USD 2.01 billion
Report ID: SQSG30L2052 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 91 | Figures: 76
Global Lip Care Products Market size was valued at USD 2.01 billion in 2021 and is poised to grow from USD 2.17 billion in 2022 to USD 3.86 billion by 2030, growing at a CAGR of 7.9% in the forecast period (2023-2030).
Growing awareness towards high-quality lip care products due to the rising concerns related to various skin ssues like dryness, premature aging, lip darkening, and sun exposure is the major factor projected to drive the growth of the global lip care products market over the forecast period. Moreover, an extensive rise in the focus on natural and organic lip products that are free from toxic chemicals and synthetics among global consumers is likely to propel the growth of the market in the coming years.
Furthermore, shift in consumer preferences and growing demand for sustainable lip care products have resulted in growing number of innovations and new product launches, which is further likely to boost the demand for these products during the forecast period. For instance, in June 2021, Ethique Inc., a leading company in lip care industry, announced the launch of its new range of lip balms in the United States. The product is completely innovative and manufactured with plant-based ingredients and is completely plastic-free to cater to the demand for natural lip care products.
US Lip Care Products Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.01 billion
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Global lip care products market is segmented on the basis of product, distribution channel, type, and region. By type, the lip care products market is segmented into lip balm, lip scrub, and others. By distribution channel, the lip care products market is categorized into supermarkets & hypermarkets, pharmacy stores, specialty stores, and online. By product, the lip care products market is segmented into medicated & therapeutic, sun protection, non-medicated. By region, the lip care products market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Lip Care Products Market Analysis by Product
By product, the lip balm segment dominated the market in 2021 and is anticipated to maintain its dominance throughout the forecast period. Continuously growing number of new product launches coupled with the rising disposable income among consumers is driving the segment growth. For instance, in March 2022, Pilgrim, a leading direct-to-customer personal care & beauty brand launched its new range of lip care product, named Squalane in India. The product has been made in different flavours including cocoa butter, pomegranate, and shea butter.
Lip Care Products Market Analysis by Distribution Channel
By distribution channel, the supermarkets & hypermarkets segment held the largest market share in 2021. Characteristics and features of these stores such as wide availability of products, enhanced visibility of multi-national brands, and low product price offerings are the major factors expected to drive the growth of the segment during the forecast period. In addition, ease of purchase, ability to check original products from different brands under a single roof and rising number of these stores especially in developing countries such as India, China, and Indonesia are contributing significantly to the growth and demand of lip care products over the coming years.
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Globally, Asia Pacific dominated the lip care products market and accounted for a healthy market share in 2021 and is set to continue its dominance over the forecast period. Increasing consumer base and rising awareness towards issues related to lip pigmentation, darkening, and sun exposure is likely to be the key factor driving the growth and demand for lip care products in the near future. Furthermore, wide presence of large market players including Kao Corporation and The Himalaya Drug Company and rising investment in research & development sector are projected to fuel the demand for lip care products in the region.
Moreover, North America is witnessing fastest CAGR during the forecast period in 2021 owing to the high technological advancement, rising innovation of advanced and natural products, and increased consumer income coupled with the change in their preferences and needs. In addition, growing inclination towards changing fashion trends and modern lifestyles is influencing consumers towards lip care products and fueling the growth of the lip care products market in the region.
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Lip Care Products Market Drivers
Lip Care Products Market Restraint
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Global lip care products market is highly competitive with the presence of several well-known international and regional market players operating around the globe. Major companies of the global market are focusing on various business strategies including mergers & acquisitions, partnerships, collaborations, new product launches, and research & development for the development of their geographical presence and expanding their product portfolio.
Lip Care Products Market Top Player’s Company Profiles
Lip Care Products Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global lip care products market is witnessing a significant growth over the forecast period owing to increased number of women-workforce, rising per capita income of consumers, numerous concerns associated with lips, and increasing awareness towards the importance of protecting lips. In addition, increasing urbanization and rapid industrialization mainly in emerging economies including China and China are also anticipated to fuel the demand for lip care products in the near future. However, some issues related to lip care products such as allergic reaction and contamination is likely to hinder the growth of the global market over the forecast period.
|Market size value in 2021||USD 2.01 billion|
|Market size value in 2030||USD 2.17 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Lip Care Products Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Lip Care Products Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Lip Care Products Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Lip Care Products Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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