Global Lipstick Market is Anticipated to Hold a Value worth US$ 8.6 Billion by 2031: Transparency Market Research
Transparency Market Research
6 min read
Transparency Market Research
Increase in focus on beauty by the millennial, and Generation Z women is a key factor offering lucrative opportunities for market expansion
Wilmington, Delaware, United States, June 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2022, the global industry was estimated to be worth US$ 5.8 billion. It is expected to increase at a CAGR of 4.4% from 2023 to 2031, reaching US$ 8.6 billion by the end of 2031.
Growing self-consciousness about one's physical appearance, as well as a strong desire to improve one's personal fulfillment, are driving buyer interest in lipstick products. Additionally, an upsurge in interest for superiority and independent thought regarding common-use products, an innovative advancement in lip paint items, and participation in exclusive packaging are the variables that are likely to finally drive lipstick discounts.
likewise, urban expansion has boosted the ratio of workers considerably over what many would expect lipstick, leading to increasing lipstick sales. Similarly, the availability of various lipstick from numerous players creates vast retail space in the individual care area, hence increasing lipstick consumption.
In addition, as a consequence of evolving consumer lifestyle patterns and changing perspectives as a result of the continual dissemination of understanding regarding illnesses, many manufacturers have implemented strict policies and are focusing on utilizing natural and organic components in lipstick, which has boosted demands and will bolster lipstick revenue in the anticipated timeframe.
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Market Snapshot:
Report Coverage
Details
Market Revenue
US$ 5.8 Bn
Estimated Value
US$ 8.6 Bn
Growth Rate - CAGR
4.4%
Forecast Period
2023-2031
No. of Pages
170 Pages
Market Segmentation
Product Type, Finish, Weight, Price, Ingredients, End-user, Distribution Channel
Regions Covered
North America, Europe, Asia Pacific, Middle East & Africa, South America
Companies Covered
Amorepacific Corporation, Avon Products, Inc., Christian Dior SE, Coty, Guerlain, Inglot Sp. Z. O. O, L'Oréal S.A, Shiseido Company, Limited, The Estée Lauder Companies Inc., Unilever
Key Takeaways from the Market Report
In 2022, North America held a 41% share.
The market is gaining traction and is expected to grow at a CAGR of 4.5% in Asia Pacific over the forecast period.
The liquid type segment is gaining traction and is expected to grow at a CAGR of roughly 4.8% throughout the projected period.
In 2022, the matte finish segment is estimated to account for more than 58% of the worldwide market.
In 2022, Europe held a 30% share of the global market.
To distinguish their offerings from rivals and enhance the entire experience, companies have begun incorporating unique characteristics such as lipsticks with multicolor effects and lipsticks with additional hydrating or lip-smoothing attributes. Maybelline Company introduced new colors in 2023 that is long-lasting, water-resistant, and ideal for any complexion. During the projected period, all of these variables are projected to drive the lipstick revenue stream.
Instagram, YouTube, and TikTok are just a handful of the social media platforms that have contributed to the increasing prevalence of lipsticks and lip cosmetics. Influencers and beauty connoisseurs routinely publish lipstick reviews and samples, which go viral and spark interest among consumers. Grooming items are created by tech-savvy individuals and distributed via developing advertising platforms such as YouTube and Instagram.
New-age customers, particularly college students, and professional women, are being motivated by influencers and spending significant time discovering emerging popular DIY care and items, which are driving the lipstick market forward.
Lipstick Market: Regional Analysis
According to the lipstick market forecast, North America is likely to have a significant portion of the worldwide marketplace and retain this share throughout the forecast period. Considering the region's inclination towards employed women, increasing population, and rising financial independence, the customer base for the lipstick market continues to grow at a potential rate in North America.
Europe is one of the leading producers of lipstick. Companies in the region observe and emphasize R&D in order to create innovative goods using premium components at a reasonable cost in order to meet client needs. The region's evolving trends and evident growth potential have also resulted in the emergence of new companies.
Rapid urbanization in emerging economies such as China, India, Malaysia, and Taiwan has fueled the Asia Pacific market of lipstick. The increasing penetration of worldwide brands is projected to boost market growth in the coming years. Furthermore, creative and appealing packaging is expected to broaden the market's client base in this region.
Competitive Landscape
Transparency Market Research has profiled the following players in its global Lipstick market report:
Amorepacific Corporation, Avon Products, Inc., Christian Dior SE, Coty, Guerlain, Inglot Sp. Z. O. O, L'Oréal S.A, Shiseido Company, Limited, The Estée Lauder Companies Inc., and Unilever
The worldwide lipstick market is highly concentrated, with several large-scale manufacturers dominating the lion's share. Prominent lipstick producers are investing heavily in thorough studies and research, especially to offer organic and chemical-free cosmetics.
Sugar Cosmetics increased the range of its products in 2022 with the release of the new air-kissed powder lipstick, which features a groundbreaking powder composition that magically converts into a smooth matte cream with different beneficial attributes including being weightless, transfer-proof, and water-resistant.
YSL Beauty declared the introduction of personalized lipstick that can be customized from anywhere in January 2021, and it was released by Yves Saint Laurent. The brand is going to aid customers in choosing Rouge Sur Mesure via a simple mobile application powered by YSL's Perso.
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