The global lip balm market size was USD 784.2 Million in 2021 and is expected to register a revenue CAGR of 6.3% over the forecast period, according to a latest report by Reports and Data. Increasing awareness about healthcare and shifting consumer preference toward natural healthcare products are key factors expected to continue to drive revenue growth of the market to some extent.
The product's demand is expected to increase owing to rising lip-related problems such as chapping, darkening, wrinkles, and dividing caused by dehydration, allergies, nutritional, and vitamin deficiency, sun damage, and other factors. Thus, growing awareness about lip protection is driving demand for lip balms, which is driving revenue growth of the market.
Females are becoming interested in lip balm due to a growing trend in female grooming and males still use lip balm products more frequently. Actinic cheilitis, wrinkles, and faster lip aging can all result from prolonged, unprotected exposure to sunshine. This has raised consumer demand for a lip balm that offers sun protection. A larger consumer base has resulted from these manufacturers' increased emphasis on product innovation, the development of long-term and faster formulae, and appealing product lines for teenagers.
It is a poor habit to smoke cigarettes since it harms the lips and leads to particular problems such as wrinkling, chapping, and discoloration. This is just one of many important factors influencing the market for lip balm. Manufacturers of lip balm make investments in RD to provide innovative products that can adapt to changing consumer demands, which is expected to drive revenue growth of the market.
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Market Dynamics:
The global Lip Balm market is rapidly gaining traction over the recent years and is expected to register robust revenue growth throughout the forecast period of 2021 and 2028. The consumer goods sector is rapidly growing due to factors such as paradigm shift in consumer preferences, rising demand for convenience and ongoing COVID-19 pandemic. Rapid revenue growth is attributed to factors such as rising disposable income, improvements in standard of living, and increasing preference for organic food and plant based food products. Moreover, rising health conscious population, increasing preference for online shopping and doorstep deliveries and growing inclination of veganism in several countries across the globe and increasing focus on developing novel products to cater to consumer demand are other factors expected to support market growth going ahead.
Competitive Landscape:
The research report offers details about leading companies in the global Lip Balm market along with global position, financial standing, license agreement, products and services portfolio and revenue contribution of each market player. Key players in the market are focusing on adopting various strategies such as mergers and acquisition, business expansion plans, new product launches, partnerships, collaborations, joint ventures to enhance their product base and gain robust footing in the market
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Major Companies:
- Kao Corporation
- Revlon, Inc.
- Beiersdorf AG
- The Clorox Company
- Unilever plc
- Carma Labs Inc.
- Avon Products, Inc.
- eos Products, LLC
- Himalaya Global Holdings Ltd.
- L'Oréal S.A
Market Segmentation:
The report also sheds light on the market segmentation based on type, application and region:
Lip Balm Market Segmentation based on Types:
- Flavored
- CBD or Hemp Oil
- SPF
- Tinted
- Plumping
- Organic
- Medicated
Lip Balm Market Segmentation based on Product Type:
- Cream Lip Balm
- Gel Lip Balm
Lip Balm Market Segmentation based on Distribution Channel:
- Hypermarkets/Supermarkets
- Specialty Stores
- Drug stores
- Online Stores
- Others
Lip Balm Market Segmentation based on Price Range:
- Premium
- Medium
- Low
Lip Balm Market Segmentation based on Application:
- Dry Skin
- Sensitive Skin
- Others
Lip Balm Market Segmentation based on End-use:
- Men
- Women
- Baby
Lip Balm Market Segmentation based on Regions:
North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East Africa
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