Lip Care Products Market: Current Scenarios and Opportunities

The global lip care products market size was valued at USD 1.98 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2021 to 2028.

The global Lip Care Products Market size is expected to reach USD 3.1 billion by 2028, registering a CAGR of 5.9% over the forecast period, according to a new report by Grand View Research, Inc. The demand for lip care products is witnessing rapid growth owing to the growing concerns regarding personal grooming and appearance. An increasing number of beauty & health-conscious consumers are preferring vegan and organic lip care products, which has resulted in increased adoption of these products.

Products, such as lip balms, scrubs, and masks, containing ingredients, such as hyaluronic acid and essential oils like coconut & olive oils, are gaining immense popularity. The presence of essential oils is primarily intended to provide nourishment, and offer protection against dust, UV rays, and cold, which is driving their adoption in regular beauty regimes.

The lip balm segment held the largest segment in 2020 and is expected to maintain dominance over the forecast period. Lip balms are intended to offer the benefits of instant hydration and moisturization, which is driving their adoption as an essential lip care product. The growing availability of lip balms with various fragrances, flavors, plant-based ingredients, sizes, and shapes, are boosting the market growth.

The hypermarket & supermarket distribution channel segment accounted for the largest revenue share in 2020. An increasing number of product manufacturers are offering their lip care range through these stores. For instance, in November 2020, Eco Lips Store announced the launch of its six organic lip balms through Walmart stores.

The global market is consolidated owing to the presence of a large number of international players, such as L’Oreal S.A., Unilever Beiersdorf AG, The Colgate-Palmolive Company, The Estée Lauder Companies, Inc., Johnson and Johnson, and Avon Products, Inc. These players have an extensive product portfolio as well as a large customer base.

Related Press Release@ Lip Care Products Market Report

Lip Care Products Market Report Highlights

• Asia Pacific is expected to register the fastest CAGR from 2021 to 2028. Several brands including L'Oreal S.A are launching and promoting their products through digital platforms in China owing to the growing presence of social media-savvy consumers in the region. Such instances are expected to boost the demand for premium lip care products in the region
• The other product segment, which includes lip butters, masks, etc., is projected to register the fastest CAGR during the forecast period
• Consumers look for innovative organic lip masks that contain ingredients like chamomile, honey, brown sugar, and other vegan plant-based ingredients, which is driving the other product segment
• The specialty store distribution channel segment is expected to register a significant CAGR during the forecast period owing to the shift in consumers’ shopping behavior and the presence of several premia as well as clean-label brands

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