Technovation 25 (2005) 1263–1272
Exploratory analysis of global cosmetic industry:
major players, technology and market trends
College of Business, University of St Thomas, Mail # TMH 343, 1000 LaSalle Avenue, Minneapolis, MN 55403-2005, USA
Humans for time immemorial have used cosmetics, an industry dominated by a few major players. The study reviews main characteristics
of this industry and also the key players in the world marketplace. Comparative ﬁnancial and SWOT analyses provide an enhanced
understanding of the industry. In addition to technology and innovations, current conditions and trends in the cosmetic industry are explored.
The study also analyzes in depth the impacts of globalization on this industry.
q 2004 Elsevier Ltd. All rights reserved.
Keywords: Cosmetic industry; Toiletry industry; Cosmetic industry analysis; SWOT analysis; Cosmeceuticals; Globalization
Why study Perfume, Cosmetic and Toiletry industry?
The answer is straightforward (Perfumes, Cosmetics,
and Other Toilet Preparations, 2003). It is a signiﬁcantly
vital industry not necessarily in terms of its contribution to
global GDP but by its striking inﬂuence on the colorful
social lives of humans globally. The use of cosmetics,
fragrances, and personal care products can be traced back to
ancient times as early as Egyptian, Greek, and Roman eras.
Here are some examples from history. Neanderthal man
painted his face with reds, browns, and yellows derived
from clay, mud, and arsenic. Bones were used to curl hair.
Makeup, tattoos, and adornments conveyed necessary social
information. Galen, an ancient Greek physician, invented
cold cream. The Romans used oil-based perfumes on their
bodies, in their baths and fountains, and applied them to
their weapons. Crusaders of the 13th century brought
fragrances back to Europe from the Far East. The perfumes
developed during the 16th century...