Lip Care Product Global Market
The Lip Care Product Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Lip Care Product Global Market Report 2024, The lip care product market size has grown strongly in recent years. It will grow from $2.33 billion in 2023 to $2.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to aging population and anti-aging products, beauty and cosmetics trends, natural and organic product demand, seasonal variations and weather conditions, influence of fashion and trends.
The lip care product market size is expected to see strong growth in the next few years. It will grow to $3.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to health-conscious consumer base, shift in beauty standards and fashion, expansion into emerging markets, influence of social media and influencers, focus on sun protection. Major trends in the forecast period include portable and on-the-go solutions, inclusive beauty and diverse representation, advent of multi-functional lip products, influence of influencers and social media, focus on lip treatments and overnight masks.
Rising urbanization all over the globe is expected to propel the growth of the lip care product market going forward. Urbanization refers to the movement of people from rural to urban settings and increasing population densities in urban areas. Growth in urbanization is increasing the focus on personal care, body appearance, beauty, and health consciousness, which will further drive the lip care product market growth. For instance, according to the Department of Economic and Social Affairs of the United Nations, 68% of the world’s population ( 2.5 billion) is projected to live in urban areas by 2050. Therefore, rising urbanization is driving the growth of the lip care product market.
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The lip care product market covered in this report is segmented –
1) By Product Type: Lip Balm, Lip Butter, Lip Conditioner, Lip Scrub, Other Product Types
2) By Gender: Female, Male
3) By Packaging Range: Stick Packaging, Tube Packaging, Cosmetic Packaging, Other Packaging Ranges
4) By Distribution Channel: Hypermarkets And Supermarkets, Pharmacy And Drug Store, Specialty Store, Online, Other Distribution Channels
Major companies operating in the lip care product market are increasing their focus on introducing eco-friendly lip liners, such as PowerUpYourPout, to gain a competitive edge in the market. Eco-friendly lip liners are cosmetic products that define and outline the lips using sustainable and environmentally conscious features. For instance, in November 2023, Schwan Cosmetics, a Germany-based cosmetic company, launched a new eco-friendly mechanical lip liner called PowerUpYourPout. The lip liner is refillable and made from skin-friendly ingredients, which reflects the brand’s commitment to sustainability and environmentally conscious consumers. The PowerUpYourPout lip liner is designed to be long-lasting while providing a smooth and precise application.
The lip care product market report table of contents includes:
1. Executive Summary
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