The most widely sold cosmetics on the market are in the hands of the top three companies, which represent a $4.6 trillion market share, according to a report released Wednesday.
The annual survey by the Beauty Industry Association and the Retail Alliance for Women & Girls found that the three top companies account for about a third of the market share.
This year, beauty brands including Urban Decay, MAC, and Make Up For Ever all surpassed the $1 billion mark.
The top three brands also control the top five cosmetic marketplaces.
The three top brands accounted for about one-fifth of the beauty industry’s total $4 billion market value, said the report by the beauty association, which represents brands that offer products for women and girls.
“They’re the largest in the world, but they also dominate the beauty business,” said Lauren Gorman, executive director of the trade group.
Top brands are also increasingly making strides to appeal to younger consumers, said Andrea Mabry, CEO of the National Association of Cosmetologists.
“We’ve seen a lot of women go for the products they like and get the product that they like,” she said.
“They’re looking for products that are more innovative and are more wearable and are not just about cosmetics.”
The survey found that nearly 60 percent of American women have tried a beauty product at some point in their lives, but only 12 percent said they have a specific skin type.
In fact, only a third say they have the right type of makeup on their face.
And just one in four Americans say they use products containing synthetic fragrances or oils.
The makeup companies are also seeing a shift in consumer behavior.
For years, Americans have been buying makeup for the purpose of enhancing their looks.
But as brands like Urban Decay have begun to diversify their product offerings, that has led to a shift toward more diverse brands.
Gorman said the survey found many of the women who were asked to rate their favorite products are now choosing more organic or cruelty-free options.