TAGS: Decorative Cosmetic
According to a new report by Grand View Research, the global lip care products market size is expected to reach USD 3.1 billion by 2028, registering a CAGR of 5.9% over the forecast period.
Vegan & Organic Lip Care Products
The demand for lip care products is witnessing rapid growth owing to the growing concerns regarding personal grooming and appearance. An increasing number of beauty and health-conscious consumers are preferring vegan and organic lip care products, which has resulted in increased adoption of these products.
Products, such as lip balms, scrubs, and masks, containing ingredients, such as hyaluronic acid and essential oils like coconut & olive oils, are gaining immense popularity. The presence of essential oils is primarily intended to provide nourishment, and offer protection against dust, UV rays, and cold, which is driving their adoption in regular beauty regimes.
Largest Segment- Lip Balm
The lip balm segment held the largest segment in 2020 and is expected to maintain dominance over the forecast period. Lip balms are intended to offer the benefits of instant hydration and moisturization, which is driving their adoption as an essential lip care product. The growing availability of lip balms with various fragrances, flavors, plant-based ingredients, sizes, and shapes, are boosting the market growth.
The hypermarket & supermarket distribution channel segment accounted for the largest revenue share in 2020. An increasing number of product manufacturers are offering their lip care range through these stores. The global market is consolidated owing to the presence of a large number of international players.
Source: Grand View Research