According to the latest report by IMARC Group, titled “Lipstick Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global lipstick market size reached US$ 12.6 Billion in 2018. Lipsticks are one of the essential cosmetic products which help in enhancing the beauty and protecting the lips from harmful elements like sun, wind and dry air. They are generally made by combining castor oil, paraffin, beeswax, beetroot juice, Shikaki fruit powder, lemon oil, and orange and vanilla essence. Nowadays, manufacturers are introducing a wide range of herbal and organic lipsticks in different colors and customized cosmetic boxes. These lipsticks have the consistency of a gloss and long staying power with moisturizing properties, which help to prevent lip chapping.
Global Lipstick Market Trends:
One of the major factors driving the lipstick market growth is the rising beauty consciousness among the younger generation. Along with this, there has been an increase in inclination toward e-commerce platforms, which are adopting different marketing strategies to promote their products, such as celebrity endorsements and advertisements on social media. Furthermore, rising awareness about the usage of harmful ingredients in cosmetics has increased the demand for natural and safer products. Owing to this, market players are studying the usage of natural ingredients in their offerings. For instance, they are experimenting on the use of anthocyanins (pigments naturally found in many foods) as colorants in lipstick. Anthocyanins are not only harmless but also provide anti-inflammatory and antioxidant effects. Besides this, market players are offering halal-certified lipsticks. These products are also attracting non-Muslim consumers, which in turn is boosting the sales of lipsticks across the globe. Looking forward, the market value is projected to reach US$ 17.1 Billion by 2024, registering a CAGR of around 5% during 2019-2024.
- Based on the product type, satin/sheer dominates the market, holding the largest market share. Other major product types include matte, crème, gloss, metallic and shimmer.
- On the basis of the color, the market has been segmented into red, pink, nude, maroon and others. At present, red represents the most popular color of lipstick, accounting for the majority of the global market share.
- The market has been categorized based on the applicator into cream, palette, pencil, tube/stick and liquid lipstick. Amongst these, lipstick tube/stick exhibits a clear dominance in the global market.
- On the basis of the age group, 18-30 years hold the biggest market share. Other age groups are under 18 years, 30-40 years, 40-50 years and above 50 years.
- The market has been divided based on the gender into female and unisex; wherein females dominate the market.
- Based on the distribution channel, the market has been segregated into departmental/grocery stores, multi-branded retail stores, supermarkets and hypermarkets, exclusive retail stores, online channels and others.
- Region-wise, Europe enjoys the leading position in the global market. Other major regions are North America, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being L'Oréal SA, Procter & Gamble (P&G) Company, Avon Products, Inc., Shiseido Company, Limited, LVMH Moët Hennessy – Louis Vuitton SE, Estee Lauder Companies Inc., Oriflame Holding AG, Revlon, Inc., Markwins Beauty Brands, Inc., Stargazer Products, Coty Inc., The Clorox Company, DHC Corporation, Johnson& Johnson, Chanel S.A., Inglot Cosmetics, Unilever Group and Rohto Pharmaceutical Co., Ltd.
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