The global lipstick market is expected to post a phenomenal CAGR between 2016 and 2022. Lipsticks are considered an affordable luxurious item among women. Social media is playing a vital role in the development of the market. Increasing amount of time spent by people on social media is triggering their appearance consciousness. Burgeoning trend of posting pictures on social media is, therefore, likely to stimulate the growth of the market.
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Consumers are becoming more conscious about the use of cosmetics in their daily lives in an effort to boost their style quotient and overall personality. Surging usage of cosmetic products can provide a fillip to the market. Widening base of working women is one of the key factors driving the market. Rising disposable income and subsequently improving per capita expenditure on beauty products can augment the market.
Developing countries offer significant growth opportunities to market players. Widening base of young population, rapid urbanization, and changing lifestyles are estimated to stoke the growth of the market. To consolidate their presence in these regions, market players are offering products at low prices, which is anticipated to lead to greater sales of lipsticks.
Celebrity endorsements and fashion shows act as major brand promotion strategies. Growing investments by manufacturers in product marketing are poised to positively influence the lipstick market. Looking at the phenomenal potential exhibited by the market, a large number of celebrities are venturing into the market and are trying to strengthen their presence by launch of new ranges of products. For instance, in December 2017, Kylie Jenner launched her collection of 20 lipsticks called the Silver Series under her brand, Kylie Cosmetics.
On the other hand, presence of toxic substances in lipsticks is limiting their large-scale sale. Excessive intake of toxins such as lead and cadmium, which are present in lipsticks in small quantities, can have adverse effects on the body. Moreover, growing geriatric population in developed countries such as U.S., U.K., and Japan can inhibit market growth. Appearance consciousness among women diminishes with aging, thereby posing a challenge to market growth.
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Nevertheless, changing consumer preferences are compelling manufacturers to invest in research and development activities to offer natural and safe products. Introduction of new collections that include natural products is projected to shape the future of the market.
The global lipstick Industry has been segmented on the basis of product, applications, and geography. Based on product, the market has been divided into cream lipsticks, matte lipsticks, satin and sheer lipsticks, and others. In terms of end users, the lipstick market has been classified into male, female, children, and others.
Geographically, the lipstick market has been categorized into Asia Pacific, North America, South America, Middle East and Africa, and Europe. Asia Pacific is expected to remain a key revenue contributor in the market throughout the forecast period (2017 to 2022). Rising disposable income of the populace in countries such as China and India is supplementing the growth of the regional market. High population growth rate and innovative marketing techniques employed by manufacturers will ensure strong demand for lipsticks in the region.
Some of the prominent companies operating in the global arena are L’Oréal, Chanel, Avon, Mary Kay, and Estee Lauder.
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