The global Lip Powder Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
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 prefer 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.
Key Players:
- L’Oreal S.A.
- The Estee Lauder Companies Inc.
- BY TERRY
- Shiseido Company
- Stellar Beauty
- Urban Decay
- CLE Cosmetics
- Revlon, Inc.
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Growth Drivers:
This product is mainly used by the women segment. Over the last few decades, the women population has witnessed a significant development in terms of career growth. They are becoming self-reliant and self-independent. They are joining the workforce and corporate offices in a large number to become financially independent. Therefore, they are more focused on their outer appearance thus driving the demand for the product. This factor is expected to boost the demand for this product in recent years and it is estimated to rise further at a faster rate.
Distribution Channel Outlook:
- Online
- Offline
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.
Product Outlook:
- Palette
- Pen
In 2018, the market share of the palette segment accounted to be 54.4% and is estimated to have the largest market share. It is a pack of pigmented lip balm along with metallic lip powder. The lip balm moisturizes the skin and keeps it hydrated. It also acts as a foundation for lip powder. Moreover, consumers can experiment with this product and try it out as it is available in different shades.
The segment of the pen product is projected to grow at the fastest CAGR of about 6.7% during the forecasted year. Consumers can carry this with them to any place and it can be easily applied. It is in powder form but when it comes in contact with the skin it gets transformed into a liquid state. Manufacturers are spending more on this product segment because there is a high demand for this segment in the market.
Regional Outlook:
In 2018, the revenue share held by the Asia Pacific was 28.0%. Markets with potential growth opportunities are Japan, Malaysia, the Philippines, China, South Korea, Singapore, and Indonesia. South Korea has contributed to innovate this product. There has been an increase in the disposable income of the people, and they are inclined towards spending more on premium cosmetic products. Social media platforms are playing a major role in influencing people to try out different cosmetic products. For instance, consumers from countries like Singapore, Indonesia, Malaysia, and the Philippines have googled the cosmetic product for the largest number of times.
The North American market is anticipated to grow at the fastest CAGR of about 8.5% in the forecast period. There has been an increase in the buying power of consumers which accelerated the market growth. Moreover, high availability and easy accessibility of cosmetic products are the prime factors for proliferating regional demand. A company named Urban Decay (U.S) introduced a variety of lip powder in palette form with the name Lo-Fi Lip Mousses.
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