Published Date : 30 Jul 19 | Views: 60 | Industry : Chemical & Material
The global Lip Care Market is segmented into two types such as by application and by type. By type, the market is segmented into lip conditioner, lip butter, lip balm, lip scrub, and Others. Lip balms are less expensive and widely used by women and men as well. The lip balm segment is likely to grab a substantial market share followed by Other segment. By application, the global Lip Care market is segmented into a drug store, online store, convenience store, modern trade, and Others.
For many international brands developing economies like China and India are the test markets. These brands preferably cater to the urban population in this region, therefore Asia Pacific is predicted to acquire a remarkable market share in the global Lip Care market. Increasing per capita income, and rising standard of living in developing countries are supplementing the market growth. Apart from this, other regions such as Europe and North America have also seen outstanding market growth in the past few years and foretold to grow in the predicted period.
Changing market dynamics and consumer habits lead manufacturers to come up with innovative products, and Lip Care products are no exception. The major market participant functioning in the market are Kao Corporation, Avon Products, Beiersdorf, Aktiengesellschaft, Inc., L'Oréal S.A., Shiseido Co., Ltd., The Procter & Gamble Company, Subaru Corporation, Unilever PLC, and Kiehl's, Johnson & Johnson Services, Inc., and The Estee Lauder Companies Inc.
Lip Care Products are immensely popular amongst youngsters because of its properties like moisture retention, sun protection, nourishment and protection against dust. Growing demand for SPF (Sun Protecting Factor) Lip care products among youth is likely to create market expansion.
Increasing the standard of living along with endorsement for lip care products by celebrities on different social media platforms is supplementing the growth of the global Lip Care market during the forecasted period. Additionally, multifunctional and organic Lip Care products are predicted to exhibit significant market growth in the years to come. However, chemical utilized lip care products are harmful to health, this leads consumers to switch towards organic lip care products.