The increasing urbanization, improvement in lifestyle, and trend of picture posting on social media are the key factors, encouraging the use of cosmetic products. Lipstick is one of those lifestyle products, which is affordable for every individual belonging to every section of the society.
In the developed countries, especially in Eastern Europe, the demand for lipstick has been increasing at a swift pace. The increasing number of working women is one of the key factors responsible for the increased usage of cosmetic products. The time spent by people on social media is increasing, which is boosting their appearance consciousness. The increasing young population in the developing countries, along with the growing disposable income of the people, is resulting in increased cosmetic product sales including lipsticks, which is further fuelling the growth of the global lipstick market. In order to encourage the consumers to purchase lipsticks in the developing countries, the key lipstick manufacturers, including L’Oreal Paris, are offering their products at low price.
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The key restraints in the growth of the global lipstick market includes the growing inclination of consumers towards neutral lip color in North America and Western Europe, and increasing geriatric population in certain countries, such as Japan and the U.K. The women geriatric population is expected to upsurge with a higher pace, as compared to men. The appearance consciousness of women diminishes with ageing, which hampers the growth of the cosmetic industry, including the lipsticks.
Based on type, the global lipstick market can be broadly segmented into matte, crème, shimmer, and long-wearing. Matte lipsticks are mostly dark in color, due to high pigment content in them. Crème lipsticks have more wax than matte lipsticks; therefore, they not only color, but also protect the lips. The shimmer lipsticks contain light-reflecting particles, which are usually silica, mica, synthetic pearl, and fish scales. The shimmer lipsticks are mostly light in color and are worn on special occasions. The long-wearing lipsticks are generally available as a two part system that includes base and gloss. The long-wearing lipsticks are worn by those people, who want the lipstick to remain for long time on lips. The demand for crème lipsticks and long-wearing lipsticks is growing at a fast pace, due to add-in benefits associated with them. Matte lipsticks are mostly popular among younger consumers.
The women above 30 years of age, in the developing countries, have been observed to be more selective about the type of cosmetic products they purchase. This has compelled the lipstick manufacturers to pay special attention towards the women population featuring within this age group. The celebrity endorsements for companies’ brands have been increasing in the lipstick market to allure more number of consumers. Fashion shows are another major brand promotion strategy, which is incorporated by the lipstick manufacturers.
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Asia-Pacific accounted for the largest share within the global lipstick market in 2014. China and India are expected to provide significant growth opportunities to Asia-Pacific lipstick market, owing to fast growth rate of population and increasing disposable income of people in these countries. The seasonal product launch by lipstick manufacturers have gained significant attention from the consumers, who search for new and innovative products.
The major companies operating in the lipstick market are L’Oreal Paris, Procter & Gamble, Estee Lauder, Shiseido, and Avon. There are large numbers of other regional and country-specific lipstick manufacturers, owing to which the market is fragmented in nature. The industry has also witnessed certain mergers among lipstick players, which is consolidating the industry to certain extent.
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