The global Lip Balm Market is anticipated to grow at a fast pace over the forecast period (from 2017 to 2022). The rapid growth of the market is attributed to the increased product demand due to rising awareness among consumers about lip protection from chapping, overexposure to sun, among others. Moreover, a rise in health concerns along with a high demand for multi-functional, multi-care lip balms is predicted to positively affect the global market expansion.
In addition, many lip balm manufacturers are continuously introducing new products with different flavors, colors, and packaging that attract consumer attention. This factor is also likely to have a major impact on the overall market growth in the forthcoming years. Furthermore, the advent of fast acting and long lasting formulas are also predicted to escalate the market expansion in developed, as well as developing regions over the forecast period.
The global lip balm market is categorized as per product type, application or end user, and region. Based on product type, the market is categorized into liquid gel lip balm and solid cream lip balm. Based on end user, the market is categorized into lip balm for women, lip balm for babies, and lip balm for men. On the basis of geography, the market is divided into Europe, United States, Japan, China, India, and Southeast Asia.
The Southeast Asia regional lip balm market is projected to experience the fastest development during the next few years on account of the high demand from pharmaceuticals. Developing economies such as India, Japan, and China are anticipated to account for a considerable share of the regional market during the forecast period. This growth can be attributed to the factors such as increased purchasing power due to a rise in consumer disposable income and rapid economic development, industrialization, and urbanization in these regions.
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Constant introduction of new and advanced products at cheaper costs is said to augment the market growth in the developing regions such as China and India. On the other hand, high preference for branded and expensive natural or organic products would boost the market in the developed regions such as the US and Europe.
Some of the major companies operating in the global lip balm market are Avon Products, Inc.; MAC Cosmetics; The Mentholatum Company, Inc.; Maybelline LLC; L’Oréal S.A.; and Revlon, Inc. Many of these prominent manufacturers are investing heavily in research and development activities for the production of advanced and high-quality lip balms in order to attract more consumers and to gain maximum share of the market.
A UK-based startup called FRUU is using fruit waste to make all-natural lip balms. The new range of lip balms is European Union safety-assessed and is created from the waste of more than 15 types of fruits and is composed of 70% of the fruit and plant ingredients. The award-winning startup makes these balms as per orders to avoid wastage of extra or unwanted products and purchases the raw material like fruit wastes from farmers thereby giving them an extra source of income. The new balms are sustainable in many ways and are said to be completely biodegradable. These lip balms contain about 98% to 100% moisturizing and natural substances such as avocado oil and banana extract.
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Split by product Types, with sales, revenue, price and gross margin, market share and growth rate of each type, can be divided into
- Solid Cream Lip Balm
- Liquid gel Lip Balm
Split by applications, this report focuses on sales, market share and growth rate of Lip Balm in each application, can be divided into
- Lip Balm for Women
- Lip Balm for Men
- Lip Balm for Baby
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