Lip care products provide nourishment to the lips and protect them against the exposure of sun and dust, the drying effects of cold and wind.
These products are mainly composed of beeswax or carnauba wax, camphor, cetyl alcohol, lanolin, paraffin, and petrolatum, among other ingredients. Some varieties also contain dyes, flavours, fragrances, phenol, salicylic acid and sunscreens.
Over the years, females have been the largest consumers of lip care products. However, the lip care products market has witnessed a significant interest from the male segment owing to the growing trend of personal grooming among the urban males. According to IMARC Group’s latest report, titled “Lip Care Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global lip care products market reached a value of US$ 1.9 Billion in 2017.
Growing demand for organic and natural products, along with the expansion of lip care products for men represent the key factors driving the global lip care products market. Rapid population growth, increased disposable incomes and affordability have also resulted in an augmented demand for these products.
Moreover, higher awareness about protection of lips from overexposure to the sun has driven the market for sun protection products. Additionally, manufacturers are also focussing on product innovations, development of long-lasting and faster formulas, and attractive ranges for teenagers, leading to a widened consumer base. Owing to the aforementioned factors, the market is expected to reach a value of US$ 2.3 Billion by 2023, exhibiting a CAGR of 3.6% during 2018-2023.
The report has segmented the market on the basis of type including non-medicated lip care product, medicated and therapeutic lip care products, and sun protection lip care products. Amongst these, non-medicated lip care product represents the most popular product type, holding the largest share.
The market has also been analysed on the basis of distribution channels and covers supermarkets and hypermarkets, department stores, convenience stores, speciality stores, pharmacies and drug stores, and others. Region-wise, Europe represents the leading market for lip care products, followed by North America. Other major regions include Asia Pacific, Latin America, and Middle East and Africa. The report has also analysed the competitive landscape of the market with some of the key global players being L’Oréal, Revlon, Inc., Kao Corporation, Bayer and Unilever.
This report provides a deep insight into the global lip care products market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the lip care industry in any manner.
Key Questions Answered in This Report: How has the global lip care products market performed so far and how will it perform in the coming years? What are the key regions in the global lip care products market? Which are the popular product types in the global lip care products market? What are the distribution channels in the global lip care products market? What are the various stages in the value chain of the global lip care products market? What are the key driving factors and challenges in the global lip care products market? What is the structure of the global lip care products market and who are the key players? What is the degree of competition in the global lip care products market? How are lip care products manufactured?
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