The Lip Gloss 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 Gloss Global Market Report 2024, The lip gloss market size has grown strongly in recent years. It will grow from $3.56 billion in 2023 to $3.77 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to the expansion of retail and beauty supply stores, expansion of online beauty communities, rise in popularity of mix-and-match beauty products, growth in cosmetic advertising, and increase in disposable income.
The lip gloss market size is expected to see strong growth in the next few years. It will grow to $4.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing demand for beauty products, growing awareness of personal grooming, rising number of beauty salons, increasing purchasing power of the women population, rising awareness of skin-friendly ingredients, and growing demand for customizable lip gloss. Major trends in the forecast period include technological advancements, cruelty-free formulations, augmented reality, refillable lip gloss products, and customizable lip products.
The rising cosmetics industry is expected to propel the growth of the lip gloss market going forward. The cosmetics or beauty industry encompasses developing, manufacturing, marketing, and selling products designed for personal care, grooming, and enhancing one’s appearance. The cosmetics industry is rising due to innovation, social media influence, increasing consumer demand, digital marketing, and a growing focus on natural and sustainable products. Lip gloss is used in the cosmetics industry to enhance lips with a shiny, glossy finish, adding subtle color or shimmer for a youthful, fresh look and versatile makeup styles. For instance, in 2022, according to the Cosmetic Toiletry and Perfumery Association (CTPA), a UK-based trade association, color cosmetics sales climbed from 112.26 million units in 2021 to 118.17 million in 2022. Additionally, sales of skincare products increased from 461.47 million units in 2021 to 479.57 million units in 2022. Therefore, the rising cosmetics industry is driving the growth of the lip gloss market.
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The lip gloss market covered in this report is segmented –
1) By Finish: Glossy, Matte, Glitters, Other Finishes
2) By Category: Conventional, Organic And Natural
3) By Distribution Channel: Super markets Or Hyper markets, Beauty Stores, Specialty Stores, Online Platform, Other Channels
Major companies operating in the lip gloss market are focused on developing innovative products, such as non-sticky formulations that provide a smooth, comfortable feel while offering long-lasting shine and hydration. Non-sticky multi-use lip gloss formulations refer to products that use advanced ingredients to give a glossy finish without a sticky texture, allowing them to be applied to lips and potentially other parts of the face for versatile beauty applications. For instance, in May 2022, Thread Beauty, a US-based cosmetics company, launched ‘Gloss It’ lip gloss, a non-sticky, multi-use formula that delivers a sheer, glossy finish using advanced vegan ingredients. Designed for application on lips, eyes, and cheeks, it reflects cutting-edge formulation techniques for versatility and comfort, resulting in a nourishing, high-quality cosmetic that enhances overall aesthetic appeal.
The lip gloss market report table of contents includes:
1. Executive Summary
2. Lip Gloss Market Characteristics
3. Lip Gloss Market Trends And Strategies
4. Lip Gloss Market – Macro Economic Scenario
5. Global Lip Gloss Market Size and Growth
…
32. Global Lip Gloss Market Competitive Benchmarking
33. Global Lip Gloss Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Lip Gloss Market
35. Lip Gloss Market Future Outlook and Potential Analysis
36. Appendix
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