The major factors driving the growth of the lipstick market are the surging e-commerce sale of cosmetics and rising demand for such products from working women. From $9.2 billion in 2018, the market revenue is projected to grow to $13.4 billion in 2024. During the forecast period (2019–2024), the market is expected to witness a 6.6% CAGR. One of the most common beauty products, lipsticks contain oils, pigments, emollients, and waxes.
When segmented by product type, the lipstick market is categorized into matte, satin/sheer, glossy, crème, metallic, natural, shimmer/pearl/frost, luminous, and others. Among these, the satin/sheer category led the market during the historical period (2014–2018), as such products moisturize and nourish the lips. During the forecast period, the matte category is projected to observe the highest CAGR, owing to the diverse color range in which these lipsticks are available.
Supermarkets/hypermarkets, cosmetic stores, department stores, convenience stores, parlors, online, and grocery shops are the various divisions under the distribution channel segment. Among these, department stores accounted for the highest revenue in the lipstick market in 2018. During the forecast period, the online division is predicted to grow the fastest, as this distribution channel saves customers the time and effort spent in visiting physical stores and also offers a number of options. This is significant from the point of working women, whose number is growing across the world.
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The increasing popularity of e-commerce websites, which is itself a result of the surging internet penetration across the world, is a key reason for the progress of the market. In 2017, 48% of the global population and 45% women in the world used the internet. Due to this, e-commerce sales, especially of fast-moving consumer goods (FGCG), including lipsticks, are also increasing rapidly. For instance, beauty products accounted for almost 85% of all e-commerce sales in the U.S., in 2017.
As good appearance is claimed to boost confidence, an increasing number of working women are using cosmetics, including lipsticks. Women between the ages of 15 and 64 numbered 2.42 billion in 2017, and around 53.8% of them were employed. The number of working women is predicted to rise further, owing to the improvements in the education system and increasing employment opportunities for females. This, in turn, is expected to give a boost to the sale of such products and drive the lipstick market.
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Along with increasingly purchasing lipsticks, consumers are also swiftly becoming aware of the ingredients being used in their manufacturing. This is why lip coloring products containing natural and organic ingredients are becoming a key market trend. This is especially apparent in Europe and the U.S., where the concern over chemical-laden beauty products is rising. Even though organic cosmetics are slightly more expensive than conventional ones, their sales are increasing, owing to the growing disposable income in developed countries.
Geographically, the lipstick market was dominated by Europe in 2018, and the situation is projected to be the same till 2024. However, the market is expected to display the highest CAGR in the Asia-Pacific (APAC) region. The major factors driving the regional market would be the increasing number of women with financial independence and surging social media influence. Additionally, the middle-class people in the region are rapidly purchasing luxury products, such as cosmetics.
Thus, with the number of working women rising and access to internet increasing, the sale of lipsticks would keep surging across the world.
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