Global Lip Care Market Will Reach Nearly USD 4,591.8 Million By 2030, Expanding at a CAGR of 4.9%
The global lip care market size was USD 2,960.0 Million in 2021 and is expected to register a revenue CAGR of 4.9% over the forecast period, according to the latest report by Reports and Data. Rising awareness of healthcare and grooming among both male and female customers are key factors expected to drive revenue growth of the market to some extent. The need for the product is estimated to grow due to rising lip care issues such as darkening, chapping, dividing, and wrinkles brought on by allergies, dehydration, vitamin, and nutritional shortages, sun damage, and other factors. The market is expected to continue to be driven by growing awareness of the advantages of using skin and lip protection products.
Lip care products are primarily used by women, however, due to a growing trend in male grooming, the market has experienced a considerable increase in male interest. Long-term, uncovered exposure to sunlight can cause actinic cheilitis, wrinkles, and accelerated aging of the lips. Customers’ demand for lip care products that provide sun protection has increased as a result of this. A larger consumer base has been created as a result of these producers’ increasing focus on product innovations, the development of long-term and quicker formulae, and appealing product lines for teenagers.
Smoking cigarettes is a bad habit that damages lips and causes specific issues like discoloration, chapping, and wrinkles. This is just one of several significant variables driving demand for lip care products. Lip care product manufacturers invest in R&D to provide creative products that can meet changing client needs, which is expected to drive revenue growth of the market.
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The global Lip Care market is rapidly gaining traction over the recent years and is expected to register robust revenue growth throughout the forecast period of 2021 and 2028. The consumer goods sector is rapidly growing due to factors such as paradigm shift in consumer preferences, rising demand for convenience and ongoing COVID-19 pandemic. Rapid revenue growth is attributed to factors such as rising disposable income, improvements in standard of living, and increasing preference for organic food and plant based food products. Moreover, rising health conscious population, increasing preference for online shopping and doorstep deliveries and growing inclination of veganism in several countries across the globe and increasing focus on developing novel products to cater to consumer demand are other factors expected to support market growth going ahead.
The research report offers details about leading companies in the global Lip Care market along with global position, financial standing, license agreement, products and services portfolio and revenue contribution of each market player. Key players in the market are focusing on adopting various strategies such as mergers and acquisition, business expansion plans, new product launches, partnerships, collaborations, joint ventures to enhance their product base and gain robust footing in the market
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The report also sheds light on the market segmentation based on type, application and region:
Lip Care Market Segmentation based on Types:
- Lip Balm
- Lip Butter
- Lip Conditioner
- Lip Scrub
Lip Care Market Segmentation based on Product Type:
- Medicated & Therapeutic
- Sun Protection
Lip Care Market Segmentation based on Distribution Channel:
- Drug Stores
- Specialty Stores
- Online Stores
Lip Care Market Segmentation based on Price Range:
Lip Care Market Segmentation based on Packaging Form:
- Stick Packaging
- Tube Packaging
- Cosmetic Packaging
Lip Care Market Segmentation based on Regions:
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Avon Products, Inc.
- Beiersdorf AG
- Shiseido Company
- Revlon Consumer Products Corporation
- Unilever plc
- Kao Corporation
- Bayer AG
- The Clorox Company
- eos Products, LLC
- Carma Labs Inc.
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