The ever-growing importance of grooming, along with rising interest toward presentable appearance among aspirational, urban population for creating positive impression has paved numerous opportunities in the cosmetics sector. The emerging interest of personal grooming in working professionals in light of rising living standards has led to innovations in various cosmetic products, and lip care is no exception. A large number of revolutionary lip care products have been launched globally with an aesthetic appeal that peeks attention of consumers, thereby fuelling sales. Lip care products have gained immense traction among beauty- and health-conscious consumers, as these products provide nourishment and protection to lips against dust, drying effects of cold & wind, and harmful sun rays.
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However, chemicals utilized in lip care products are being viewed as harmful for health, thereby resulting into a paradigm shift toward adoption of organic lip care products. Manufacturers are therefore introducing multi-purpose and organic lip care products in order to stay in line with the growing trend. Demand for lip care products with sun protection factor among the youth population is another major trend being witnessed worldwide. Entertaining and convincing advertisements that promote utilization of lip care products, along with endorsements by popular celebrities on TV and social media are further expected to accelerate sales of lip care products in the near future.
A new report compiled by Future Market Insights has slated a value CAGR of 4.5% for the global lip care market in the forecast period (2017-2026). Over 650,000,000 units of lip care products are expected to be sold across the globe by 2026-end.
APEJ to Prevail as Most Lucrative Region in Global Lip Care Market
Asia-Pacific excluding Japan (APEJ) currently dominates the global lip care market and is expected to prevail as the most lucrative region in the market. Dominance of APEJ in the lip care market can be highly attributed to rising availability of branded lip care products, increased affordability of consumers, and increasing presence of international and local brands in the region. In addition, robust expansion of the urban population in APEJ countries such as China and India has a pivotal role in growth of the region’s cosmetic sector, which in turn will positively influence rise of the lip care market in the region.
Lip balms are expected to remain sought-after among products in the global lip care market, mainly because of increasing availability of inexpensive and appealing lip balms in economies where price is a major concern. In addition, utilization of lip balms is highly concentrated among the rapidly growing youth population, which in turn holds positive growth prospects for sales of lip balms in the near future.
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Sticks to Remain Leading Packaging Form for Lip Care Products
Lip care products packed in sticks are highly sought-after among consumers on the back of the convenience offered in carrying and application of the product on lips. Sticks will therefore remain the leading packaging form used for lip care products, with sales estimated to exceed US$ 2,000 Mn by 2026-end.
Based on price range, economic lip care products will remain preferred by consumers, followed by medium priced lip care products. Revenues from both these price range segments are expected to collectively hold over four-fifth share of the market by 2026-end. Modern trade will spearhead the global lip care products market in terms of revenues, on the basis of sales channels.
Competition Tracking
Key players profiled by Fact.MR’s report include L'Oréal S.A., Johnson & Johnson Services, Inc., Beiersdorf Aktiengesellschaft, Avon Products, Inc., Shiseido Co., Ltd., The Procter & Gamble Company, Unilever PLC, Kao Corporation, Kiehl's, The Estee Lauder Companies Inc., and Subaru Corporation.
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