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The global lip care products market is being supported by the growing consumer focus towards personal care and grooming. The flourishing cosmetics and personal care industry is further driving the growth of the market. The non-medicated lip care products segment, among other categories, leads the global lip care products market. Although, the steadily growing demand for medicated and therapeutic category, owing to the rising health awareness among consumers, is expected to aid the industry growth over the forecast period. Region-wise, the Asia Pacific accounts for the majority of the share in the global market, followed by Europe. In the Asia Pacific, the rising consumer disposable incomes and increasing population are driving the industry for lip care products further.
With the advancements in technology, the customers are looking for convenient and hassle-free services, making manufacturers focus on enhanced customer experience in the virtual online space. In January 2020, Avon Products, Inc. (NYSE: AVP), a leading player in the industry, announced the launch of a new partnership with Rappi, an on-demand delivery service, which will provide customers with the delivery of Avon cosmetics within two hours of purchase in São Paulo in Brazil, and Bogotá and Medellin in Colombia, followed by its expansion to other cities in Latin America. Avon is becoming a digital-first, fast-beauty brand expanding the e-commerce experience for its customers to respond to their changing demand, further providing faster access to new beauty products, which is expected to aid the overall lip care industry globally. Moreover, with the rising disposable incomes, the consumers are ready to spend more on premium quality products, especially millennials, and thus, the manufacturers are developing products keeping in mind their likes and to satisfy their demand. In September 2018, Revlon Inc (NYSE: REV), another major player, collaborated with digital media company Refinery29 to develop and launch a new line of lipstick named Make Your Mark, aiming to tap into the media company's younger audience and expand its global reach. Such developments are expected to further aid the global lip care products market over the forecast period.
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The major players in the global lip care products market are Unilever, Beiersdorf, New Avon Company, Revlon, and L'Oréal Paris, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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