Lip Care Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The global lip care products market was worth US$ 1.94 Billion in 2018. The market is further projected to reach a value of US$ 2.51 Billion by 2024, exhibiting a CAGR of 3.7% during 2019-2024. Lip care products provide nourishment to lips and protect them from exposure to sun, dust, and the drying effects of cold and wind. These products are mainly composed of beeswax or carnauba wax, camphor, cetyl alcohol, lanolin, paraffin, petrolatum, and various other ingredients. Some varieties of lip care products also contain dyes, flavours, fragrances, phenol, salicylic acid and sunscreens. These products are available in a variety of packaging options such as small sticks, pots, jars and tins. Nowadays, the manufacturers are introducing a wide variety of lip care products ranging from products containing organic ingredients to flavoured balms.
Global Lip Care Products Market Drivers/Constraints:
Although females have been the major consumers of lip care products, the market has witnessed a significant interest from male consumers as well, owing to the growing trend of personal grooming among them.
The prolonged, unprotected exposure of lips to the sun can result in wrinkling, premature aging or actinic cheilitis. This has led to an increase in the demand for sun protection lip care products among the consumers.
The increasing focus of the manufacturers on product innovations, development of long-lasting and faster formulas, and attractive product ranges for teenagers have helped in creating a larger consumer-base.
One of the major growth-inhibiting factors is the presence of harmful ingredients, such as artificial skin softeners, manufactured waxes, alcohol, silicon dioxide, etc. in synthetic balms which not only damage the lips but also promote cancer.
Product Type Insights:
Based on type, the market has been segmented as non-medicated lip care products, medicated and therapeutic lip care products, and sun protection lip care products. Amongst these, non-medicated lip care products represent the most popular product type.
Distribution Channel Insights:
On the basis of distribution channel, supermarkets and hypermarkets are the dominant segment, holding the majority of the market share. Owing to the availability of different brands, larger shelf-space and convenience of choosing the product, hypermarkets and supermarkets are highly popular as a distribution channel. They are followed by specialty retailers, pharmacies and drug stores, online stores and others.
Region-wise, Asia-Pacific represents the leading market for lip care products, holding the largest share. Asia-Pacific is followed by Europe. Other major regions include North America, Latin America, and Middle East and Africa.
The lip care products market is concentrated in nature with a handful of players accounting for the majority of the total global market. Some of the leading players are:
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 products market 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 various 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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