Published Date: 31-Jan-2020
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According to a new report Global Lip Care Products Market, published by KBV Research, The Global Lip Care Products Market size is expected to reach $1.1 billion by 2025, rising at a market growth of 6.73% CAGR during the forecast period. With the growing demand for sun protection factor (SPF)-based products among young people, the global lip care product market is expected to grow in the near future. The demand for lip care products on the global platform could rise considerably due to rising beauty concerns, specifically among women. In the coming years, the market could grow to a greater extent due to scores of convincing and entertaining advertisements produced that promote the use of lip care products.
Non-medicated lip products were the largest category of products in 2018 as a result of increasing demand for grooming products. Increasing millennial spending on grooming and maintaining health and hygiene has raised the demand for lip balms and other such products over the coming years. The Sun Protection market is expected to witness a CAGR of 7.7% during (2019 - 2025).
The Offline market dominated the Global Lip Care Products Market by Distribution Channel in 2018. The online sales channel sub-segment is projected to witness the highest growth rate from 2019 to 2025. The factors driving growth are a high degree of convenience and ease of shopping associated with this channel.
The Asia Pacific was the biggest market for lip care products with a major revenue share due to a significant increase in awareness among millennials of personal care and grooming products. India, China, South Korea, and Japan are some of the largest markets for personal care and cosmetics in the region. The Europe market is anticipated to grow at a CAGR of 6.2% during (2019 - 2025). Additionally, The North America market would witness a CAGR of 6.1% during (2019 - 2025).
Structural Insights: https://www.kbvresearch.com/lip-care-products-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of L'Oreal Group, Kao Corporation, Natura & Co. (Avon Products, Inc.), The Himalaya Drug Company (Himalaya Global Holdings Ltd.), Blistex, Inc., Revlon, Inc. (MacAndrews & Forbes), The Procter and Gamble Company, Bayer AG, Unilever PLC, and Beiersdorf AG.
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