This can be attributed to thriving cosmetic sector, increasing awareness among consumers regarding lip care, product innovations and a rise in the availability of products for men.
Lip care has become an essential part of the day-to-day personal-care regime as the skin on lips is thinner due to which it is easier for them to crack and chap quickly. The products which are manufactured for the purpose of lip care offer nourishment and protection to the lips against drying effects and dust. Lip care products are manufactured by using various raw materials such as beeswax, flavours, dyes, paraffin, camphor, sunscreens and fragrances along with other ingredients. A new research report by IMARC Group, titled “Lip Care Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 1.9 Billion in 2017. The report further anticipates the market to cross US$ 2.3 Billion by 2023, at a projected CAGR of 3.6% over the forecast period.
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Global Lip Care Products Market Drivers/Constraints:
- Over the past few years, consumers have become conscious about their personal health such as protecting their lips against overexposure to the sun. This is one of the major factors which is driving the growth of the global lip care products market.
- The confluence of a rise in the availability of products for men and various product innovations by manufacturers has highly contributed to the overall growth of the market.
- Moreover, increasing affordability of lip care products, flourishing cosmetics industry, rising disposable incomes, rapid urbanisation and changing lifestyles are some of the other factors which are positively influencing the growth of the market.
- However, the usage of various chemicals such as parabens, lead, cadmium chromium and petrolatum for the preparation of lip care products are several factors which are impeding the market growth as these chemicals are harmful for human consumption.
Product Type Insights:
On the basis of product type, there are a large number of lip care products available in the market. Currently, non-medicated lip product account for the majority of the market share. It is followed by medicated and therapeutic lip care products, and sun protection lip care products.
Distribution Channel Insights:
The market has been further segregated on the basis of distribution channel which include supermarkets and hypermarkets, departmental stores, convenience store, specialty store, and pharmacies and drug store. Among these, supermarkets and hypermarkets represent the largest segment.
On a geographical front, Europe enjoys the leading position in the market owing to rapidly changing fashion and beauty trends. This can also be accredited to the cold weather conditions of western countries which results in numerous lip problems and infections. Europe is followed by North America, Asia Pacific, Latin America, and Middle East and Africa.
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Revlon, Inc.
- Kao Corporation
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