New York, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lip Care Product Global Market Report 2022" - https://www.reportlinker.com/p06323887/?utm_source=GNW
The global lip care products market is expected to grow from $1.98 billion in 2021 to $2.15 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The lip care products market is expected to grow to $2.64 billion in 2026 at a CAGR of 5.2%.
The lip care products market consists of sales of lip care products by entities (organizations, sole traders, and partnerships) that are used to improve the condition of lips by moisturizing, protecting, and healing them. Lip care products are used to replenish lips overnight and make them supple and less chapped.
The main types of products in the lip care products market are lip balm, lip butter, lip conditioner, lip scrub, and others.The wax-like substance applied externally to the lips to smooth, moisturize, and treat rough or dry lips, angular cheilitis, cold sores, or stomatitis is referred to as the lip balm product.
These are used by both females and males and are available in stick packaging, tube packaging, cosmetic packaging, and other packaging ranges. The various distribution channels include hypermarkets and supermarkets, pharmacies and drug stores, specialty stores, online, and others.
Asia Pacific was the largest region in the lip care products market in 2021. The regions covered in the lip care products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The lip care products market research report is one of a series of new reports that provides lip care products market statistics, including global market size, regional shares, competitors with a lip care products market share, detailed lip care products market segments, market trends and opportunities, and any further data you may need to thrive in the lip care products industry. This lip care products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
Rising urbanization all over the globe is expected to propel the growth of the lip care product market going forward.Urbanization refers to the movement of people from rural to urban settings and increasing population densities in urban areas.
Growth in urbanization is increasing focus on personal care, body appearance, beauty, and health consciousness, which will further drive the lip care product market growth. For instance, according to the Department of Economic and Social Affairs of the United Nations, 68% of the world’s population ( 2.5 billion) is projected to live in urban areas by 2050. Therefore, rising urbanization is driving the lip care product market.
Product innovations are the key trends gaining popularity in the lip care product market.Major companies operating in the lip care product market are focused on manufacturing innovative products to lead the market.
For instance, in June 2021, Ethique, a New Zealand-based beauty products company, introduced the first line of zero-waste lip balms with home-compostable packaging free of plastic. The lip balms contain ingredients such as jojoba oil, moringa oil, and castor oil to help keep lips hydrated and smooth.
In August 2019, Beiersdorf AG, a Germany-based company that manufactures and retails personal-care products, acquired Coppertone for a deal amount of $550 million.With this acquisition, Beiersdorf wants to further expand its leading position in the global sun care business.
Coppertone is a US-based sunscreen product manufacturing company.
The countries covered in the lip care products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06323887/?utm_source=GNW
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