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Global Lip Care Products Care Market it is Expected to Reach More than US$ 1.5 Bn by 2027
Global the demand for lip care products is rising in recent years and is anticipated to grow during the forecast period. Key driving factors that are positively influencing the growth of lip care products in the market is increased health awareness among the customers. Its market is also influencing by the cost efficiency of lip products, consciousness about the lip and skincare and presence of various products in concern of lip and skin care products is influencing the market.
There are various advantages associated with the lip care products that shall drive the awareness regarding lip care products across the region. The customers are demanding lip care products due to the safeguard the lips from dirt, sun, and impurities. Lip care products are also applied as the moisturizer to the lips. Moreover, unhealthy habits of people such as smoking that damages the lips, it result in rising market growth of these offerings to treat the lip related problems including wrinkles, chapping, and darkness. These forces are projected to boost the market growth of the global lip care products during forecast period.
“Global Lip Care Products Care Market was Valued at US$ xx Bn in 2018 and it is Expected to Reach More than US$ 1.5 Bn by 2027, Likely to Grow with the CAGR of 8.3% During the Forecast Period”
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The non-medicated lip care products are dominating the lip care market due to its natural ingredients and other organic constituents. Thus the demand for the non-medicated lip care products are increasing in the recent time. The customers are increasingly becoming hygienic and spending more on skin care offerings enabling the market to propel at a rapid rate. Moreover, an increase in the purchasing power of the customers globally is also increasing the demand of non-medicated lip care products.
The Asia pacific region is projected to dominate the market of lip care products. This is by an increase in the population in this region and temperature extremities that could damage the skin is a key factors stimulating the market of lip care products in this market.
The market of lip care products is consolidated and is having moderate competition globally by the presence of few companies. These organizations are holding more than 80% of the market share for lip care products in the market.
Prominent players offering lip care products are listed as follows: Beiersdorf AG, L'Oréal S.A, The Himalaya Drug Company, Revlon, Inc., Avon Products, Inc., Kao Corporation, and Pfizer Inc.
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