Lipstick Market – Global Market Size, Share, Development, Growth and Demand Forecast to 2024
DUBLIN, June 11, 2019 /PRNewswire/ — The “Lipstick Market by Product Type, by Color, by Applicator, by Gender, by Age, by Distribution Channel, by Geography Global Market Size, Share, Development, Growth and Demand Forecast, 2014-2024” report has been added to ResearchAndMarkets.com’s offering.
The lipstick market is expected to generate a revenue of $13.4 billion by 2024 and is predicted to progress at a CAGR of 6.6% during the forecast period (2019-2024).
The factors responsible for the growth of the market are the increasing number of working women and rising usage of e-commerce beauty websites around the world. On the basis of product type, the market is categorized into shimmer/pear/frost/, glossy, matte, metallic, satin/sheer, luminous, creme, and natural.
Out of these, the satin/sheer category held the largest revenue share in the market in 2018 and is anticipated to continue dominating the market during the forecast period. However, the matte lipsticks category is predicted to witness the fastest CAGR during the 2019-2024 period, owing to the increasing preference for it by users because of the availability of various color shades in the market. Further, based on distribution channel, the lipstick market is classified into supermarket/hypermarkets, cosmetic stores, departmental stores, parlors, online, and grocery shops. Among these, in 2018, the departmental stores category held nearly 25.0% revenue share in the market and is predicted to maintain its position during the forecast period.
However, the online category is expected to witness the fastest growth during 2019-2024 period. The reason behind the rapid growth of online distribution channels is the rising preference of working women for online shopping. Now, on the basis of region, the lipstick market is divided into Asia-Pacific (APAC), Europe, North America, Middle East and Africa (MEA), and Latin America (LATAM). Out of these, in 2018, Europe held the largest revenue share in the market. However, the APAC division is predicted to record the fastest CAGR during the forecast period, owing to the surging social media influence and rising financial independence of females in the region.
One of the major factors behind the growth of the lipstick market is the increasing number of working women. The maximum share of lipstick was held by women in the 20-40 age group. The changing lifestyle and rising consciousness for appearance are escalating the demand for lipsticks. Furthermore, in 2017, the female population in the 15-64 age group reached 2.42 billion as compared to 2.3 billion in 2012, with 53.8% labor force participation rate in 2017. Due to the increasing number of working women, the demand for cosmetic products, especially lipsticks, is expected to rise. Hence, the surging women workforce is predicted to propel the market in the forecast period.
- Preference toward organic and natural lipsticks
- Growing use of lip powder
- Inclination toward nude color lipsticks
- Rising number of working women population
- Inclination toward e-commerce beauty websites
- Use of harmful ingredients
- Augmented reality (AR) in beauty products
- Inclination toward social media marketing
- Use of 3D printing in formulation of lipsticks
- L’Oreal S.A.
- Shiseido Company Limited
- Revlon Inc.
- Avon Products Inc.
- Oriflame Holding AG
- Coty Inc.
- Amorepacific Corporation
- The Este Lauder Companies Inc.
- Christian Dior SE
- Inglot Sp. Z. O. O.
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