Lip Care Products Industry Overview
The global lip care products market size is expected to reach USD 3.1 billion by 2028, registering a CAGR of 5.9% over the forecast period, according to a new report by Grand View Research, Inc. The demand for lip care products is witnessing rapid growth owing to the growing concerns regarding personal grooming and appearance. An increasing number of beauty & health-conscious consumers are preferring vegan and organic lip care products, which has resulted in increased adoption of these products.
Products, such as lip balms, scrubs, and masks, containing ingredients, such as hyaluronic acid and essential oils like coconut & olive oils, are gaining immense popularity. The presence of essential oils is primarily intended to provide nourishment, and offer protection against dust, UV rays, and cold, which is driving their adoption in regular beauty regimes.
The lip balm segment held the largest segment in 2020 and is expected to maintain dominance over the forecast period. Lip balms are intended to offer the benefits of instant hydration and moisturization, which is driving their adoption as an essential lip care product. The growing availability of lip balms with various fragrances, flavors, plant-based ingredients, sizes, and shapes, are boosting the market growth.
The hypermarket & supermarket distribution channel segment accounted for the largest revenue share in 2020. An increasing number of product manufacturers are offering their lip care range through these stores. For instance, in November 2020, Eco Lips Store announced the launch of its six organic lip balms through Walmart stores.
The global market is consolidated owing to the presence of a large number of international players, such as L’Oreal S.A., Unilever Beiersdorf AG, The Colgate-Palmolive Company, The Estée Lauder Companies, Inc., Johnson and Johnson, and Avon Products, Inc. These players have an extensive product portfolio as well as a large customer base.
Lip Care Products Market Segmentation
Grand View Research has segmented the global lip care products market on the basis of product, distribution channel, and region:
Based on the Products Insights, the market is segmented into Lip Balms, Lip Scrub, and Others.
- The lip balm segment held the largest revenue share of 45.0% in 2020 and is expected to maintain dominance over the forecast period. The growth of the segment is attributed to the increasing number of new product launches by major players to capture a larger consumer base.
- The other segment, which includes various types of lip butters, masks, and oils, is projected to register the fastest CAGR during the forecast period. Consumers’ attention is gradually inclining towards innovative products, which is driving the others segment. The increasing availability of gel-& water-based and collagen lip masks are gaining immense popularity among consumers.
Based on the Distribution Channel Insights, the market is segmented into Hypermarket & Supermarket, Pharmacy & Drug Stores, Specialty Stores, Online, and Others.
- The specialty store distribution channel segment is projected to register the fastest CAGR during the forecast period. Consumers choose to buy products from these stores because of the ease of purchase, extensive network, and availability of an exclusive range of products at affordable prices.
- The online segment is projected to register the second-fastest CAGR from 2021 to 2028. The product sales through online channels are estimated to witness a rise during the forecast period. Prominent e-commerce giants, such as Amazon, Anastasia Beverly Hills, Kinship, Inc., Sephora, and Walmart, are the leading online retailers of lip care products.
Lip Care Products Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is characterized by the presence of a few established players and new entrants. Market players are focusing on new product launches to expand their product portfolios, widen their consumer base, and gain a competitive edge over others. For instance, in May 2021, Summer Fridays launched a new range of lip butter balms, which is available on retail websites like Sephora and Revolve. Some of the key players operating in the global lip care products market include:
- L’Oreal S.A.
- Unilever
- Beiersdorf AG
- The Colgate-Palmolive Company
- The Estée Lauder Companies, Inc.
- Johnson and Johnson
- Avon Products, Inc.
- Shiseido Co., Ltd.
- The Procter & Gamble Company
- Revlon, Inc.
Order a free sample PDF of the Lip Care Products Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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