial Cleanser Market

  1. L'Oréal (France)
  2. Unilever (UK)
  3. Procter & Gamble (US)
  4. Johnson & Johnson (US)
  5. Beiersdorf AG (Germany)
  6. Estée Lauder Inc. (US)
  7. Shiseido Co., Ltd (Japan)
  8. Kao Corporation (Japan)
  9. LVMH (France)
  10. AVON COSMETICS (UK)
  11. Sunday Riley 
  12. Mario Badescu 
  13. The Honest Company, Inc.
  14. e.l.f. Beauty, Inc. (NYSE:ELF)
  15. Revlon 
  16. Mary Kay Inc.  
  17. Coty Inc. 
  18. Bath & Body Works, Inc.
  19. LVMH Moët Hennessy Louis Vuitton.
  20. Unilever 
  21. Kao Brands
  22. The Estée Lauder Companies Inc.
  23. maxingvest AG (Beiersdorf AG)
  24. XXX


Frequently Asked Questions

Facial cleansers come in various forms, including gel cleansers, foam cleansers, cream cleansers, oil cleansers, and micellar water. Each type caters to different skin types and concerns.

1.    Facial Cleanser Market: Research Methodology 
2.    Facial Cleanser Market: Executive Summary
3.    Facial Cleanser Market: Competitive Landscape
4.    Potential Areas for Investment

4.1. Stellar Competition Matrix
4.2. Competitive Landscape
4.3. Key Players Benchmarking
4.4. Market Structure
4.4.1.    Market Leaders 
4.4.2.    Market Followers
4.4.3.    Emerging Players

4.5. Consolidation of the Market
5.    Facial Cleanser Market: Dynamics
5.1. Market Driver 
5.1.1.    Increasing Consumer Awareness
5.1.2.    Innovation in Product Offerings

5.2. Market Trends by Region
5.2.1.    North America
5.2.2.    Europe
5.2.3.    Asia Pacific
5.2.4.    Middle East and Africa
5.2.5.    South America

5.3. Market Drivers by Region
5.3.1.    North America
5.3.2.    Europe
5.3.3.    Asia Pacific
5.3.4.    Middle East and Africa
5.3.5.    South America

5.4. Market Restraints
5.5. Market Opportunities
5.6. Market Challenges
5.7. PORTER’s Five Forces Analysis
5.8. PESTLE Analysis
5.9. Strategies for New Entrants to Penetrate the Market
5.10. Regulatory Landscape by Region
5.10.1.    North America
5.10.2.    Europe
5.10.3.    Asia Pacific
5.10.4.    Middle East and Africa
5.10.5.    South America

6.    Facial Cleanser Market Size and Forecast by Segments (by Value Units)
6.1. Facial Cleanser Market Size and Forecast, by Product Type(2023-2030)
6.1.1.    Foaming Facial Cleanser
6.1.2.    Gel Facial Cleanser
6.1.3.    Cream & Lotion Facial Cleanser
6.1.4.    Oil Facial Cleanser
6.1.5.    No Foam Cleanser
6.1.6.    Micellar Water
6.1.7.    Bar Facial Cleanser
6.1.8.    Solvent Facial Cleanser
6.1.9.    Collagen Type Cleanser
6.1.10.    Cleansing Cotton Pads
6.1.11.    Others

6.2. Facial Cleanser Market Size and Forecast, by Packaging Type (2023-2030)
6.2.1.    Bottles and Jars
6.2.2.    Tubes
6.2.3.    Dispenser
6.2.4.    Pouches
6.2.5.    Blisters and Strip Packs
6.2.6.    Others 

6.3. Facial Cleanser Market Size and Forecast, by Skin Type (2023-2030)
6.3.1.    Combination Skin
6.3.2.    Oily Skin
6.3.3.    Neutral Skin
6.3.4.    Dry Skin
6.3.5.    Sensitive Skin
6.3.6.    Mixed Skin
6.3.7.    Others 

6.4. Facial Cleanser Market Size and Forecast, by End Use (2023-2030)
6.4.1.    Household/Retail
6.4.2.    Parlor
6.4.3.    Modelling and Fashion Agencies
6.4.4.    Movies and Entertainment
6.4.5.    Media Houses
6.4.6.    Others 

6.5. Facial Cleanser Market Size and Forecast, by Application (2023-2030)
6.5.1.    Moisturizing
6.5.2.    Skin Whitening
6.5.3.    Oiliness
6.5.4.    Anti-Aging
6.5.5.    Blackheads
6.5.6.    Dark Spots
6.5.7.    Repair
6.5.8.    Dryness
6.5.9.    Others 

6.6. Facial Cleanser Market Size and Forecast, by region (2023-2030)
6.6.1.    North America
6.6.2.    Europe
6.6.3.    Asia Pacific
6.6.4.    Middle East and Africa
6.6.5.    South America

7.    North America Facial Cleanser Market Size and Forecast (by Value Units)
7.1. North America Facial Cleanser Market Size and Forecast, by Product Type(2023-2030)
7.1.1.    Foaming Facial Cleanser
7.1.2.    Gel Facial Cleanser
7.1.3.    Cream & Lotion Facial Cleanser
7.1.4.    Oil Facial Cleanser
7.1.5.    No Foam Cleanser
7.1.6.    Micellar Water
7.1.7.    Bar Facial Cleanser
7.1.8.    Solvent Facial Cleanser
7.1.9.    Collagen Type Cleanser
7.1.10.    Cleansing Cotton Pads
7.1.11.    Others

7.2. North America Facial Cleanser Market Size and Forecast, by Packaging Type (2023-2030)
7.2.1.    Bottles and Jars
7.2.2.    Tubes
7.2.3.    Dispenser
7.2.4.    Pouches
7.2.5.    Blisters and Strip Packs
7.2.6.    Others 

7.3. North America Facial Cleanser Market Size and Forecast, by Skin Type (2023-2030)
7.3.1.    Combination Skin
7.3.2.    Oily Skin
7.3.3.    Neutral Skin
7.3.4.    Dry Skin
7.3.5.    Sensitive Skin
7.3.6.    Mixed Skin
7.3.7.    Others 

7.4. North America Facial Cleanser Market Size and Forecast, by End Use (2023-2030)
7.4.1.    Household/Retail
7.4.2.    Parlor
7.4.3.    Modelling and Fashion Agencies
7.4.4.    Movies and Entertainment
7.4.5.    Media Houses
7.4.6.    Others 

7.5. North America Facial Cleanser Market Size and Forecast, by Application (2023-2030)
7.5.1.    Moisturizing
7.5.2.    Skin Whitening
7.5.3.    Oiliness
7.5.4.    Anti-Aging
7.5.5.    Blackheads
7.5.6.    Dark Spots
7.5.7.    Repair
7.5.8.    Dryness
7.5.9.    Others 

7.6. North America Facial Cleanser Market Size and Forecast, by Country (2023-2030)
7.6.1.    UK
7.6.2.    France
7.6.3.    Germany
7.6.4.    Italy
7.6.5.    Spain
7.6.6.    Sweden
7.6.7.    Austria
7.6.8.    Rest of Europe

8.    Asia Pacific Facial Cleanser Market Size and Forecast (by Value Units)
8.1. Asia Pacific Facial Cleanser Market Size and Forecast, by Product Type(2023-2030)
8.1.1.    Foaming Facial Cleanser
8.1.2.    Gel Facial Cleanser
8.1.3.    Cream & Lotion Facial Cleanser
8.1.4.    Oil Facial Cleanser
8.1.5.    No Foam Cleanser
8.1.6.    Micellar Water
8.1.7.    Bar Facial Cleanser
8.1.8.    Solvent Facial Cleanser
8.1.9.    Collagen Type Cleanser
8.1.10.    Cleansing Cotton Pads
8.1.11.    Others

8.2. Asia Pacific Facial Cleanser Market Size and Forecast, by Packaging Type (2023-2030)
8.2.1.    Bottles and Jars
8.2.2.    Tubes
8.2.3.    Dispenser
8.2.4.    Pouches
8.2.5.    Blisters and Strip Packs
8.2.6.    Others 

8.3. Asia Pacific Facial Cleanser Market Size and Forecast, by Skin Type (2023-2030)
8.3.1.    Combination Skin
8.3.2.    Oily Skin
8.3.3.    Neutral Skin
8.3.4.    Dry Skin
8.3.5.    Sensitive Skin
8.3.6.    Mixed Skin
8.3.7.    Others 

8.4. Asia Pacific Facial Cleanser Market Size and Forecast, by End Use (2023-2030)
8.4.1.    Household/Retail
8.4.2.    Parlor
8.4.3.    Modelling and Fashion Agencies
8.4.4.    Movies and Entertainment
8.4.5.    Media Houses
8.4.6.    Others
 
8.5. Asia Pacific Facial Cleanser Market Size and Forecast, by Application (2023-2030)
8.5.1.    Moisturizing
8.5.2.    Skin Whitening
8.5.3.    Oiliness
8.5.4.    Anti-Aging
8.5.5.    Blackheads
8.5.6.    Dark Spots
8.5.7.    Repair
8.5.8.    Dryness
8.5.9.    Others 

8.6. Asia Pacific Facial Cleanser Market Size and Forecast, by Country (2023-2030)
8.6.1.    China
8.6.2.    S Korea
8.6.3.    Japan
8.6.4.    India
8.6.5.    Australia
8.6.6.    Indonesia 
8.6.7.    Malaysia
8.6.8.    Vietnam
8.6.9.    Taiwan
8.6.10.    Bangladesh 
8.6.11.    Pakistan
8.6.12.    Rest of Asia Pacific

9.    Middle East and Africa Facial Cleanser Market Size and Forecast (by Value Units)
9.1. Middle East and Africa Facial Cleanser Market Size and Forecast, by Product Type(2023-2030)
9.1.1.    Foaming Facial Cleanser
9.1.2.    Gel Facial Cleanser
9.1.3.    Cream & Lotion Facial Cleanser
9.1.4.    Oil Facial Cleanser
9.1.5.    No Foam Cleanser
9.1.6.    Micellar Water
9.1.7.    Bar Facial Cleanser
9.1.8.    Solvent Facial Cleanser
9.1.9.    Collagen Type Cleanser
9.1.10.    Cleansing Cotton Pads
9.1.11.    Others

9.2. Middle East and Africa Facial Cleanser Market Size and Forecast, by Packaging Type (2023-2030)
9.2.1.    Bottles and Jars
9.2.2.    Tubes
9.2.3.    Dispenser
9.2.4.    Pouches
9.2.5.    Blisters and Strip Packs
9.2.6.    Others 

9.3. Middle East and Africa Facial Cleanser Market Size and Forecast, by Skin Type (2023-2030)
9.3.1.    Combination Skin
9.3.2.    Oily Skin
9.3.3.    Neutral Skin
9.3.4.    Dry Skin
9.3.5.    Sensitive Skin
9.3.6.    Mixed Skin
9.3.7.    Others 

9.4. Middle East and Africa Facial Cleanser Market Size and Forecast, by End Use (2023-2030)
9.4.1.    Household/Retail
9.4.2.    Parlor
9.4.3.    Modelling and Fashion Agencies
9.4.4.    Movies and Entertainment
9.4.5.    Media Houses
9.4.6.    Others 

9.5. Middle East and Africa Facial Cleanser Market Size and Forecast, by Application (2023-2030)
9.5.1.    Moisturizing
9.5.2.    Skin Whitening
9.5.3.    Oiliness
9.5.4.    Anti-Aging
9.5.5.    Blackheads
9.5.6.    Dark Spots
9.5.7.    Repair
9.5.8.    Dryness
9.5.9.    Others 

9.6. Middle East and Africa Facial Cleanser Market Size and Forecast, by Country (2023-2030)
9.6.1.    South Africa
9.6.2.    GCC
9.6.3.    Egypt
9.6.4.    Nigeria
9.6.5.    Rest of ME&A

10.    South America Facial Cleanser Market Size and Forecast (by Value Units)
10.1. South America Facial Cleanser Market Size and Forecast, by Product Type(2023-2030)
10.1.1.    Foaming Facial Cleanser
10.1.2.    Gel Facial Cleanser
10.1.3.    Cream & Lotion Facial Cleanser
10.1.4.    Oil Facial Cleanser
10.1.5.    No Foam Cleanser
10.1.6.    Micellar Water
10.1.7.    Bar Facial Cleanser
10.1.8.    Solvent Facial Cleanser
10.1.9.    Collagen Type Cleanser
10.1.10.    Cleansing Cotton Pads
10.1.11.    Others

10.2. South America Facial Cleanser Market Size and Forecast, by Packaging Type (2023-2030)
10.2.1.    Bottles and Jars
10.2.2.    Tubes
10.2.3.    Dispenser
10.2.4.    Pouches
10.2.5.    Blisters and Strip Packs
10.2.6.    Others 

10.3. South America Facial Cleanser Market Size and Forecast, by Skin Type (2023-2030)
10.3.1.    Combination Skin
10.3.2.    Oily Skin
10.3.3.    Neutral Skin
10.3.4.    Dry Skin
10.3.5.    Sensitive Skin
10.3.6.    Mixed Skin
10.3.7.    Others 

10.4. South America Facial Cleanser Market Size and Forecast, by End Use (2023-2030)
10.4.1.    Household/Retail
10.4.2.    Parlor
10.4.3.    Modelling and Fashion Agencies
10.4.4.    Movies and Entertainment
10.4.5.    Media Houses
10.4.6.    Others 

10.5. South America Facial Cleanser Market Size and Forecast, by Application (2023-2030)
10.5.1.    Moisturizing
10.5.2.    Skin Whitening
10.5.3.    Oiliness
10.5.4.    Anti-Aging
10.5.5.    Blackheads
10.5.6.    Dark Spots
10.5.7.    Repair
10.5.8.    Dryness
10.5.9.    Others 

10.6. South America Facial Cleanser Market Size and Forecast, by Country (2023-2030)
10.6.1.    Brazil
10.6.2.    Argentina
10.6.3.    Rest of South America

11.    Company Profile: Key players
11.1. L'Oréal (France) 
11.1.1.    Company Overview
11.1.2.    Financial Overview
11.1.3.    Business Portfolio
11.1.4.    SWOT Analysis
11.1.5.    Business Strategy 
11.1.6.    Recent Developments

11.2. Unilever (UK) 
11.3. Procter & Gamble (US) 
11.4. Johnson & Johnson (US) 
11.5. Beiersdorf AG (Germany) 
11.6. Estée Lauder Inc. (US) 
11.7. Shiseido Co., Ltd (Japan) 
11.8. Kao Corporation (Japan) 
11.9. LVMH (France) 
11.10. AVON COSMETICS (UK)
11.11. Sunday Riley 
11.12. Mario Badescu 
11.13. The Honest Company, Inc.
11.14. e.l.f. Beauty, Inc. (NYSE:ELF)
11.15. Revlon 
11.16. Mary Kay Inc.  
11.17. Coty Inc. 
11.18. Bath & Body Works, Inc.
11.19. LVMH Moët Hennessy Louis Vuitton.
11.20. Unilever 
11.21. Kao Brands
11.22. The Estée Lauder Companies Inc.
11.23. maxingvest AG (Beiersdorf AG)
11.24. XXX
12.    Key Findings
13.    Industry Recommendation

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