"Overview of Lip Care Products market"
The Lip Care Products Market valued US$ XX Mn in 2018 And It Is Estimated To witness more than US$ 1.5 Bn By 2027, Likely To witness a CAGR Of 8.3 % During The Forecast Period
The global lip care products market has witnessed significant growth since the last few years and is anticipated to grow rapidly in the future. Some of the factors driving the growth of the global market include consciousness regarding personal health among consumers, cost efficiency of lip products, rising awareness regarding using lip and skincare products, and availability of multiple varieties.
Rising Awareness Regarding the Benefits of Using Sun Care and Lip Care Products is Likely Fuel the Growth of Global Lip Care Products market
The lip care products market is majorly driven by rising awareness regarding benefits associated with lip care products across the region. The lip care products safeguard the lips from dirt, sun, and impurities. Lip care products also used to moisturize the lips. Furthermore, unhealthy habits of smoking damage the lips, which result in increasing demand for these products to cure lip related issues such as wrinkles, chapping, and darkness. These factors are anticipated to fuel the growth of the global li care products market over the forecast period.
Non-medicated Lip Care Products Segment Dominates the Global Lip Care Products Market
On the basis of product type, the non-medicated segment is anticipated to dominate the global market, registering the highest market share over the forecast period. This is mainly due to the rising demand for grooming products across the globe. The non-medicated lip care products contain botanical ingredients, natural wax, and butter, which protects the lips from dirt, sun, and impurities. Moreover, the increasing spending for hygiene maintenance is expected to fuel the growth of the segment.
Furthermore, sun protection lip care products are projected to show the highest growth over the forecast period. The growth can be attributed to rising awareness regarding the harmful effects of UV rays among consumers.
Female Segment is projected to Show Highest Growth in Global Lip Care Products Market
By gender, the female segment had dominated the global lip care market during the forecast period. It is anticipated to continue during the forecast period. This is mainly due to the rising number of financially independent women and rising appearance consciousness across the region.
On the other hand, the male segment is expected to witness remarkable growth in the coming years.
Online Segment Is Anticipated To Exhibit Highest Growth During The Forecast Period
In terms of distribution channel, the online segment is projected to show the fastest growth rate in the coming years whereas the offline segment dominated the global market by holding significant market share in 2018.
The growth of the online segment can be attributed to ease of shopping and the level of convenience associated with these channels. Also, the tax deduction is lower in the case of online sales which is helping the segment to gain popularity.
Asia Pacific Held Significant Share in Global Lip Care Market In 2018
In terms of region, Asia Pacific is anticipated to be the dominant region over the forecast period. The region has registered a significant market share of more than 35 % in 2018. The major countries for lip care products in North America include China, Japan, and South Korea. One of the major trends in the APAC lip care products market is K-beauty (Korean beauty), which is derived from South Korea is helping in the growth of the lip care products market in the region.
North America is expected to show lucrative growth in the coming years. The growth of the region can be attributed to increase in adoption of lip care products across the region. These products also have applications in the pharmaceutical industry. The pharmaceutical industry in the U.S. is growing significantly which is indirectly putting a positive impact on the growth of the region.
Key Players are undergoing Merger & Acquisitions Activities to enhance their Reach
The global Lip Care Products market is consolidated with a few global players. In the global lip care products market, 4-5 companies hold more than 80 % of the market share. The companies are focused on research and development activities in order to develop new products and also add some value to their existing portfolio. This strategy is intended to strengthen its foothold in the global market. Also, enterprises are expanding their positions through strategic mergers and acquisitions with other players.
For instance, in June 2019, SC Johnson announced the completion of acquisition with Sun Bum. Sun Bum is one of the growing companies, specialized in developing hair care, sun protection, and lip care products.
Some of the prominent companies operating in the global lip care products market include Beiersdorf AG, L'Oréal S.A, The Himalaya Drug Company, Revlon, Inc., Avon Products, Inc., Kao Corporation, and Pfizer Inc.
Global Lip Care Products Market by Product
- Therapeutic & Medicated
- Sun Protection
Global Lip Care Products Market by Distribution Channel
Global Lip Care Products Market by End-User
Global Lip Care Products Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America