The global lip care market value is estimated at USD 3,144 Million in 2022 and is forecast to reach USD 4,930 Million by 2032, growing at a CAGR of 4.6% from 2022 to 2032.
Additionally, the lip care industry contributed 6.3% of the total income from the skincare industry in 2021. The demand for lip care products has increased due to the rising relevance of personal grooming and rising consumer interest in looking attractive in order to make a good impression. The industry has also been significantly boosted by the rising proportion of working women worldwide and their willingness to spend on lip care products.
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Prominent Driving Factors Of The Lip Care Market:
• Many manufacturers reported a dip in sales of lip care products in the early months of 2020 as an after effect of the pandemic, however, by the first quarter of 2021 the market witnessed a surge in demand as more people took interest in personal grooming.
• A rise in demand for organic lip care products was witnessed among consumers, owing to a shifting inclination towards vegan products. Manufacturers took this opportunity to capture the market by launching more organic lip care products. For instance, in 2020, a well-known American cosmetic brand, Anastasia Beverly Hills launched their first vegan-based, cruelty-free line of lip balms in the market.
• In addition, the market is heavily driven by the youth mainly millennial and generation z especially from urban populations such as China and India who are easily influenced by celebrity endorsements and social media influencers.
Lip care market competitive landscape shows top manufacturers in the lip care market, which includes L’Oréal S.A., Beiersdorf Aktiengesellschaft, Shiseido Co., Ltd., Avon Products, Inc., Unilever PLC, The Estee Lauder Companies Inc., Kiehl’s, Burt’s Bees, Carmex, Blistex, Forest Essentials and The Body Shop.
The growing concern of consumers about their physical appearance and their awareness about the benefits of using natural ingredient based products has influenced the key player in the lip care market to introduce a wide variety of organic lip care products that address the requirements of the consumers.
For instance, Ethique, Inc. introduced a new line of lip balm in the United States in the year 2021, which were made entirely from plant-based ingredients such as moringa oil. Moreover, the packaging was made from 100% plastic-free material such as cardboard making it a sustainable production model.
Key Companies Profiled:
• L’Oréal S.A.
• Beiersdorf Aktiengesellschaft
• Avon Products, Inc.
• Shiseido Co., Ltd.
• Unilever PLC
• The Estee Lauder Companies Inc.
• Burt’s Bees
• Forest Essentials
• The Body Shop
Global Lip Care Market by Category:
• By Product Type :
o Lip Balm
o Lip Butter
o Lip Conditioner
o Lip Scrub
o Other Product Types
• By Price Range :
o Economic Price Range
o Medium Price Range
o Premium Price Range
• By Packaging Range :
o Stick Packaging
o Tube Packaging
o Cosmetic Packaging
o Other Forms of Packaging
• By Sales Channel :
o Offline Sales Channel
Other Sales Channel
o Online Sales Channel
• By Region :
o North America
o Latin America
o East Asia
o South Asia
o Middle East & Africa
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How will be insights and market estimations provided in the Fact.MR report on the Demand Lip Care make a difference?
• The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
• The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
• The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
• Provides scrutiny of the industry trends that have shaped recent government policies
• Provides an account of major breakthroughs in all segments that might change the course of the market considerably
• Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
• Evaluates the role of various stages of funding on new growth avenues in key regional markets
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