Lip Care Product Market By Application, Sales, Revenue, End User, Flavor, Players, Global Market Outlook To 2032|L’Oreal Groupe, Unilever PLC, Bayer AG, Kao Corporation, Revlon Inc.

The Lip Care Product Global Market Report 2023 by The Business Research Company, provides lip care product market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Lip Care Product Global Market Report 2023, the global lip care product market size grew from $2.17 billion in 2022 to $2.34 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global lip care product is expected to grow to $2.95 billion in 2027 at a CAGR of 5.9%

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 focus on personal care, body appearance, beauty, and health consciousness, which will further drive the lip care product market growth.

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The lip care product market 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

Product innovations are the key trends gaining popularity in the lip care product market. Major companies operating in the lip care product market are focused on manufacturing innovative products to lead the market. For instance, in June 2021, Ethique, a New Zealand-based beauty products company, introduced the first line of zero-waste lip balms with home-compostable packaging free of plastic. The lip balms contain ingredients such as jojoba oil, moringa oil, and castor oil to help keep lips hydrated and smooth.

The lip care product market report table of contents includes: