The lipstick market is anticipated to grow to a valuation of US$ 9.93 billion in 2023 and is projected to exhibit a CAGR of 6.8% from 2023 to 2033 to reach US$ 19.18 billion in 2033. The volume of lipstick sales is expected to increase as automakers adapt and evolve in response to the increasing demand for pure and natural component-based lipstick.
Data Points
Key Statistics
Expected Market Value (2023)
US$ 9.93 billion
Anticipated Forecast Value (2033)
USS 19.18 billion
Projected Growth Rate (2023 to 2033)
6.8% CAGR
The growing concern about one's appearance and the intense focus on improving one's personal fulfillment are key factors fueling interest in lipstick products. Furthermore, the surge of interest for excellence and independent thought, common-use items, a revolutionary advancement in lip paint products, and participating with premium packaging are the factors that will most ultimately drive lipstick bargains.
Similarly, urban development has raised the percentage of workers far above what many would assume lipstick, resulting in an increased sales rate for lipstick. Likewise, the accessibility of different lipstick from diverse stakeholders creates massive retail space in the individual care segment, thereby boosting lipstick sales increase.
Furthermore, with shifting consumer lifestyle habits and progressing mindsets as a result of the ongoing spread of knowledge about health issues, many makers have incorporated strict policies and are concentrating on using organic and natural materials in lipstick, which has bolstered requirements and will strengthen lipstick sales in the projected timeframe.
With the notable growth of smartphone adaptation and digital accessibility in previously undiscovered industry sectors, the volume of sales is expected to rise during the forecast time frame. Such breakthroughs are attributed to enhancing the accessibility of a broad range of products, allowing consumers to browse and list out specific items based on their quality and variety.
Because of modifications to lifestyles, increasing customer spending, higher levels of disposable income in emerging countries, and growing consciousness about the significance of appearance, the Asia Pacific region is projected to have the biggest market for lipsticks.
Europe is one of the largest manufacturers of lipstick. Automakers in the region follow an emphasis on R&D in order to supply innovative solutions employing high-quality additives at an inexpensive rate in order to fulfill consumer demands. The region's shifting patterns and observable growth potential have also resulted in the emergence of new players.
Furthermore, the local administration's recognition of personal consideration and preparation, as well as the appearance of culture to keep it classy with an aspiration towards the younger generation, have formed an opportunity for the sales volume to ramp up. The tube/stick segment dominated the market in 2022, accounting for approximately 65% of global revenue in terms of application. Customers prefer this applicator because it is simple to use and easy to transmit.
In 2022, hyper/supermarkets took over the market, accounting for more than 80% of total revenue. Hypermarkets and supermarkets are rapidly expanding as distribution channels around the world. Customer perception is switching away from traditional retail stores and towards hyper/supermarkets due to the broad range of merchandise available at different budgets.
Supply for matte lipsticks is expanding at a quicker rate due to additional advantages such as longer lasting than most sorts of lipstick and being appropriate for occasions that include a night out when touch-ups may be inconvenient. Cream lipsticks are favored by younger consumers. Therefore the range of varieties is expected to propel the market.
The number of people using social media and broadband penetration has increased. Carrying this into account, the majority of the prominent stakeholders in the lipstick market are considering advertising their goods and services via multiple social media channels. As a result, social media advertising is one of the most effective aspects used by numerous companies in the market.
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Lipstick Market Overview
According to the latest research by Future Market Insights, the lipstick market is set to witness steady growth during 2021-2031, registering a CAGR of around 6%. With the manufacturers coping and evolving according to the growing demand for organic and natural ingredient-based lipstick, the volume of sales of the lipstick is anticipated to grow.
What is Driving Demand for Lipstick Market?
The rising mindfulness about appearance and complement on improving individual fulfillment is the immense drivers energizing the interest in lipstick product. Besides, the popping interest for brilliance and individual thought, typical helpful items, innovative development in lip paint products, and engaging with premium packaging, are the reasons that are most likely going to drive the lipstick bargains.
Similarly, the expansion in the measure of working individuals with the fast urbanization has succeeded beyond what many would consider possible on lipstick, provoking an extended volume of sales for lipstick. Likewise, the availability of various lipstick from different players makes colossal retail space in the individual care segment, in this way, boosting the growth of lipstick sales.
In addition, with the changing lifestyles of the customers and evolving mindset with the continuous spread of awareness concerning health issues, many manufacturers have implemented strict policies and are focusing on using natural and organic ingredients in the lipstick, which has fueled the demand and will boost the sales of lipstick in the forecast period.
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E-commerce Likely to Augment Lipstick Sales
In the current era, the populace is largely aware of the various harmful ingredients used for the manufacturing of lipstick and the growing interest in organic ingredients has made the manufacturers move from general retailers to certified retailers, who are verified, service providers. In addition, the expanding product portfolios of various brands have created new opportunities for them to drive their sales through digital platforms.
In addition, with the significant development of adoption of smart cell phones and accessibility of web in unseen business areas further expects the development in volume of sales over the forecast period. Such advancements are credited to improve on the availability of a wide extent of products, which allows the customers to explore and list out selective products based on range and quality.
How has COVID-19 Impacted the Lipstick Market?
The outbreak of COVID-19 had not only affected the sales of lipstick volume but also had severely laid its effect on all the other industries. As regulated by the regional government, the populace was to stay at home to fight and stop the spreading of the virus. Being a product of the beauty industry, which is influenced by the huge crowds, the sale had fallen drastically since the beginning of the pandemic, as the gathering was strictly restricted.
In addition, the production of lipstick had also stopped because of the complete closedown of the industries due to a lack of employees. In addition, the medical, supermarkets, beauty stores were closed, affecting the sales of lipstick.
For the companies to survive, after the unwinding of the lockdown and as regulated by the regional government, the brands had cooperated and moved towards the production of sanitizer and other cleanliness products to regain the economy.
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USA and Canada Lipstick Market Outlook
USA and Canada are the leading regions in the adoption of e-commerce platforms, and thus it is anticipated from the regions to regain the lost economy of the volume of sales of lipstick. The regions had suffered critical damage during the pandemic and had heavily affected the manufacturers and suppliers. However, with the evolving retailers and manufacturers, the recovery of the volume of sales for lipstick is anticipated to grow in the forecast period.
In addition, manufacturers and industrialists coping with the growing demand for natural and organic ingredients in the manufacturing of lipstick have created an opportunity for the volume of sales to grow, inviting investors at the same time, which will regain the economy.
Europe Demand Outlook for Lipstick Market
Europe stands as of the main producers of lipstick. The manufacturers in the region follow and focus on R&D to be able to provide innovative products using high-quality ingredients at an affordable price range to fulfill the demands of the customers. The changing patterns and visible growth opportunities in the region have also led to emerging new players in the region.
Additionally, the awareness about personal consideration and prepping started by the local government with the presence of culture to stay classy with the inclination towards the millennials have created the opportunity for the volume of sales to boost. Moreover, the adoption of cheaper smartphones and availability of the web at moderate rates is to boost the sales of lipstick through digital platforms in the region.
Who are the Key Manufacturers and Suppliers in Lipstick Market?
Some of the leading manufacturers and suppliers of lip paint include
L’Oréal
MAKE-UP ART COMETICS.
Maybelline New York
NYX Professional Makeup
Revlon.
Estee Lauder Inc.
IMJU Co., Ltd.
Cezanne
IDA Laboratories Co., Ltd.
Chifure Corporation
SUQQU, istyle, Inc.
Shiseido Japan Co., Ltd.
Chanel
LVMH
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
