Increasing demand for
lipsticks from working women and the growing popularity of e-commerce beauty
websites are the key factors driving the growth of the lipstick market. The market, in 2018, attained a size of $9.2
billion, and is projected to advance at a CAGR of 6.6% during the forecast
period (2019–2024). Growing at the current rate, the market is expected to
value $13.4 billion by 2024. In the report, the market is segmented by product
type, color, applicator, gender, distribution channel, age, and geography.
On the basis of
color, the lipstick market is
categorized into pink, red, nude, maroon and others, which include orange,
black, gold, violet, silver, green, silver, gray, white, yellow, purple, blue, and
multicolor. Among these, in 2018, the red color category held the highest
revenue share in the market and is further predicted to continue dominating it
in the near future. However, the nude color category is anticipated to register
the fastest growth at a CAGR of more than 8.0% in the sector.
Further, based on
product type, the lipstick market is
divided into shimmer/pear/frost, matte, satin/sheer, glossy, luminous,
metallic, crème, and natural. Among these, the demand for matte lipstick is
anticipated to record the fastest growth, witnessing a revenue CAGR of more
than 8.5% in the forecast period. It gives a velvety look to the lips and has
the ability to last all day. Further, it is available in a diverse range of
dark shades, due to which it is preferred by most women and is predicted to
grow. However, satin/sheer type lipstick is expected to contribute the highest
revenue to the market in the near future.
Across the globe, the
market is projected to register the fastest growth in Asia-Pacific (APAC)
during the forecast period. With surging social media influence and rising
female financial independence, the lipstick
market is rapidly progressing in the region. One of the major factors
driving the market around the world is the increasing inclination toward
e-commerce beauty websites. In the past few years, e-commerce platforms have led
to a transformation in the beauty industry, majorly due to the growing internet
penetration.
Across the globe, in
2017, the internet was being used by 48.0% of the global population, equaling
over 3.47 billion internet users, out of which females accounted for 45.0%
users. Besides this, the use of lip powder, particularly in matte lipsticks, is being
observed as a trend in the lipstick market.
It is gaining immense popularity among women, due to the creamy and smooth
texture of matte finish. It also consists of hydrating ingredients, including
glycerin, Vitamin E, and coconut oil, which keep the lips pigmented.
For a working woman, lipstick is
considered an essential product because it boosts their confidence. The increase in the number
of female professionals is resulting in a growing demand for lipsticks. This is
directly boosting the lipstick market
and creating ample growth opportunities for key manufacturers, such as Shiseido
Company Limited, L’Oréal SA, Avon Products Inc., Revlon Inc., and Oriflame
Holding AG.
Hence, due to the changing lifestyle and
growing appearance consciousness, the market for lipsticks is expected to
prosper at a significant rate in the near future.
