Lip Care Products Market Size, Growth Rate Analysis 2021: Share and Revenue Analysis with CAGR Status, Market Drivers and Trends, Evolving Technologies Global Industry Forecast to 2025

The global lip care products market size is expected to reach USD 1.18 billion by 2025, exhibiting a CAGR of 7.2% over the forecast period, according to a new report published by Grand View Research, Inc. Rising consciousness regarding personal grooming among millennials and working-class population coupled with high demand for innovative products from women is projected to drive the market. In addition, a steady rise in the adoption of basic personal care products in a daily routine by men is expected to bode well for the growth. Moreover, the rising influence of media on beauty perception is anticipated to boost the product demand.
Lip care products contain a balanced concentration of ingredients, such as natural wax, butter, and botanical ingredients. The combination of these ingredients with antioxidant and anti-inflammatory properties help cure the dryness, cold sores, angular cheilitis, and split lips. A gradual shift in consumer preference from petroleum or wax-based lip protection products to organic ingredient-based products over the past few years has positively influenced the market growth. Moreover, rising awareness regarding protecting the lips from cold temperatures and dry air has propelled the product demand.
In 2018, Asia Pacific was the key consumer in the lip care products market, with a share of more than 35.0%, owing to the presence of high consumer consciousness regarding personal care and cosmetics in the countries, such as South Korea, China, and Japan. The U.S., on the other hand, is the largest and one of the most lucrative markets. The rising K-Beauty trend in one of the major factors fueling the skincare and cosmetics market. The craze for beauty and cosmetic products in these markets also represent some of the most sophisticated and selective cosmetics consumers. These consumer trends are expected to boost the demand for lip care products over the forecast period.
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Lip Care Products Market Report Highlights
• The revenue from the Asia Pacific is expected to witness a CAGR of 7.6% from 2019 to 2025 as a result of increased expenditure on beauty among consumers from South Korea, China, and Japan, among other countries
• Non-medicated lip products were the largest segment with a market share of more than 65.0% in 2018, owing to increasing demand for grooming products
• The online sales channel is anticipated to register the fastest CAGR of 7.6% from 2019 to 2025 owing to the convenience and ease of shopping associated with the channel
• Some of the major players operating in the lip care products market are L'Oréal S.A.; Revlon, Inc.; Kao Corporation; Bayer AG; Unilever PLC; Beiersdorf AG; Avon Products, Inc.; The Procter & Gamble Company; Pfizer Inc.; GlaxoSmithKline plc.; and The Clorox Company
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