The global lip care products market size is expected to reach USD 1.18 billion by 2025, exhibiting a CAGR of 7.2% over the forecast period, according to a new report published by Grand View Research, Inc. Rising consciousness regarding personal grooming among millennials and working class population coupled with high demand for innovative products from women is projected to drive the market. In addition, a steady rise in adoption of basic personal care products in a daily routine by men to is expected to bode well for the growth. Moreover, rising influence of media on beauty perception is anticipated to boost the product demand.
Lip care products contain a balanced concentration of ingredients, such as natural wax, butters, and botanical ingredients. The combination of these ingredients with antioxidant and anti-inflammatory properties help cure the dryness, cold sores, angular cheilitis, and split lips. A gradual shift in consumer preference from petroleum or wax-based lip protection products to organic ingredient-based products over the past few years has positively influenced the market growth. Moreover, rising awareness regarding protecting the lips from cold temperatures and dry air has propelled the product demand.
In 2018, Asia Pacific was the key consumer in the lip care products market, with a share of more than 35.0%, owing to the presence of high consumer consciousness regarding personal care and cosmetics in the countries, such as South Korea, China, and Japan. U.S., on the other hand, is the largest and one of the most lucrative markets. The rising K-Beauty trend in one of the major factors fueling the skincare and cosmetics market. The craze for beauty and cosmetic products in these markets also represent some of the most sophisticated and selective cosmetics consumers. These consumer trends are expected to boost the demand for lip care products over the forecast period.
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Key Takeaways from the report:
- The revenue from Asia Pacific is expected to witness a CAGR of 7.6% from 2019 to 2025 as a result of increased expenditure on beauty among consumers from South Korea, China, and Japan, among other countries
- Non-medicated lip products was the largest segment with a market share of more than 65.0% in 2018, owing to increasing demand for grooming products
- Online sales channel is anticipated to register the fastest CAGR of 7.6% from 2019 to 2025 owing to convenience and ease of shopping associated with the channel
- Some of the major players operating in the lip care products market are L’Oréal S.A.; Revlon, Inc.; Kao Corporation; Bayer AG; Unilever PLC; Beiersdorf AG; Avon Products, Inc.; The Procter & Gamble Company; Pfizer Inc.; GlaxoSmithKline plc.; and The Clorox Company
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Grand View Research has segmented the global lip care products market on the basis of product, gender, distribution channel, and region:
Lip Care Product Outlook (Revenue, USD Million, 2015 – 2025)
- Therapeutic & Medicated
- Sun Protection
Lip Care Products Gender Outlook (Revenue, USD Million, 2015 – 2025)
Lip Care Products Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Lip Care Products Regional Outlook (Revenue, USD Million, 2015 – 2025)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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