The global lip care products market is anticipated to reach USD 1.18 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 7.2% during the forecast period, 2019 to 2025. Increasing beauty consciousness among women and men both coupled with rising awareness about personal care and grooming products are the factors expected to drive the market growth from 2019 to 2025. Moreover, financial independence of women owing to increased participation in workforce is further proliferating the product demand. Furthermore, rising demand for personal grooming products among men to enhance their appearance is also driving the lip care product market.
These products are manufactured by blending natural ingredients and anti-oxidants to prevent the lips from getting dry and dark. Moreover, long-term exposure to sun can darken the skin of lips. This can be prevented by using lip care products having SPF content and elements such as titanium dioxide or zinc oxide. Nowadays, there is high demand for lip care products having natural and organic ingredients that help in nourishing the skin of lips making it soft and moisturized. This has enforced the manufacturers to develop new and natural products delivering extra benefits to the skin.
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The sun protection segment is expected to grow at the fastest CAGR of 12.8% over the forecast period owing to rising awareness regarding protection of lips against the sun damage. Asia pacific was the largest market for lip care products in 2018 owing to rising air pollution, fluctuating climatic conditions, rising disposable income levels and growing corporate sector. North America is projected to grow at the fastest CAGR owing to growing popularity of lip care products among women as well as men in this region.
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Further key findings from the report suggest:
• Asia Pacific is anticipated to grow at the fastest CAGR of 7.6% over the forecast period owing to increased spending of consumers on personal care and grooming products in countries such as India, China, South Korea, and Japan
• In 2018, the non-medicated product segment held the largest market share of over 65% due to rising popularity of personal care and beauty products among the consumers.
• The segment of online distribution channel is projected grow at the fastest CAGR of 7.6% over the forecast period due to ease of accessibility and convenience.
• Key players in this industry include Revlon, Inc.; L’Oréal S.A.; Kao Corporation; Pfizer Inc.; The Himalaya Drug Company; Beiersdorf AG; The Procter & Gamble Company; The Clorox Company; and Avon Products, Inc.
Million Insights has segmented the global lip care products market based on product, gender, distribution channel, and region:
Lip Care Products Product Outlook (Revenue, USD Million, 2015 – 2025)
• Therapeutic & Medicated
• Sun Protection
Lip Care Products Gender Outlook (Revenue, USD Million, 2015 – 2025)
Lip Care Products Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Lip Care Products Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa
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