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Global Lip Care Products Market to Grow at a CAGR of 3.5% over the Forecast Period of 2021-2026.

According to a new report by EMR titled, ‘Global Lip Care Products Market Report and Forecast 2021-2026’, the global lip care products market stood at a value of around USD 2 billion in 2020. Further, the market is expected to grow at a CAGR of 3.5% in the forecast period of 2021-2026 to attain a value of around USD 3.5 billion by 2026.

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.

Market Breakup by Product Type, Distribution Channel, and Region:

  • The various lip care product types are non-medicated, medicated and therapeutic, and sun protection lip care products.
  • On the basis of distribution channel, the market can be categorised into supermarkets and hypermarkets, specialty retailers, pharmacies and drug stores, and online stores, among others.
  • Region-wise, the global lip care products market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.  

Key Findings of the Report:

  • The global lip care products market is being driven by the thriving cosmetics and personal care industry, which is flourishing due to the growing consumer focus on appearance and grooming. 
  • The increasing global population and rising disposable incomes, particularly in the emerging economies, is further aiding the industry.
  • Aggressive campaign strategies adopted by the key players for product advertisement is impacting the industry positively.
  • With the advancement in technology and diversification in the product line by manufacturers, the market for lip care products is further witnessing a healthy growth. 
  • The growing demand for organic and plant-based products is providing a further impetus to the market growth. 

Key Offerings of the Report:

  • The EMR report gives a detailed overview of the global lip care products market for the periods (2016-2020) and (2021-2026). 
  • The report offers historical (2016-2020) and forecast (2021-2026) market information for the product types, distribution channels and regional markets of lip care products.
  • It also provides an assessment of the industry based on the Porter’s Five Forces model along with a SWOT and value chain analysis.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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