Asia Pacific’s dominance over the lip care market is likely to prevail in the forthcoming years. APAC lip care market has been significantly driven by increasing availability of the branded lip care product, rising presence of local and international brands and growing affordability of the consumers. Moreover, rapidly increasing urbanization in the developing countries such as India and China has been playing a fundamental role in the growth of Asia-Pacific’s cosmetic sector, leading to positive growth impact on the region’s lip care market. However, growing availability of conventional tips and alternative products for lip care have been hindering the growth of Asia-Pacific lip care market.
Lip balms are observed as the most sought-after product amongst the rest in Asia-Pacific lip care market. This trend is mainly attributed towards rising availability of appealing and inexpensive lip balms and the factor that price-range remains a major concern. The demand and supply of lip balms in Asia-Pacific lip care market is mainly driven by the large population pool together with growing young generation, increasing women employment, rising disposable income and improved standard of living.
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Apart from this, increasing beauty concerns by men population, inclination towards premium and luxury beauty products as well as rapidly increasing launch of advanced lip products integrated with new flavors are further anticipated to boost Asia-Pacific lip care market. China lip care market is likely to grow at an unprecedented rate owing to high inclination towards cosmetics. Korea is likely to emerge as a market hub for lip care and skin care products in Asia-Pacific.
Fact.MR is of the point of view that lip care market on a global basis is likely to expand at a moderate 4.5% CAGR over the assessment period, 2017-2026. Lip care products are anticipated to remain significantly lucrative amongst the health and beauty conscious consumers, as the products offer protection and nourishment to the lips against harmful sun rays, drying effects of wind and cold as well as dust.
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Furthermore, manufacturers are increasing their focus on product innovations, development of faster and long-lasting formulas as well as attractive choices for teenagers, thereby resulting in expansion of customer-base. Lip care products that are packed in sticks form are significantly sought-after amongst consumers on account of convenience provided in carrying as well as effective application of product on the lips. Sticks will thus continue to lead the lip care products packaging and the sales is likely to surpass US$ 2,000Mn by the end of 2026.
A paradigm shift owing to harmful effects on health has been observed from chemical-integrated lip care products towards organic lip care products. Key players and manufacturers are taking immense efforts in launching organic and multi-purpose lip care products for the purpose of staying upfront with the existing and emerging global market trends. Convincing and entertaining advertisements, which are promoting usage of the lip care products together with the endorsements by famous celebrities on social media and TV are further anticipated to drive demand and supply of the lip care products in the forthcoming years.
Mr. Rohit Bhisey
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