The cosmetic industry is dominated by a small number of multinational corporations that originated in the early 20th century, but the distribution and sale of cosmetics is spread among a wide range of different businesses. The largest cosmetic companies are The L'Oréal Group, The Procter & Gamble Company, Unilever, Shiseido Company, Limited and Estée Lauder Companies, Inc. The market volume of the cosmetics industry in the US, Europe, and Japan is about EUR €70b per year, according to a 2005 publication. The worldwide cosmetics and perfume industry currently generates an estimated annual turnover of US$170 billion (according to Eurostaf – May 2007). Europe is the leading market, representing approximately €63 billion.