Lip Care Product Global Market Report 2023
Major players in the lip care products market are L’Oreal Groupe, Unilever PLC, Bayer AG, Kao Corporation, Revlon Inc., Avon Products Inc., The Clorox Company, Carma Labs Inc., EOS Products LLC, Carma Laboratories Inc.
New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lip Care Product Global Market Report 2023" - https://www.reportlinker.com/p06323887/?utm_source=GNW
, Forest Essentials, The Colgate-Palmolive Company, The Estée Lauder Companies Inc., Johnson and Johnson, The Procter & Gamble Company, and Kiehl’s LLC.
The global lip care product market grew from $2.17 billion in 2022 to $2.34 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The lip care product market is expected to grow to $2.95 billion in 2027 at a CAGR of 5.9%.
The lip care products market consists of sales of lip care products such as lip gloss and lip oil.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Lip care products used to improve the condition of lips by moisturizing, protecting, and healing them. Lip care products are used to replenish lips overnight and make them supple and less chapped.
Asia-Pacific was the largest region in the lip care products market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the lip care products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in the lip care products market are lip balm, lip butter, lip conditioner, lip scrub, and others.The wax-like substance applied externally to the lips to smooth, moisturize, and treat rough or dry lips, angular cheilitis, cold sores, or stomatitis is referred to as the lip balm product.
These are used by both females and males and are available in stick packaging, tube packaging, cosmetic packaging, and other packaging ranges. The various distribution channels include hypermarkets and supermarkets, pharmacies and drug stores, specialty stores, online, and others.
Rising urbanization all over the globe is expected to propel the growth of the lip care product market going forward.Urbanization refers to the movement of people from rural to urban settings and increasing population densities in urban areas.
Growth in urbanization is increasing focus on personal care, body appearance, beauty, and health consciousness, which will further drive the lip care product market growth. For instance, according to the Department of Economic and Social Affairs of the United Nations, 68% of the world’s population ( 2.5 billion) is projected to live in urban areas by 2050. Therefore, rising urbanization is driving the lip care product market.
Product innovations are the key trends gaining popularity in the lip care product market.Major companies operating in the lip care product market are focused on manufacturing innovative products to lead the market.
For instance, in June 2021, Ethique, a New Zealand-based beauty products company, introduced the first line of zero-waste lip balms with home-compostable packaging free of plastic. The lip balms contain ingredients such as jojoba oil, moringa oil, and castor oil to help keep lips hydrated and smooth.
In March 2022, Cosmetic Solutions, LLC, a US-based turnkey private label skincare manufacturer and leader in custom formulation of personal care products acquired Private Label Select for an undisclosed amount.With the acquisition, Cosmetic Solutions would expand its current product offerings and capabilities to include organic and anhydrous personal care products.
Private Label Select is a US-based manufacturer of personal care and organic cosmetics.
The countries covered in the lip care products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The lip care products market research report is one of a series of new reports that provides lip care products market statistics, including global market size, regional shares, competitors with a lip care products market share, detailed lip care products market segments, market trends and opportunities, and any further data you may need to thrive in the lip care products industry. This lip care products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
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