According to Precision Business Insights, the Lip Care Products Market research report provides industry size and growth.
The Lip Care Products Market size was valued at USD 2.1 billion in 2022 and is expected to grow at a CAGR of 5.7% from 2023-2029. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period. Lip care products are used to protect the lips from chapping, dryness, cold sores, sun. Moreover, these can be used for medical conditions like stomatitis and angular cheilitis. Lip care products are prepared by using oil bases such as beeswax, petroleum, coconut oil, carnauba wax, paraffin, and others. Escalated demand for natural ingredient based lip care products, due to less skin irritation, high spreadability, and resilience, expected to drive the demand for medicated and therapeutic lip care products market. Surge in beauty consciousness, increase in expenditure on beauty products enables propel the growth of lip care products. Increased R&D towards male beauty products, inclination towards luxury and premium beauty products will enhance the revenue share of lip moisturizers market. Increase in introduction of innovative lip products with new flavors anticipated to boost the lip balm market growth. However, decreased inclination towards synthetic products, availability of cheap alternative products expected to hamper the growth of lip treatment market. The global Lip care products market is divided into following categories-
Category
Type
Usage
Application
End-users
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And lastly, on the basis of geographical regions, the global Lip moisturizers market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa regions. Europe dominate the market for lip care products followed by North America owing to huge expenditure on beauty products, time to time changes in fashion trends and beauty trends, cold climatic conditions of western countries enables create more lip problems and lip infections, which leads to the huge growth of Medicated and Therapeutic lip care products market. Asia Pacific, Middle East and Africa, Latin American regions also show significant growth rate in lip care products owing to the growing awareness among people, increasing expenditure on beauty products and care, rise in economical standards.
Some of the key players in the global lip treatment market include Loreal International (France) (Maybelline), Blistex, Incorporated (U.S.), Pfizer (U.S.) (Chapstick), Carma Laboratories (U.S.) (Carmex), Beiersdorf Global AG (Germany) (Nivea), THE BODY SHOP INTERNATIONAL PLC (U.K), Unilever (Vaseline) (U.K), The Himalaya Drug Company (India), Estee Lauder (U.S.) (Clinique), Burt'™s Bees (U.S.). Some of the market innovations include renowned lip care products brand EOS launched Crystal, first wax free lip balm with nourishing oils for weightless hydration in 2017.