The global Lip Balm Market size was USD 784.2 Million in 2021 and is expected to register a revenue CAGR of 6.3% over the forecast period, according to a latest report by Reports and Data. Increasing awareness about healthcare and shifting consumer preference toward natural healthcare products are key factors expected to continue to drive revenue growth of the market to some extent.
The product's demand is expected to increase owing to rising lip-related problems such as chapping, darkening, wrinkles, and dividing caused by dehydration, allergies, nutritional, and vitamin deficiency, sun damage, and other factors. Thus, growing awareness about lip protection is driving demand for lip balms, which is driving revenue growth of the market.
Females are becoming interested in lip balm due to a growing trend in female grooming and males still use lip balm products more frequently. Actinic cheilitis, wrinkles, and faster lip aging can all result from prolonged, unprotected exposure to sunshine. This has raised consumer demand for a lip balm that offers sun protection. A larger consumer base has resulted from these manufacturers' increased emphasis on product innovation, the development of long-term and faster formulae, and appealing product lines for teenagers.
It is a poor habit to smoke cigarettes since it harms the lips and leads to particular problems such as wrinkling, chapping, and discoloration. This is just one of many important factors influencing the market for lip balm. Manufacturers of lip balm make investments in RD to provide innovative products that can adapt to changing consumer demands, which is expected to drive revenue growth of the market.
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Global Lip Balm Market Synopsis:
Revenue of the global consumer goods industry is expected to grow at a significant rate over the forecast period owing to various factors. Surge in global population, fast-paced globalization, rising demand for consumer goods, and increasing adoption of advanced technologies such as the IoT (Internet of Things), robotics, and 3D printing by manufacturers are among the key factors prompting industry revenue growth. Significantly changing consumer tastes and preferences, introduction of eco-friendly and sustainable product packaging solutions, growing demand for organic food products and ingredients, and increasing investments in FMCG logistics infrastructure development are other major factors accounting for the revenue growth of the consumer goods industry.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Top Companies Profiled in the Report:
- Kao Corporation,
- Revlon, Inc.,
- Beiersdorf AG,
- The Clorox Company,
- Unilever plc,
- Carma Labs Inc.,
- Avon Products, Inc.,
- eos Products,
- Himalaya Global Holdings Ltd.,
- L'Oréal S.A.
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Frequently Asked Questions (FAQs) Answered in the Report:
- What is the projected revenue growth rate of the global Lip Balm market?
- What are the major factors driving the growth of the global Lip Balm market?
- What are the imminent risks and challenges expected to restrain market growth in the coming years?
- What are the latest trends observed in the global Lip Balm market?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the Lip Balm market report?
By Type Outlook
- CBD or Hemp Oil
By Product Outlook
- Cream Lip Balm
- Gel Lip Balm
By Distribution Channel Outlook
- Specialty Stores
- Drug stores
- Online Stores
By Price Range Outlook
By Application Outlook
- Dry Skin
- Sensitive Skin
By End-Use Outlook
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