Lip Care Product Global Market Report 2024

The lip care product market size has grown strongly in recent years. It will grow from $2.33 billion in 2023 to $2.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The expansion observed in the historical period can be ascribed to an aging population and the demand for anti-aging products, prevailing trends in beauty and cosmetics, the desire for natural and organic products, variations in seasons and weather conditions, and the impact of fashion and trends.

The lip care product market size is expected to see strong growth in the next few years. It will grow to $3.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be linked to a consumer base increasingly conscious of health, changes in beauty standards and fashion, expansion into emerging markets, the impact of social media and influencers, and a heightened focus on sun protection. Key trends in this projected period encompass solutions that are portable and on-the-go, a commitment to inclusive beauty and diverse representation, the introduction of multi-functional lip products, the influence of influencers and social media, and a heightened focus on lip treatments and overnight masks.

The anticipated growth of the lip care product market is closely tied to the global phenomenon of increasing urbanization. Urbanization involves the migration of people from rural to urban areas, leading to higher population concentrations in urban settings. This trend is fostering a heightened emphasis on personal care, physical appearance, beauty, and health consciousness, contributing to the anticipated growth of the lip care product market. As indicated by the Department of Economic and Social Affairs of the United Nations, it is projected that 68% of the world's population (2.5 billion people) will reside in urban areas by 2050. Hence, the upward trajectory of urbanization is a significant factor propelling the growth of the lip care product market.

Increasing demand for personal care and services is expected to propel the growth of the lip care product market going forward. Personal care and services refer to a broad range of activities and products that are designed to improve hygiene, appearance, and overall well-being. Personal care and services are vital in creating a demand for lip care products by influencing consumer preferences, promoting self-care routines, and driving the adoption of specialized lip care solutions within the broader spectrum of beauty and wellness. For instance, in September 2023, according to the Bureau of Labor Statistics, a US-based government agency, personal care products and services increased by 12.3%, following a large increase of 19.3% from 2021. Personal care products increased by 15.5% in 2021, while personal care services recorded a notable increase of 9.1%, compared to the 50.4% rise from 2021 . Therefore, increasing demand for personal care and services is driving the growth of the lip care product market.

The lip care product market is witnessing a prominent trend with a focus on product innovations. Leading companies in the lip care product market are dedicated to the creation of innovative products to establish their dominance. A notable example is Ethique, a beauty products company based in New Zealand, which unveiled the initial series of zero-waste lip balms featuring home-compostable packaging devoid of plastic in June 2021. These lip balms incorporate ingredients such as jojoba oil, moringa oil, and castor oil, designed to maintain the hydration and smoothness of lips.

Major companies in the lip care product market are intensifying their focus on the introduction of eco-friendly lip liners, exemplified by products such as PowerUpYourPout, as a strategic move to gain a competitive advantage. Eco-friendly lip liners are cosmetic items designed to define and outline the lips, incorporating sustainable and environmentally conscious features. For example, in November 2023, Schwan Cosmetics, a Germany-based cosmetic company, unveiled a new eco-friendly mechanical lip liner named PowerUpYourPout. Distinguished by its refillable design and formulation with skin-friendly ingredients, this lip liner underscores the brand's dedication to sustainability and environmentally conscious consumers. PowerUpYourPout is engineered to be long-lasting, offering a smooth and precise application.

In March 2022, Cosmetic Solutions, LLC, a US-based company specializing in turnkey private label skincare manufacturing and renowned for custom formulation of personal care products, completed the acquisition of Private Label Select for an undisclosed sum. Through this strategic move, Cosmetic Solutions aims to broaden its existing range of products and enhance capabilities by incorporating organic and anhydrous personal care items. Private Label Select, a US-based firm, is recognized for manufacturing personal care products and organic cosmetics.

Major companies operating in the lip care product market report are Johnson and Johnson, LVMH Moët Hennessy Louis Vuitton, The Procter & Gamble Company, Unilever PLC, Bayer AG, L’Oréal Groupe, The Colgate-Palmolive Company, The Estee Lauder Companies Inc., Kao Corporation, Jack Black LLC, Beiersdorf AG, The Clorox Company, Neutrogena, Avon Products Inc., Revlon Inc., Nivea, Kiehl's LLC, Bioderma, Burt's Bees, Maybelline, Carma Labs Inc., Carmex, Blistex, Forest Essentials, EOS Products LLC, La Roche-Posay, Aquaphor, ChapStick, Vaseline, Softlips Lip Balm, Fresh Inc., Glossier, Bite Beauty, Laneige, Tatcha LLC.

Asia-Pacific was the largest region in the lip care product market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lip care product market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the lip care product market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary products within the lip care market include lip balm, lip butter, lip conditioner, lip scrub, and other variants. Lip balm is a wax-such as substance applied externally to the lips to smoothen, moisturize, and address issues such as rough or dry lips, angular cheilitis, cold sores, or stomatitis. Both females and males use these products, and they are available in packaging such as sticks, tubes, cosmetics, and other formats. Distribution channels encompass hypermarkets, supermarkets, pharmacies, drug stores, specialty outlets, online platforms, and other channels.

The lip care product market research report is one of a series of new reports that provides lip care product market statistics, including global market size, regional shares, competitors with a lip care product global market share, detailed lip care product market segments, market trends and opportunities, and any further data you may need to thrive in the lip care product industry. This lip care product market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The lip care product market consists of sales of lip care products such as lip gloss and lip oil. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.