It appears the market for lip care products has weathered the recent economic downturn as the global market dominates in Europe and has been estimated to reach $1.9 billion (€1.5 bn) by 2017.
The lip care segment is continuing to display positive returns in both developed and developing markets thanks to new product innovations, rising consumer interest and disposable income.
According to a new report by CompaniesandMarkets.com, 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.
“Over the last few years, lip care products have no longer remained an ambit of women, as men are also using more and more of cosmetics and toiletries,” says the study.
“The rising demand from men has influenced several companies to roll out cosmetic products specifically, skin care, sun and lip care products for men.”
Lip care products are most widely used by the teenage group. Since 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.
Sun care parallels
Like sun care items, lip care products also 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, according to the report, 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 anti-oxidant activity.
Europe dominates the world lip care products market, with the US 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 US. 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 per cent over the next five years.