The global lipstick market was worth US$ 12.6 Billion in 2018. Lipstick is a cosmetic product that is used to color the lips and contains oils, pigments, waxes and emollients. It is widely used for enhancing the texture of lips and providing a radiant look to the overall facial appearance. It is manufactured in a multi-stage process that begins with melting and mixing various ingredients, shaping them into tubular molds and then packaging the final product. Nowadays, lipsticks are also being enriched with vitamin E, glycerin and coconut oil to maintain healthy lips. They also act as a lip balm that provides both hydration and color to the lips. They are often worn by both men and women and are among the most commonly used makeup products across the globe.
Growing urbanization coupled with increasing working women base across the globe is the key factor driving the growth of the market. The demand for lipsticks has grown substantially among women owing to their escalating purchasing power along with the growing consciousness about physical appearance. Furthermore, e-commerce platforms have brought massive changes to the beauty industry by providing consumers with a well-designed and immersive shopping experience. Attractive price concession along with easy accessibility offered by online retailers has also resulted in increasing product demand. Additionally, aggressive promotional activities by leading brands and established manufacturers on popular social media sites such as Facebook and Instagram are also contributing to burgeoning product demand. Moreover, owing to growing health-consciousness, consumers are increasingly opting for organic and lead-free lipsticks. Other factors such as product premiumization along with the introduction of lipsticks with customizable shades and personalized applicators are also fueling the market growth further. Looking forward, IMARC Group expects the market to reach a value of US$ 17.1 Billion by 2024, registering a CAGR of around 5% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being L'Oréal, Procter & Gamble, Avon, Shiseido, LVHM, Estee Lauder, Oriflame, Revlon, Markwins Beauty, Stargazer, Coty, Colorox, DHC, Estée Lauder Companies, Johnson& Johnson, Chanel, Inglot Cosmetics, Unilever, Rohto, etc.
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