August 13th, 2022
Lip Care Products Market projected at US$ 2.07 Billion in the year 2021 are estimated to gain a revised size of US$ 3.27 Billion by 2028, rising at a CAGR of 5.8% during the forecast period.
Lip care products are used to give nourishment to the lips and make them soft and smooth. Lip care products can be applied anytime when lips feel dry, lip care products defend lips against external elements, such as cold temperature, UV radiation, and dry wind. These products are mainly made up of beeswax or carnauba wax, petrolatum, glycerin, paraffin, camphor, acetyl alcohol, dimethicone, and lanolin. Some type of lip care products also contains fragrances, salicylic acid, flavors, phenol, dyes, and sunscreens. There is a variety of lip care products available in the market for the whole lip care routine such as Lip Scrub, Lip Butter, Lip Balm, Lip Oil, Lip Conditioner, and Others. According to this statistia, 173.91 million Americans used lip care products in 2020. Increasing use of lip care products is led to innovations in different lip care products that are giving growth to the lip care product market.
Major Key Players for Lip Care Products Market:
· L'Oréal S.A.
· Unilever PLC
· Johnson & Johnson Services Inc.
· Bayer AG
· Beiersdorf Aktiengesellschaft
· Subaru Corporation
· Avon Products Inc.
· Shiseido Co. Ltd.
· The Procter & Gamble Company
· Kao Corporation
· The Estee Lauder Companies Inc.
· Revlon Inc.
Market Dynamics and Factors:
Lip care products are available in the market. Lip care products are offered by many brands and manufacturers. Lip care product containing different ingredients, chemical combinations, colors, flavors, packaging, easy-to-apply designed structures of product, and whatnot. The manufacturers are providing essential and effective products with a broad range of options and in various price ranges giving high growth to the lip care market. There is a lot of awareness about the lip care product due to advertisements or marketing done by manufacturers. People are spending more on lip care products due to high standard of living, and personal grooming among working professionals. The urban population generating positive impressions has various opportunities in the cosmetics sector that ultimately led to innovations in different lip care products all these factors are giving growth to the lip care product market during the projected period.
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Lip Care Products Market Report Highlight:
· By Type, the medicated and therapeutic segment is expected to have the maximum market share in the Lip care products during the projected period. Medicated products are controlled as drugs by the Food and Drug Administration. The ingredients used in the product are of specific concentrations that are more trusted by people so which leads to the growth of the lip care product market.
· By Product Type, the Lip Balm segment is predicted to show high growth in the Lip care products Market during the forecast year. Lip balm is applied by everyone to recover the dryness of lips; it gives a smooth, soft lips. That helps to raise the lip care product market.
· By Product Form, the cream segment is expected to hold the maximum share of Lip care products market over the forecast period. Ease, convenient to use by the consumers gives a high market share to the liquid segment in the lip care product market.
· By Price Range, the medium price segment is anticipated to register a significant market share for the Lip care products market over the forecast period. This product is commonly used by people and effective, good, and branded products are available in the market at a medium price range that gives a boost to the lip care product market.
· By gender, the female segment is estimated to dominate the Lip care products market during the forecast period. Cosmetic and beauty products like lip care products are generally utilized by women on large scale helping to boom the market for lip care products.
· By distribution channel, the online segment is expected to dominate the lip care products market during the forecast period. Online distributors are giving more offers and discounts on lip care products which are also giving hype to the lip care products market.
· By region, Asia Pacific is expected to dominate the Lip care products market, during the projection period. The North American region has growing disposable income due to this people want a premium quality product that leads to growth of the market.
Key Industry Development:
· In June 2021, Avon includes products for lip and face that harness the rejuvenating, calming benefits of Cannabis Sativa Seed Oil to expand its collection. The new products to the line include a lip balm, for a moisture hit; a lip elixir, for clear, non-sticky, reflective shine; an illuminating essence, for an instant subtle glow; and a sheet mask, for a nourishing, calming break.
· In August 2021, COSRX, a leading skincare brand that has been used at a major scale in the U.S. COSRX is introduced their first collection of lip products at ULTA and cosrx.com.
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Lip Care Products Market Segmentation:
· Medicated & Therapeutic
· Sun Protection
By Product Type
· Lip Balm
· Lip Butter
· Lip Oil
· Lip Scrub
· Lip Conditioner
By Product Form
By Price Range
By Distribution Channel
· Specialty Retailers
· Pharmacies and Drug Stores
· Online Stores
For this report, Introspective Market Research has segmented the Lip Care Products Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
Rest of Europe
Rest of Asia-Pacific
Middle East & Africa
Rest of MEA
Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Lip Care Products Market study looks deeply into the worldwide market's competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER's Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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