The global lip powder market is projected to reach USD 525.9 million by 2025, according to a new report released by Million Insights. It is anticipated to grow at a CAGR of 6.3% over the approximated years. The demand for matte colors and lightweight products is increasing rapidly. Consumers preferring trying out new innovative products that are trendy and give them a better appearance. Moreover, consumers are influenced by the advertisements and blogs regarding the new makeup products posted on different social media platforms. This factor has driven the market growth in the upcoming years.
The segment of palette products has ruled the market, in 2018. This product consists of lip balm along with the lip powder. It helps to moisturize and hydrate the lips. This factor is responsible for increase in the consumer preference for this product. Besides, lip liners or lip pens are smaller in size and can be easily applied. Consumers can carry this product anywhere very easily. Hence, lip pens are anticipated to grow at the fastest rate over the forecast period, 2019 to 2025.
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The online segment of distribution channel is estimated to grow significantly in the forecasted period due to increase in a number of online retail stores and rise in adoption of internet services along with an increase in a number of internet users. Moreover, consumers have the ease of accessibility while using online websites for buying the product. Therefore, there has been a rise in preference of consumers for online distribution channels.
Asia Pacific held the largest share in 2018. The women from this region are more concerned about their looks and outer appearance. Moreover, people from countries like Malaysia, China, India, Indonesia, South Korea, Philippines, and Taiwan are highly inclined to spend on beauty products and grooming products. This has boosted the regional demand for this product.
The leading players in this market are The Estée Lauder Companies Inc.; Shiseido Company; Revlon, Inc.; Stellar Beauty; BY TERRY; Sephora USA, Inc., Urban Decay; L’Oréal S.A.; CLE COSMETICS; and CHANEL International B.V. Key manufacturers of makeup and cosmetic products are putting their efforts to cater to the increasing competition and rising demand.
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Further key findings from the report suggest:
• Asia Pacific held the largest share in the lip powder market with 30.7%, in 2018.
• North America is projected to grow at the fastest rate with a CAGR of 8.5% during the forecasted period
• The segment of palette products ruled the market with 54.4%, in the year 2018
• The segment of offline distribution channel has the largest share in the market which accounted for 90.2% in the year 2018
Million Insights has segmented the global lip powder market based on product, distribution channel and region:
Lip Powder Product Outlook (Revenue, USD Million, 2015 – 2025)
Lip Powder Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Lip Powder Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa
• South Africa
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