Lip Care Products Industry Overview
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.
Lip Care Products Market Segmentation
Grand View Research has segmented the global lip care products market on the basis of product, distribution channel, and region:
Based on the Products Insights, the market is segmented into Lip Balms, Lip Scrub, and Others.
- The lip balm segment held the largest revenue share of 45.0% in 2020 and is expected to maintain dominance over the forecast period.
- The growth of the segment is attributed to the increasing number of new product launches by major players to capture a larger consumer base.
- The other segment, which includes various types of lip butters, masks, and oils, is projected to register the fastest CAGR during the forecast period.
- Consumers’ attention is gradually inclining towards innovative products, which is driving the others segment.
- The increasing availability of gel-& water-based and collagen lip masks are gaining immense popularity among consumers.
- The lip scrub segment is estimated to register a steady CAGR from 2021 to 2028. Lip scrubs are widely adopted for better exfoliation and dead cell removal, which is driving their adoption at a faster pace.
Based on the Distribution Channel Insights, the market is segmented into Hypermarket & Supermarket, Pharmacy & Drug Stores, Specialty Stores, Online, and Others.
- The hypermarket & supermarket distribution channel segment accounted for the largest revenue share of more than 48% in 2020 and is estimated to retain the leading position throughout the forecast period.
- The specialty store distribution channel segment is projected to register the fastest CAGR during the forecast period.
- The online segment is projected to register the second-fastest CAGR from 2021 to 2028. The product sales through online channels are estimated to witness a rise during the forecast period.
- Prominent e-commerce giants, such as Amazon, Anastasia Beverly Hills, Kinship, Inc., Sephora, and Walmart, are the leading online retailers of lip care products.
- The COVID-19 pandemic has led to an increase in the sales of these products through e-commerce, which has positively impacted the segment growth.
Lip Care Products Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is characterized by the presence of a few established players and new entrants. Market players are focusing on new product launches to expand their product portfolios, widen their consumer base, and gain a competitive edge over others. For instance, in May 2021, Summer Fridays launched a new range of lip butter balms, which is available on retail websites like Sephora and Revolve.
Some of the key players operating in the global lip care products market include:
- L'Oreal S.A.
- Unilever
- Beiersdorf AG
- The Colgate-Palmolive Company
- The Estée Lauder Companies, Inc.
- Johnson and Johnson
- Avon Products, Inc.
- Shiseido Co., Ltd.
- The Procter & Gamble Company
- Revlon, Inc.
Order a free sample PDF of the Lip Care Products Market Intelligence Study, published by Grand View Research.
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