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Industry Insights, Market Size, CAGR, High-Level Analysis: Lip Care Products MarketThe global lip care products market size was valued at USD 712.8 million in 2018 and is projected to exhibit a CAGR of 7.2% during the forecast period. Increasing awareness regarding personal care and grooming among female as well as male consumers is a key factor driving the growth. Rising lip care problems, such as darkening, chapping, splitting, and wrinkles caused by sun damage, allergies, dehydration, vitamin and mineral deficiencies, is anticipated to further propel the product demand. Rising awareness regarding the advantages of using lips and skin protection products is expected to continue driving the demand. Rising level of air pollution, fluctuating climatic conditions, and emissions of harmful gases from automobile exhaust contains carbon monoxide, nitrogen oxides, formaldehyde, sulfur dioxide, benzene, and soot, negatively impact the skin of lip. These factors play a crucial role in expanding the scope of lip care products, which in turn is anticipated to fuel the market growth. Unhealthy habits such as smoking cigarettes contribute to causing damage to lips, leading to different issues such as darkening, chapping, and wrinkles. This is one of the major factors driving the demand for lip care products. According to the statistics provided by the Centers for Disease Control and Prevention (CDC), in 2017, in U.S., 14% adults of age 18 and above-estimated 34 million adults-smoke cigarettes. Around 15.85% of adult men and 12.2% of adult women in the country smoke cigarettes. These consumer trends are expected to expand the product scope over the forecast period. Manufacturers operating in the lip care products market invest in R&D activities to offer innovative products in order to cater to the changing consumer demand. Different kinds of raw materials, including beeswax, camphor, essential oils, aloe vera extract, green tea extract, shea butter, and vitamin E to develop organic and natural lip care products. Availability of a variety of products is expected to drive the overall demand in the forthcoming years.
Product Insights of Lip Care Products MarketNon-Medicated lip products was the largest product category, with a market share of more than 65.0% in 2018, as a result of growing demand for grooming products. Over the past few years, increasing spending from millennials on grooming and health and hygiene maintenance has boosted the demand for lip balms and other such products. Moreover, they contain a balanced concentration of ingredients including butters, natural wax, and botanical ingredients in combination with anti-oxidant and anti-inflammatory properties, to cure problems, such as dryness, cold sores, angular cheilitis, and chapped lips. Sun protection lip products is expected to foresee the fastest CAGR 12.8% from 2019 to 2025 due to the rising awareness regarding protection of lips from sun damage. These lip products contain octinoxate, oxybenzone, avobenzone, and cinnimate with active ingredients, such as zinc oxide or titanium dioxide, which is one of the important minerals and act as a physical sunscreen ingredient.
Gender InsightsThe female segment held the largest market share of more than 75.0% in 2018. The rising financial independence of working women and overall rise in dispensable income are the factors anticipated to positively influence the growth of the segment. Furthermore, significantly increasing corporate sector coupled with rising beauty consciousness is projected to further boost the growth. Male lip product segment is anticipated to witness the fastest CAGR of 7.6% from 2019 to 2025 due to increasing consciousness among the male population for grooming and personal care products.
Distribution Channel InsightsOnline sales channel is expected to be the fastest growing segment, registering a CAGR of 7.6% from 2019 to 2025. High level of convenience and ease of shopping associated with this channel are the factors driving the growth. Online sales channels are expected to serve as a lucrative platforms for the new entrants in the market as they offer global platform without the need for distribution partners, such as dealers and channel partners. Moreover, products sold through these channels are subject to fewer taxes as compared to offline sale in some countries, such as China and India. The offline distribution channel was the largest segment in 2018 accounting for more than 75.0% of market share. Major retailers including LOreal S.A.; Revlon, Inc.; and New Avon Company are gradually expanding their retail store locations across the globe in order to capture maximum customer penetration. In developing countries, such as Thailand, Indonesia, Bangladesh, Nepal, Vietnam, India, and China, where major part is catered by offline channels including supermarkets, beauty stores and grocery stores.
Regional Insights of Lip Care Products MarketAsia Pacific was the largest market for lip care products, with a revenue share of more than 35.0% in 2018, owing to significantly increasing awareness regarding personal care and grooming products among millennials. South Korea, China, India, and Japan are some of the largest personal care and cosmetics market in the region. K-Beauty trend in one of the major driving factors for the skin protection and cosmetics market. In addition, prominent celebrity endorsement in countries like Korea and India influence consumers, which is expected to further fuel the regional market. Increasing awareness regarding the side effects of sun exposure and the damage caused by UV rays, is projected to drive the demand for sun protection lip care products. North America is expected to remain one of the lucrative markets in near future. The region is expected to witness significant growth over the forecast period, as a result of high adoption of lip care products among millennials in U.S. and Canada. Additionally, rising awareness regarding the advantages of using natural cosmetics among the consumers in these countries is expected to open new growth avenues for the market players.
Market Share Insights of Lip Care Products MarketThe market is consolidated in nature owing to the presence of a large number of strong major players including LOreal S.A.; Revlon, Inc.; Pfizer Inc.; Kao Corporation; Avon Products, Inc.; The Himalaya Drug Company; and Beiersdorf AG. Major market players have a large product portfolio as well as customer base for lip protection products. Rising demand for organic products is anticipated to present new entrants and innovative products with lucrative growth opportunities in near future.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Lip Care Products Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global lip care products market report on the basis of product, gender, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2019 - 2030)
- Therapeutic & Medicated
- Sun Protection
Gender Outlook (Revenue, USD Million, 2019 - 2030)
Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization 1.6. Data Validation & P | read more...