The Global Lip Care Market size was valued at $ 2 billion in 2020 and is projected to reach $3.55 Billion by 2030, registering a CAGR of 5.9 % from 2021 to 2028.
Rising concerns owing to prolonged exposure to the sun, lip darkening, premature aging, and dryness marks for finer products among the consumer base. The segment of lip care products includes chap stick, lip balm, lip oil, lip scrub, among other products that offer protection from UV radiation, and dryness of lips. However, it provides a slim layer on the surface of the lips to conceal the moisture in the lips and protect them from external exposure. The ingredients required for the lip care market include beeswax or carnauba wax, paraffin, cetyl alcohol, and camphor and lanolin among others.
The demands are increased in the winter season as the demands are high when the lips are more vulnerable to dryness. However, in recent years, there has been a major surge in male consumers due to the continuous increasing trend of grooming among men. However, females are generally the major consumers of the lip care products market and skin-related issues such as premature aging or actinic cheilitis have resulted in an increased demand for sun protection or UV protected lip care products among consumers.
MARKET SEGMENTATION FOR LIP CARE PRODUCTS
The Global Lip Care Market is segmented by product type, gender, price range, distribution channel, and region. Based on product type, it is categorized into non-medicated, medicated & therapeutic, and sun protection. By gender, it is divided into male and female. The lip care market price segment is bifurcated into a premium, mid and low. Based on the distribution channel, it is divided into hypermarket/supermarket, drug store, specialty retailers, online stores, and others. The products of the lip care market are readily available according to skin type, gender, age, and skin demands.
Based on geography, the global lip care market is bifurcated into North America, Europe, APAC, Latin America, and others. The market of global lip care is majorly dominated by European players in contemporary times however, North America is also generating a major chunk of the revenue during the forecast period from 2021 to 2028. A rise in demand in lucrative economies such as the U.S and Canada owing to increased health and well-being awareness among the living population. Moreover, Asia Pacific is expected to gain a higher growth rate in the market while some of the other regions deemed important for market growth could be the Middle East and Africa (MEA).
KEY PLAYERS OF LIP CARE MARKET
There are some established players in the global market for lip care products; however, small and medium-sized companies have also created a significant impact as the market has expanded in recent times. Some of the leading players of the global lip care market are L'Oreal Group, Kao Corporation, Natura & Co. (Avon Products, Inc.), The Himalaya Drug Company (Himalaya Global Holdings Ltd.), Blistex Inc., Revlon Inc. (MacAndrews & Forbes), The Procter and Gamble Company, Bayer AG, Unilever PLC, and Beiersdorf AG among others.
MARKET SEGMENTATION OF LIP CARE PRODUCTS MARKET
By Product Type
By Price Range
By Distribution Channel
MAJOR KEY PLAYERS OF THE GLOBAL LIP CARE MARKET