The global lipstick market is anticipated to exhibit a healthy CAGR during the forecast period (2013 to 2028), according to a report available on Million Insights. Lipstick is a popular cosmetic product that is mostly used by women to highlight their lips. It contains oils, wax, antioxidants, and emollients. Wax such as ozokerite, candelilla, and beeswax helps in proving specific and solid shape to lipstick. High melting point of these wax types make them essential for providing strength to lip colors. It is available in different shades and price range depending on manufacturer and marketing brand.
Increasing use of cosmetic products among young and working women owing to rising focus on appearance is anticipated to propel market growth. Availability of wide range of lip colors under all price range to cover all consumer segments is driving the market. In addition, rising demand for natural and organic cosmetic products among consumers to prevent their skin from chemicals is expected to boost sales. Moreover, increasing number of working women and their rising disposable income will drive the lipstick market over the forecast period.
To cater to rising demand for organic lip colors, manufacturing companies are investing in R&D to develop natural cosmetic products. For instance, Lakme Absolute recently launched Matte Ultimate Collection that suits every occasion. The range offers 12 different shades including fierce red and deep plum. Each shade offers soft and velvety matte texture that settles properly with application. The company has used plant based argan oil to make these lip colors that helps in natural nourichment of lips and prevent them from drying.
Based on product, the lipstick market can be categorized into matte, shimmer, cream, and longwearing. Matte segment is anticipated to witness fast growth over the forecast period. This is attributed to rising demand for matte finish lipstick among consumers across the globe. Changing consumer preference for dry lip color owing to natural looks and long-lasting property is expected to augment segment’s growth.
In terms of applicator, the market can be classified into pencil, palette, tube or stick, and liquid. Liquid segment is expected to witness fastest CAGR over the forecast period. This is attributed to increasing use of glitter finish and matte finish products by consumers. In addition, advent of wide range of lip colors in liquid form by manufacturers to match consumer demand is likely to stimulate segment’s growth in the coming years.
On the basis of age, the market is segmented into under 20, 20 to 30, 31 to 50, over 50. 20 to 30 age group segment is likely to contribute well to market revenue over the forecast period. This is attributed to increasing number of working women who like to wear lipstick
Based on distribution channel, the lipstick market can be bifurcated into online and offline. In 2018, offline segment dominated the market and accounted for highest market share. Increasing number of supermarkets and hypermarkets across the globe is driving segment’s growth. In addition, changing consumer preference for hypermarkets and supermarkets over conventional retail store will drive demand for offline distribution channels. This is owing to availability of wide range of branded cosmetic products with different price points in supermarkets and hypermarkets.
Regional segmentation includes Europe, North America, Asia Pacific, Central and South America, and Middle East and Africa. As of 2018, Europe dominated the market and help significant market share. Germany, France, Italy, Spain, and Poland are the prominent markets of this region. Rising demand for organic and natural lip colors owing to growing awareness regarding harmful effects of chemical based cosmetics Asia Pacific is anticipated to hold highest market share over the forecast period. This is owing to rising demand for luxury personal care products in developing countries such as India, China, Taiwan, and Malaysia. Growing penetration of international brands into these developing countries considering their market potential will drive regional growth.
Some of the key players in lipstick market are Shiseido Company Limited; L’Oréal SA, Revlon Inc.; Avon Products Inc.; and Oriflame Holding AG.
Leading players of Lipstick including:
• L'Oreal Group
• Estee Lauder
• Johnson& Johnson
Market split by Type, can be divided into:
• Lip stain
Market split by Application, can be divided into:
• Above 50
Market split by Sales Channel, can be divided into:
• Direct Channel
• Distribution Channel
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Research Support Specialist, USA