Global Lip Care Products Market, Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
Lip care products include lip balm, chapstick, lip oil, lip scrub, among other products that offer protection to lips, a highly sensitive body part, from sun rays, dust, and prevent drying and chapping of lips.
Lip Care Products Market Overview:
Lip balms or lip salve are wax-like substances that are used for topical application purposes on the lips in order to moisturize, relieve dry or chapped lips, and remove cold sores. Certain lip care products consist of ingredients including camphor, beeswax, paraffin, acetyl alcohol, lanolin, petrolatum, and added flavors and fragrances, among other ingredients.
“The global Lip care products market size is expected to be worth around US$ 2 Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of 6.1% during the forecast period 2021 to 2031.”
Some major factors driving growth of the global lip care products market are growing awareness among consumers regarding personal care and personal grooming among males as well as females.
Increasing lip care problems, such as chapping, splitting, wrinkles, and darkening due to sun damage, dehydration, allergies, mineral and vitamin allergies, are projected to increase demand for lip care products in the global market over the forecast period.
Another factor expected to drive growth of the global market is increasing awareness about advantages of using skin and lips protection products. Fluctuating climatic conditions, rising levels of air pollution, emissions of harmful gases, nitrogen oxides, sulfur dioxide, formaldehyde, and benzene negatively affect skin of lip.
These factors have a vital role in widening the scope of various lip care products, which is expected to drive growth of the global market.
Unhealthy habits including smoking cigarettes damage lips and lead to various issues such as chapping, darkening, and wrinkles. This is one of the major factors driving growth of the global lip care products market.
Increasing demand from consumers with these issues is expected to drive growth of the market. Various kinds of raw materials, such as camphor, essential oils, beeswax, green tea extract, aloe Vera extract, and shea butter are used in the products to develop natural and organic lip care products.
The easy availability of these raw materials is expected to increase demand for the product in the global market over the forecast years.
Global Lip Care Products Market Segment Analysis:
Among the product segments, the non-medicated segment is projected to contribute highest revenue share in the global lip care products market and is expected to continue over the forecast period. This growth of the segment is attributed to increasing demand for various grooming products. In addition, growing spending from millennials on health, grooming and hygiene products has been fueling growth of the segment.
The female segment among application segments has been gaining traction, attributed to rising financial independence of women, an overall rise in dispensable income, increasing beauty consciousness among females, an increasing number of women, who are working in corporate sectors and give importance to beauty and hygiene.
Global Lip Care Products Market Regional Analysis:
The market in Asia Pacific is projected to register the major revenue share over the forecast period. This can be attributed to growing awareness among millennials about grooming and personal care products. China, India, Japan, South Korea are the major personal care and cosmetics markets in the region. K-beauty trend is one of the major factors driving cosmetics and skincare market in the region. In addition, celebrity endorsement and influence of social media channels are driving the growth of the market in the region.
Global Lip Care Products Market Segmentation:
- Therapeutic & Medicated
- Sun Protection
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- L'Oréal S.A.
- Revlon, Inc.
- Pfizer Inc.
- Kao Corporation
- Avon Products, Inc.
- The Himalaya Drug Company
- Beiersdorf AG.
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