This industry research report presents a detailed segmentation of the global lip care products market by distribution channel (hypermarkets and supermarkets, specialty retailers, pharmacies and drugstores, and others), by product (non-medicated lip care products, sun protection lip care products, and medicated and therapeutic lip care products), and by geography (the Americas, APAC, Europe, and MEA). Leading vendors in the market are Avon, Beiersdorf, L’Oréal, Revlon, and Unilever.
Technavio’s market research analysts estimate the global lip care products market to grow at a CAGR of almost 5% between 2016 and 2020. Continuous product innovations to gain consumer interest is the primary driver for the market. Manufacturers are making considerable investments to augment their R&D capabilities and focus on broadening their product portfolios to stay in the competitive market. At present, Europe dominates the global lip care products market by accounting for over 33% of the net market value. The fast-growing trend of health and wellness and the accessibility of premium products through e-retailers are some of the factors that will contribute to the growth of the lip care products market in this region over the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the lip care products segments by product.
“The demand for natural and organic lip care products is increasing rapidly due to the increasing awareness about the problems posed by synthetic lip products. Adhering to this trend, manufacturers are focusing on the development of organic components safe for use in these products. The increasing demand for multifunctional products is also expected to have a positive impact on the market by 2020,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
Currently, the non-medicated lip care segment dominates the global lip care market by accounting for a market share of almost 68%. Inclusive of products such as lip butters, lip conditioners, and lip balms that provide moisturizing benefits and shine, the primary target consumers of the non-medicated lip care products segment comprise of teenagers and millennials. ChapStick, Vaseline, Carmex, and L’Oréal are some of the key vendors in this segment.
The key vendors in the global lip care products market include Avon, Beiersdorf, L’Oréal, Revlon, and Unilever. The global lip care products market is moderately competitive because of the presence of some well-established vendors offering a broad range of products. Celebrity endorsements and fashion shows are important marketing strategies used by manufacturers to showcase their new products. Vendors compete on the basis of product portfolio, product differentiation, quality, and pricing to gain market shares. With the rising demand for improved quality products, the market is expected to witness an influx of new and quality product launches, which in turn will drive the market in the near future.
A more detailed analysis is available on the Technavio report, Global Lip Care Products Market 2016-2020.
