According to Companies and Markets' Lip Care Product Market report, Europe is dominating the global lip care products market, estimated to reach US $1.9 billion by 2017. Who's responsible for this expected surge in the global market? One big contributor is the fashion industry—trends, new product introductions, rising consumer interest and disposable income.
The market for lip care products weathered the recent economic downturn and continued to display positive returns in both the developed and developing markets. Product innovations, safe and healthy organic products, enhanced features and economical pricing are key factors that will steer high growth in the market over the years.
Lip care products are most widely used by the teenage group. Since product/brand loyalty is established at an early age, manufacturers are counting on the possibility of the teenage segment consumers continuing to use the same products as they grow up.
Like sun care items, lip care products have a seasonal aspect and sales tend to increase in the winter when consumers feel the need to protect their lips from harsh conditions, and to repair the chaps that can result from the weather and from colds and flu. However, sales are growing of lip care products developed as an adjunct to the sun care regime. More products carry SPF ratings and claims of UV protection and antioxidant activity.
Europe dominates the world lip care products market, with the United States trailing in terms of lip care product sales. Emphasis on youthful appearance is one of the major factors driving the sales of lip care products in the United States. Rising concerns regarding health, such as awareness of skin cancer also attributed to sales increase.
However, fastest is likely to appear from the emerging Asia-Pacific, Latin America, Middle East and Eastern European markets. Growth wise, Asia-Pacific is projected to be the fastest growing regional market for lip care products, with a CAGR of about 6.4 percent over the next five years.
