TAGS: Decorative Cosmetic
According to a report by Grand View Research, the global lip care products market size is expected to reach USD 1.18 billion by 2025, exhibiting a CAGR of 7.2 percent over the forecast period. Rising consciousness regarding personal grooming among millennials and working class population coupled with high demand for innovative products from women is projected to drive the market.
Rising Awareness Regarding Lip Protection
A steady rise in adoption of basic personal care products in a daily routine by men to is expected to bode well for the growth. Moreover, rising influence of media on beauty perception is anticipated to boost the product demand.
Lip care products contain a balanced concentration of ingredients, such as natural wax, butters, and botanical ingredients. The combination of these ingredients with
antioxidant and
anti-inflammatory properties help cure the dryness, cold sores, angular cheilitis, and split lips.
A gradual shift in consumer preference from petroleum or wax-based lip protection products to organic ingredient-based products over the past few years has positively influenced the market growth. Moreover, rising awareness regarding protecting the lips from cold temperatures and dry air has propelled the product demand.
Asia Pacific: Key Consumer
In 2018, Asia Pacific was the key consumer in the lip care products market, with a share of more than 35 percent, owing to the presence of high consumer consciousness regarding personal care and cosmetics in the countries, such as South Korea, China, and Japan. U.S., on the other hand, is the largest and one of the most lucrative markets.
The
rising K-Beauty trend in one of the major factors fueling the skincare and cosmetics market. The craze for beauty and cosmetic products in these markets also represent some of the most sophisticated and selective cosmetics consumers. These consumer trends are expected to boost the demand for lip care products over the forecast period.
Source: Grand View Research