Lip balm is a wax like substance which provides moisture to the lips and protect them from drying, darkening, and splitting caused by external exposure. It contains ingredients such as beeswax, camphor, paraffin, petrolatum, fragrance, and sunscreen which are effective for skin moisturize and protection. Increase in consumer awareness towards skin care products is driving the growth of lip balm market.
MARKET DYNAMICS
Consumer awareness and rising interest towards personal and skincare products is driving the growth of the lip balm market. Lip being the most sensitive part of face is prone to damage caused by external factors such as wind, cold, heat and sun rays thus consumer are prefer to include lip care products into their daily skincare routine which is driving the lip balm market growth. Also, rise in number of advertisements and promotions by celebrities attracts consumers and is a reason for huge traction of the market. However, introduction of new lip care products such as lip serum or essential lip oil with same or more advance ingredients can hinder the growth of the market as consumer finds benefit buying the product which can provide multiple benefits from the same source. Further, introduction of new products like organic lip balms create tremendous opportunities for growth as consumer are shifting to cruelty free and natural products.
MARKET SCOPE
The "Global Lip balm Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an over view of the lip balm market with detailed market segmentation by category and distribution channel. The global lip balm market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading lip balm market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global lip balm market is segmented into category and distribution channel. By category, the lip balm market is classified into cream and liquid. By distribution channel, the lip balm market is classified into supermarkets and hypermarkets, convenience stores, online retail, others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides an overview and forecast of the global lip balm market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 concerning five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America. The lip balm market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally, along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the lip balm market from both demand and supply side. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five regions, namely, North America, Europe, APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the lip balm market in these regions.
MARKET PLAYERS
The report covers vital developments in the lip balm market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market payers from the lip balm market are anticipated to lucrative growth opportunities in the future with the rising demand for lip balm in the global market. Below mentioned is the list of few companies engaged in the lip balm market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the lip balm market. Besides, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last three years, the critical development in the past five years.
- Maybelline
- Beiersdorf AG
- Megan Grant
- MAC
- DHC
- SHISEIDO
- LVMH
- Johnson & Johnson
- L'Oreal
- NUXE