Global Cosmeceuticals Market Size, Share & Demand Report By Product Type (Skincare, Haircare, Makeup, Body Care, Others), By Formulation Type (Creams & Lotions, Serums & Oils, Sprays & Gels, Powders & Masks), By End-Use Industry (Personal Care & Beauty, Dermatology Clinics, Wellness & Spas, Pharmaceutical Integration), By Distribution Channel (Online Retail, Specialty Stores, Supermarkets, Salons & Spas, Direct Sales), By Region & Segment Forecasts, 2025–2030

Report Code: RI1066PUB
Last Updated : October, 2025
Author : Anna Morgan

Table of Contents

  1. Executive Summary
    1. Introduction
  2. Market Introduction
    1. Market Definition
    2. Scope of the Study
    3. Market Structure
  3. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  4. Market Factor Analysis
    1. Value Chain Analysis: Cosmeceuticals Market
    2. Porters Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Dynamics
    1. Drivers
    2. Restraints
    3. Opportunities
  6. Recent Trends Analysis
  7. Impact of COVID-19 on Cosmeceuticals Market
    1. Pre and Post Covid -19 Market Scenario Analysis
    2. Market Recovery Timeline and Challenge
    3. Measures Taken by Top Players
  8. Regulatory Landscape
  9. Cosmeceuticals Market, By Product Type
    1. Introduction
      1. Market Size and Forecast, By Product Type
    2. Skincare Products (Anti-Aging Creams, Serums, Moisturizers, Sunscreens)
      1. Market Size and Forecast, By Region
    3. Haircare Products (Hair Growth Serums, Shampoos, Conditioners)
      1. Market Size and Forecast, By Region
    4. Makeup Products (Foundation, Lip Care, Concealers with Actives)
      1. Market Size and Forecast, By Region
    5. Body Care Products (Lotions, Oils, Anti-Cellulite Creams)
      1. Market Size and Forecast, By Region
    6. Others (Nail Care, Oral Care, Cosmeceuticals)
      1. Market Size and Forecast, By Region
  10. Cosmeceuticals Market, By Formulation Type
    1. Introduction
      1. Market Size and Forecast, By Formulation Type
    2. Creams & Lotions
      1. Market Size and Forecast, By Region
    3. Serums & Oils
      1. Market Size and Forecast, By Region
    4. Sprays & Gels
      1. Market Size and Forecast, By Region
    5. Powders & Masks
      1. Market Size and Forecast, By Region
    6. Others
      1. Market Size and Forecast, By Region
  11. Cosmeceuticals Market, By Distribution Channel
    1. Introduction
      1. Market Size and Forecast, By Distribution Channel
    2. Online Retail / E-commerce Platforms
      1. Market Size and Forecast, By Region
    3. Supermarkets / Hypermarkets
      1. Market Size and Forecast, By Region
    4. Specialty Stores / Pharmacies / Drugstores
      1. Market Size and Forecast, By Region
    5. Beauty Salons & Spas
      1. Market Size and Forecast, By Region
    6. Direct Sales
      1. Market Size and Forecast, By Region
  12. Cosmeceuticals Market, By End-Use Industry
    1. Introduction
      1. Market Size and Forecast, By End-Use Industry
    2. Personal Care & Beauty
      1. Market Size and Forecast, By Region
    3. Dermatology Clinics / Hospitals
      1. Market Size and Forecast, By Region
    4. Wellness & Spas
      1. Market Size and Forecast, By Region
    5. Pharmaceutical / Nutraceutical Integration
      1. Market Size and Forecast, By Region
  13. Regional Overview
    1. Introduction
      1. Market Size and Forecast
    2. North America
      1. Market Size and Forecast
        1. By Product Type
          1. Skincare Products (Anti-Aging Creams, Serums, Moisturizers, Sunscreens)
            1. Haircare Products (Hair Growth Serums, Shampoos, Conditioners)
              1. Makeup Products (Foundation, Lip Care, Concealers with Actives)
                1. Body Care Products (Lotions, Oils, Anti-Cellulite Creams)
                  1. Others (Nail Care, Oral Care, Cosmeceuticals)
                  2. By Formulation Type
                    1. Creams & Lotions
                      1. Serums & Oils
                        1. Sprays & Gels
                          1. Powders & Masks
                            1. Others
                            2. By Distribution Channel
                              1. Online Retail / E-commerce Platforms
                                1. Supermarkets / Hypermarkets
                                  1. Specialty Stores / Pharmacies / Drugstores
                                    1. Beauty Salons & Spas
                                      1. Direct Sales
                                      2. By End-Use Industry
                                        1. Personal Care & Beauty
                                          1. Dermatology Clinics / Hospitals
                                            1. Wellness & Spas
                                              1. Pharmaceutical / Nutraceutical Integration
                                            2. U.S.
                                              1. By Product Type
                                                1. Skincare Products (Anti-Aging Creams, Serums, Moisturizers, Sunscreens)
                                                  1. Haircare Products (Hair Growth Serums, Shampoos, Conditioners)
                                                    1. Makeup Products (Foundation, Lip Care, Concealers with Actives)
                                                      1. Body Care Products (Lotions, Oils, Anti-Cellulite Creams)
                                                        1. Others (Nail Care, Oral Care, Cosmeceuticals)
                                                        2. By Formulation Type
                                                          1. Creams & Lotions
                                                            1. Serums & Oils
                                                              1. Sprays & Gels
                                                                1. Powders & Masks
                                                                  1. Others
                                                                  2. By Distribution Channel
                                                                    1. Online Retail / E-commerce Platforms
                                                                      1. Supermarkets / Hypermarkets
                                                                        1. Specialty Stores / Pharmacies / Drugstores
                                                                          1. Beauty Salons & Spas
                                                                            1. Direct Sales
                                                                            2. By End-Use Industry
                                                                              1. Personal Care & Beauty
                                                                                1. Dermatology Clinics / Hospitals
                                                                                  1. Wellness & Spas
                                                                                    1. Pharmaceutical / Nutraceutical Integration
                                                                                  2. Canada
                                                                                2. Europe
                                                                                  1. Market Size and Forecast
                                                                                    1. By Product Type
                                                                                      1. Skincare Products (Anti-Aging Creams, Serums, Moisturizers, Sunscreens)
                                                                                        1. Haircare Products (Hair Growth Serums, Shampoos, Conditioners)
                                                                                          1. Makeup Products (Foundation, Lip Care, Concealers with Actives)
                                                                                            1. Body Care Products (Lotions, Oils, Anti-Cellulite Creams)
                                                                                              1. Others (Nail Care, Oral Care, Cosmeceuticals)
                                                                                              2. By Formulation Type
                                                                                                1. Creams & Lotions
                                                                                                  1. Serums & Oils
                                                                                                    1. Sprays & Gels
                                                                                                      1. Powders & Masks
                                                                                                        1. Others
                                                                                                        2. By Distribution Channel
                                                                                                          1. Online Retail / E-commerce Platforms
                                                                                                            1. Supermarkets / Hypermarkets
                                                                                                              1. Specialty Stores / Pharmacies / Drugstores
                                                                                                                1. Beauty Salons & Spas
                                                                                                                  1. Direct Sales
                                                                                                                  2. By End-Use Industry
                                                                                                                    1. Personal Care & Beauty
                                                                                                                      1. Dermatology Clinics / Hospitals
                                                                                                                        1. Wellness & Spas
                                                                                                                          1. Pharmaceutical / Nutraceutical Integration
                                                                                                                        2. U.K.
                                                                                                                          1. By Product Type
                                                                                                                            1. Skincare Products (Anti-Aging Creams, Serums, Moisturizers, Sunscreens)
                                                                                                                              1. Haircare Products (Hair Growth Serums, Shampoos, Conditioners)
                                                                                                                                1. Makeup Products (Foundation, Lip Care, Concealers with Actives)
                                                                                                                                  1. Body Care Products (Lotions, Oils, Anti-Cellulite Creams)
                                                                                                                                    1. Others (Nail Care, Oral Care, Cosmeceuticals)
                                                                                                                                    2. By Formulation Type
                                                                                                                                      1. Creams & Lotions
                                                                                                                                        1. Serums & Oils
                                                                                                                                          1. Sprays & Gels
                                                                                                                                            1. Powders & Masks
                                                                                                                                              1. Others
                                                                                                                                              2. By Distribution Channel
                                                                                                                                                1. Online Retail / E-commerce Platforms
                                                                                                                                                  1. Supermarkets / Hypermarkets
                                                                                                                                                    1. Specialty Stores / Pharmacies / Drugstores
                                                                                                                                                      1. Beauty Salons & Spas
                                                                                                                                                        1. Direct Sales
                                                                                                                                                        2. By End-Use Industry
                                                                                                                                                          1. Personal Care & Beauty
                                                                                                                                                            1. Dermatology Clinics / Hospitals
                                                                                                                                                              1. Wellness & Spas
                                                                                                                                                                1. Pharmaceutical / Nutraceutical Integration
                                                                                                                                                              2. Germany
                                                                                                                                                              3. France
                                                                                                                                                              4. Spain
                                                                                                                                                              5. Italy
                                                                                                                                                              6. Russia
                                                                                                                                                              7. Nordic
                                                                                                                                                              8. Benelux
                                                                                                                                                              9. Rest of Europe
                                                                                                                                                            2. APAC
                                                                                                                                                              1. Market Size and Forecast
                                                                                                                                                                1. By Product Type
                                                                                                                                                                  1. Skincare Products (Anti-Aging Creams, Serums, Moisturizers, Sunscreens)
                                                                                                                                                                    1. Haircare Products (Hair Growth Serums, Shampoos, Conditioners)
                                                                                                                                                                      1. Makeup Products (Foundation, Lip Care, Concealers with Actives)
                                                                                                                                                                        1. Body Care Products (Lotions, Oils, Anti-Cellulite Creams)
                                                                                                                                                                          1. Others (Nail Care, Oral Care, Cosmeceuticals)
                                                                                                                                                                          2. By Formulation Type
                                                                                                                                                                            1. Creams & Lotions
                                                                                                                                                                              1. Serums & Oils
                                                                                                                                                                                1. Sprays & Gels
                                                                                                                                                                                  1. Powders & Masks
                                                                                                                                                                                    1. Others
                                                                                                                                                                                    2. By Distribution Channel
                                                                                                                                                                                      1. Online Retail / E-commerce Platforms
                                                                                                                                                                                        1. Supermarkets / Hypermarkets
                                                                                                                                                                                          1. Specialty Stores / Pharmacies / Drugstores
                                                                                                                                                                                            1. Beauty Salons & Spas
                                                                                                                                                                                              1. Direct Sales
                                                                                                                                                                                              2. By End-Use Industry
                                                                                                                                                                                                1. Personal Care & Beauty
                                                                                                                                                                                                  1. Dermatology Clinics / Hospitals
                                                                                                                                                                                                    1. Wellness & Spas
                                                                                                                                                                                                      1. Pharmaceutical / Nutraceutical Integration
                                                                                                                                                                                                    2. China
                                                                                                                                                                                                      1. By Product Type
                                                                                                                                                                                                        1. Skincare Products (Anti-Aging Creams, Serums, Moisturizers, Sunscreens)
                                                                                                                                                                                                          1. Haircare Products (Hair Growth Serums, Shampoos, Conditioners)
                                                                                                                                                                                                            1. Makeup Products (Foundation, Lip Care, Concealers with Actives)
                                                                                                                                                                                                              1. Body Care Products (Lotions, Oils, Anti-Cellulite Creams)
                                                                                                                                                                                                                1. Others (Nail Care, Oral Care, Cosmeceuticals)
                                                                                                                                                                                                                2. By Formulation Type
                                                                                                                                                                                                                  1. Creams & Lotions
                                                                                                                                                                                                                    1. Serums & Oils
                                                                                                                                                                                                                      1. Sprays & Gels
                                                                                                                                                                                                                        1. Powders & Masks
                                                                                                                                                                                                                          1. Others
                                                                                                                                                                                                                          2. By Distribution Channel
                                                                                                                                                                                                                            1. Online Retail / E-commerce Platforms
                                                                                                                                                                                                                              1. Supermarkets / Hypermarkets
                                                                                                                                                                                                                                1. Specialty Stores / Pharmacies / Drugstores
                                                                                                                                                                                                                                  1. Beauty Salons & Spas
                                                                                                                                                                                                                                    1. Direct Sales
                                                                                                                                                                                                                                    2. By End-Use Industry
                                                                                                                                                                                                                                      1. Personal Care & Beauty
                                                                                                                                                                                                                                        1. Dermatology Clinics / Hospitals
                                                                                                                                                                                                                                          1. Wellness & Spas
                                                                                                                                                                                                                                            1. Pharmaceutical / Nutraceutical Integration
                                                                                                                                                                                                                                          2. Korea
                                                                                                                                                                                                                                          3. Japan
                                                                                                                                                                                                                                          4. India
                                                                                                                                                                                                                                          5. Australia
                                                                                                                                                                                                                                          6. Singapore
                                                                                                                                                                                                                                          7. Taiwan
                                                                                                                                                                                                                                          8. South East Asia
                                                                                                                                                                                                                                          9. Rest of Asia-Pacific
                                                                                                                                                                                                                                        2. Middle East and Africa
                                                                                                                                                                                                                                          1. Market Size and Forecast
                                                                                                                                                                                                                                            1. By Product Type
                                                                                                                                                                                                                                              1. Skincare Products (Anti-Aging Creams, Serums, Moisturizers, Sunscreens)
                                                                                                                                                                                                                                                1. Haircare Products (Hair Growth Serums, Shampoos, Conditioners)
                                                                                                                                                                                                                                                  1. Makeup Products (Foundation, Lip Care, Concealers with Actives)
                                                                                                                                                                                                                                                    1. Body Care Products (Lotions, Oils, Anti-Cellulite Creams)
                                                                                                                                                                                                                                                      1. Others (Nail Care, Oral Care, Cosmeceuticals)
                                                                                                                                                                                                                                                      2. By Formulation Type
                                                                                                                                                                                                                                                        1. Creams & Lotions
                                                                                                                                                                                                                                                          1. Serums & Oils
                                                                                                                                                                                                                                                            1. Sprays & Gels
                                                                                                                                                                                                                                                              1. Powders & Masks
                                                                                                                                                                                                                                                                1. Others
                                                                                                                                                                                                                                                                2. By Distribution Channel
                                                                                                                                                                                                                                                                  1. Online Retail / E-commerce Platforms
                                                                                                                                                                                                                                                                    1. Supermarkets / Hypermarkets
                                                                                                                                                                                                                                                                      1. Specialty Stores / Pharmacies / Drugstores
                                                                                                                                                                                                                                                                        1. Beauty Salons & Spas
                                                                                                                                                                                                                                                                          1. Direct Sales
                                                                                                                                                                                                                                                                          2. By End-Use Industry
                                                                                                                                                                                                                                                                            1. Personal Care & Beauty
                                                                                                                                                                                                                                                                              1. Dermatology Clinics / Hospitals
                                                                                                                                                                                                                                                                                1. Wellness & Spas
                                                                                                                                                                                                                                                                                  1. Pharmaceutical / Nutraceutical Integration
                                                                                                                                                                                                                                                                                2. UAE
                                                                                                                                                                                                                                                                                  1. By Product Type
                                                                                                                                                                                                                                                                                    1. Skincare Products (Anti-Aging Creams, Serums, Moisturizers, Sunscreens)
                                                                                                                                                                                                                                                                                      1. Haircare Products (Hair Growth Serums, Shampoos, Conditioners)
                                                                                                                                                                                                                                                                                        1. Makeup Products (Foundation, Lip Care, Concealers with Actives)
                                                                                                                                                                                                                                                                                          1. Body Care Products (Lotions, Oils, Anti-Cellulite Creams)
                                                                                                                                                                                                                                                                                            1. Others (Nail Care, Oral Care, Cosmeceuticals)
                                                                                                                                                                                                                                                                                            2. By Formulation Type
                                                                                                                                                                                                                                                                                              1. Creams & Lotions
                                                                                                                                                                                                                                                                                                1. Serums & Oils
                                                                                                                                                                                                                                                                                                  1. Sprays & Gels
                                                                                                                                                                                                                                                                                                    1. Powders & Masks
                                                                                                                                                                                                                                                                                                      1. Others
                                                                                                                                                                                                                                                                                                      2. By Distribution Channel
                                                                                                                                                                                                                                                                                                        1. Online Retail / E-commerce Platforms
                                                                                                                                                                                                                                                                                                          1. Supermarkets / Hypermarkets
                                                                                                                                                                                                                                                                                                            1. Specialty Stores / Pharmacies / Drugstores
                                                                                                                                                                                                                                                                                                              1. Beauty Salons & Spas
                                                                                                                                                                                                                                                                                                                1. Direct Sales
                                                                                                                                                                                                                                                                                                                2. By End-Use Industry
                                                                                                                                                                                                                                                                                                                  1. Personal Care & Beauty
                                                                                                                                                                                                                                                                                                                    1. Dermatology Clinics / Hospitals
                                                                                                                                                                                                                                                                                                                      1. Wellness & Spas
                                                                                                                                                                                                                                                                                                                        1. Pharmaceutical / Nutraceutical Integration
                                                                                                                                                                                                                                                                                                                      2. Turky
                                                                                                                                                                                                                                                                                                                      3. Saudi Arabia
                                                                                                                                                                                                                                                                                                                      4. South Africa
                                                                                                                                                                                                                                                                                                                      5. Egypt
                                                                                                                                                                                                                                                                                                                      6. Nigeria
                                                                                                                                                                                                                                                                                                                      7. Rest of MEA
                                                                                                                                                                                                                                                                                                                    2. LATAM
                                                                                                                                                                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                                                                                                                                                                        1. By Product Type
                                                                                                                                                                                                                                                                                                                          1. Skincare Products (Anti-Aging Creams, Serums, Moisturizers, Sunscreens)
                                                                                                                                                                                                                                                                                                                            1. Haircare Products (Hair Growth Serums, Shampoos, Conditioners)
                                                                                                                                                                                                                                                                                                                              1. Makeup Products (Foundation, Lip Care, Concealers with Actives)
                                                                                                                                                                                                                                                                                                                                1. Body Care Products (Lotions, Oils, Anti-Cellulite Creams)
                                                                                                                                                                                                                                                                                                                                  1. Others (Nail Care, Oral Care, Cosmeceuticals)
                                                                                                                                                                                                                                                                                                                                  2. By Formulation Type
                                                                                                                                                                                                                                                                                                                                    1. Creams & Lotions
                                                                                                                                                                                                                                                                                                                                      1. Serums & Oils
                                                                                                                                                                                                                                                                                                                                        1. Sprays & Gels
                                                                                                                                                                                                                                                                                                                                          1. Powders & Masks
                                                                                                                                                                                                                                                                                                                                            1. Others
                                                                                                                                                                                                                                                                                                                                            2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                              1. Online Retail / E-commerce Platforms
                                                                                                                                                                                                                                                                                                                                                1. Supermarkets / Hypermarkets
                                                                                                                                                                                                                                                                                                                                                  1. Specialty Stores / Pharmacies / Drugstores
                                                                                                                                                                                                                                                                                                                                                    1. Beauty Salons & Spas
                                                                                                                                                                                                                                                                                                                                                      1. Direct Sales
                                                                                                                                                                                                                                                                                                                                                      2. By End-Use Industry
                                                                                                                                                                                                                                                                                                                                                        1. Personal Care & Beauty
                                                                                                                                                                                                                                                                                                                                                          1. Dermatology Clinics / Hospitals
                                                                                                                                                                                                                                                                                                                                                            1. Wellness & Spas
                                                                                                                                                                                                                                                                                                                                                              1. Pharmaceutical / Nutraceutical Integration
                                                                                                                                                                                                                                                                                                                                                            2. Brazil
                                                                                                                                                                                                                                                                                                                                                              1. By Product Type
                                                                                                                                                                                                                                                                                                                                                                1. Skincare Products (Anti-Aging Creams, Serums, Moisturizers, Sunscreens)
                                                                                                                                                                                                                                                                                                                                                                  1. Haircare Products (Hair Growth Serums, Shampoos, Conditioners)
                                                                                                                                                                                                                                                                                                                                                                    1. Makeup Products (Foundation, Lip Care, Concealers with Actives)
                                                                                                                                                                                                                                                                                                                                                                      1. Body Care Products (Lotions, Oils, Anti-Cellulite Creams)
                                                                                                                                                                                                                                                                                                                                                                        1. Others (Nail Care, Oral Care, Cosmeceuticals)
                                                                                                                                                                                                                                                                                                                                                                        2. By Formulation Type
                                                                                                                                                                                                                                                                                                                                                                          1. Creams & Lotions
                                                                                                                                                                                                                                                                                                                                                                            1. Serums & Oils
                                                                                                                                                                                                                                                                                                                                                                              1. Sprays & Gels
                                                                                                                                                                                                                                                                                                                                                                                1. Powders & Masks
                                                                                                                                                                                                                                                                                                                                                                                  1. Others
                                                                                                                                                                                                                                                                                                                                                                                  2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                                                                    1. Online Retail / E-commerce Platforms
                                                                                                                                                                                                                                                                                                                                                                                      1. Supermarkets / Hypermarkets
                                                                                                                                                                                                                                                                                                                                                                                        1. Specialty Stores / Pharmacies / Drugstores
                                                                                                                                                                                                                                                                                                                                                                                          1. Beauty Salons & Spas
                                                                                                                                                                                                                                                                                                                                                                                            1. Direct Sales
                                                                                                                                                                                                                                                                                                                                                                                            2. By End-Use Industry
                                                                                                                                                                                                                                                                                                                                                                                              1. Personal Care & Beauty
                                                                                                                                                                                                                                                                                                                                                                                                1. Dermatology Clinics / Hospitals
                                                                                                                                                                                                                                                                                                                                                                                                  1. Wellness & Spas
                                                                                                                                                                                                                                                                                                                                                                                                    1. Pharmaceutical / Nutraceutical Integration
                                                                                                                                                                                                                                                                                                                                                                                                  2. Mexico
                                                                                                                                                                                                                                                                                                                                                                                                  3. Argentina
                                                                                                                                                                                                                                                                                                                                                                                                  4. Chile
                                                                                                                                                                                                                                                                                                                                                                                                  5. Colombia
                                                                                                                                                                                                                                                                                                                                                                                                  6. Rest of LATAM
                                                                                                                                                                                                                                                                                                                                                                                              2. Competitive Landscape, 2024
                                                                                                                                                                                                                                                                                                                                                                                                1. Introduction
                                                                                                                                                                                                                                                                                                                                                                                                2. Cosmeceuticals Market Share Analysis, 2024 (%)
                                                                                                                                                                                                                                                                                                                                                                                                  1. Market Share Analysis, 2024
                                                                                                                                                                                                                                                                                                                                                                                                  2. Competition Ranking, 2024
                                                                                                                                                                                                                                                                                                                                                                                                  3. Key Developments & Growth Strategies
                                                                                                                                                                                                                                                                                                                                                                                                    1. Merger & Acquisition
                                                                                                                                                                                                                                                                                                                                                                                                    2. Product Launch
                                                                                                                                                                                                                                                                                                                                                                                                    3. Expansion
                                                                                                                                                                                                                                                                                                                                                                                                  4. Consolidated SWOT Analysis of Key Players
                                                                                                                                                                                                                                                                                                                                                                                              3. Company Profile
                                                                                                                                                                                                                                                                                                                                                                                                1. L’Oréal
                                                                                                                                                                                                                                                                                                                                                                                                  1. Business Overview
                                                                                                                                                                                                                                                                                                                                                                                                  2. Financial Data
                                                                                                                                                                                                                                                                                                                                                                                                  3. Key Product domains
                                                                                                                                                                                                                                                                                                                                                                                                  4. Recent Developments
                                                                                                                                                                                                                                                                                                                                                                                                2. Estée Lauder
                                                                                                                                                                                                                                                                                                                                                                                                3. Shiseido
                                                                                                                                                                                                                                                                                                                                                                                                4. Procter & Gamble
                                                                                                                                                                                                                                                                                                                                                                                                5. Unilever
                                                                                                                                                                                                                                                                                                                                                                                                6. Beiersdorf
                                                                                                                                                                                                                                                                                                                                                                                                7. Johnson & Johnson
                                                                                                                                                                                                                                                                                                                                                                                                8. Amorepacific
                                                                                                                                                                                                                                                                                                                                                                                                9. Kao Corporation
                                                                                                                                                                                                                                                                                                                                                                                                10. GlaxoSmithKline