The latest report by IMARC Group, titled “Lip Care Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global lip care products market reached a value of US$ 1.8 Million in 2016. Lip care products are applied externally to moisturise and provide nourishment to the lips. These products offer relief to chapped lips and guard them from the drying effects of the environment. Lip care products are often composed of beeswax or carnauba wax, cetyl alcohol, camphor, paraffin, lanolin, petrolatum, etc. Some product variants also contain flavours, dyes, fragrances, salicylic acid, phenol and sunscreens.
Highlights of the global lip care products market:
- Product innovations and increasing awareness among the consumers regarding lip protection are expected to be the major demand drivers.
- Non-medicated lip care products account for the largest share in the global market.
- Europe represents the leading market for lip care products, holding the majority of the total share.
Higher awareness towards the protection of lips from overexposure to the sun, alongside an increasing interest in lip care products for men are the key factors driving the demand for lip care products. Apart from this, rising demand for organic and natural products, and continuous product innovations have resulted in the growth of the market. Furthermore, manufacturers are introducing faster and longer lasting formulas so as to attract a wider consumer-base. The additional factors that are expected to propel the market are rapid population growth, inflating disposable incomes and increasing affordability of lip care products. As a result, the global lip care products market is further expected to reach a value of around US$ 2 Million by 2022, exhibiting a CAGR of more than 4% during 2017-2022.
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On the basis of product type, the market is segmented into non-medicated lip care products, medicated and therapeutic lip care products, and sun protection lip care products. Currently, the non-medicated lip care product segment holds the majority of the total market share. Based on distribution channels, the report covers supermarkets and hypermarkets, department stores, specialty stores, convenience stores, pharmacies and drug stores, and others. On the basis of region, Europe presently accounts for the majority of the total global shares, representing the largest market for lip care products. Other major regions include North America, Asia Pacific, Latin America, and Middle East and Africa. On evaluating the competitive landscape of the market, it is found that the key players include L’Oréal, Revlon, Inc., Kao Corporation, Bayer and Unilever.
The report by IMARC Group has examined the global lip care products market on the basis of:
- Non-Medicated lip product
- Medicated and Therapeutic lip care product
- Sun protection lip care products
- Supermarkets and Hypermarkets
- Department Stores
- Specialty Stores
- Convenience Stores
- Drug Stores
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Major Key Players:
- Revlon, Inc
- Kao Corporation
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Company Name: IMARC Group
Contact Person: Anand Ranjan
Country: United States