The ever-growing importance of grooming, along with rising interest toward presentable appearance among aspirational, urban population for creating positive impression has paved numerous opportunities in the cosmetics sector. The emerging interest of personal grooming in working professionals in light of rising living standards has led to innovations in various cosmetic products, and lip care is no exception. A large number of revolutionary lip care products have been launched globally with an aesthetic appeal that peeks attention of consumers, thereby fuelling sales. Lip care products have gained immense traction among beauty- and health-conscious consumers, as these products provide nourishment and protection to lips against dust, drying effects of cold & wind, and harmful sun rays.
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APEJ to Prevail as Most Lucrative Region in Global Lip Care Market
Asia-Pacific excluding Japan (APEJ) currently dominates the global lip care market and is expected to prevail as the most lucrative region in the market. Dominance of APEJ in the lip care market can be highly attributed to rising availability of branded lip care products, increased affordability of consumers, and increasing presence of international and local brands in the region. In addition, robust expansion of the urban population in APEJ countries such as China and India has a pivotal role in growth of the region’s cosmetic sector, which in turn will positively influence rise of the lip care market in the region.
Lip balms are expected to remain sought-after among products in the global lip care market, mainly because of increasing availability of inexpensive and appealing lip balms in economies where price is a major concern. In addition, utilization of lip balms is highly concentrated among the rapidly growing youth population, which in turn holds positive growth prospects for sales of lip balms in the near future.
However, chemicals employed in the production of lip care products are being considered as harmful to health, which in turn has resulted into the consumer inclination toward organic lip care products. Leading players in the market are therefore introducing organic and multi-purpose lip care products for sustaining alongside growing trends. Demand for sun protection factor-based (SPF-based) lip care products from the youth population is a major trend being observed worldwide. Various entertaining & convincing advertisements, which promote use of lip care products, coupled with endorsements by celebrities on television and social media will further accelerate lip care products sales in the upcoming years.
6 Key Future Prospects of Lip Care Market for Forecast Period 2017-2026 (In Terms of Volume)
Accounting for over one-third share of the market, Asia-Pacific excluding Japan (APEJ) will continue to lead the global lip care market. North America and Europe will also persist as major markets for lip care, with sales collectively estimated to surpass 290,000,000 units by 2026-end.
Between Latin America and Middle East & Africa (MEA), the former will account for a relatively larger market share, whereas the latter will exhibit a comparatively higher CAGR through 2026.
On the basis of product type, lip balm will account for the largest market share, followed by lip butter. Lip balms will record the fastest sales expansion during the forecast period. Lip conditioner is also envisaged to exhibit a notable rise in sales through 2026.
Departmental stores and online stores are projected to prevail as fast-expanding sales channels in the global lip care market, with sales collectively estimated to exceed 145,000,000 units by 2026-end. However, modern trade will continue to account for the largest market shares, trailed by convenience store.
Based on price range, economic and medium segments will remain dominant in the market. Sales of lip care products in economic price range will register the highest CAGR in the market through 2026.
Sticks will continue to be the preferred packaging type for lip care products, with sales pegged to exceed 350,000,000 units by 2026-end.
Fact.MR’s report offers forecast and analysis on key players underpinning expansion of the global lip care market. The market players profiled by the report include Subaru Corporation, Kiehl’s, The Estee Lauder Companies Inc., Shiseido Co., Ltd., Avon Products, Inc., Johnson & Johnson Services, Inc., Beiersdorf Aktiengesellschaft, Unilever PLC, The Procter & Gamble Company, Kao Corporation, and L’Oréal S.A.
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However, chemicals utilized in lip care products are being viewed as harmful for health, thereby resulting into a paradigm shift toward adoption of organic lip care products. Manufacturers are therefore introducing multi-purpose and organic lip care products in order to stay in line with the growing trend. Demand for lip care products with sun protection factor among the youth population is another major trend being witnessed worldwide. Entertaining and convincing advertisements that promote utilization of lip care products, along with endorsements by popular celebrities on TV and social media are further expected to accelerate sales of lip care products in the near future.