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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Competitive Landscape:
The research report offers details about leading companies in the global Lip Balm market along with global position, financial standing, license agreement, products and services portfolio and revenue contribution of each market player. Key players in the market are focusing on adopting various strategies such as mergers and acquisition, business expansion plans, new product launches, partnerships, collaborations, joint ventures to enhance their product base and gain robust footing in the market.
Some of the Leading Market Players Are Listed Below:
- Kao Corporation,
- Revlon, Inc.,
- Beiersdorf AG,
- The Clorox Company,
- Unilever plc,
- Carma Labs Inc.,
- Avon Products, Inc.,
- eos Products, LLC,
- Himalaya Global Holdings Ltd.,
- L'Oréal S.A.
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Market Segmentation:
The Global Lip Balm industries are also studied based on leading segments, and examines dominant product and application segments in detail. The report aims to help reader’s benefits from the growth prospects existing in the market in the global Lip Balm industries. It offers key information on drivers and restraints influencing the leading segments in the global Lip Balm industries.
By Type Outlook
- Flavored
- CBD or Hemp Oil
- SPF
- Tinted
- Plumping
- Organic
- Medicated
By Product Outlook
- Cream Lip Balm
- Gel Lip Balm
By Distribution Channel Outlook
- Hypermarkets/Supermarkets
- Specialty Stores
- Drug stores
- Online Stores
- Others
By Price Range Outlook
- Premium
- Medium
- Low
By Application Outlook
- Dry Skin
- Sensitive Skin
- Others
By End-Use Outlook
- Men
- Women
- Baby
For comprehensive coverage, the report discusses growth prospects, opportunities, and challenges. The market report considers various key factors across the leading regions.
Lip Balm Market Segmentation based on Regions:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Spain, Benelux, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of Latin America)
- Middle East Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East Africa)
Key Features of the global Lip Balm Market:
- The report offers detailed estimations at the regional level with manufacturers, consumption, sales and import/export dynamics.
- The report provides accurate details related of the manufacturers/vendors in the market, company overview, pricing analysis, financial standing, product portfolio, and gross profit of leading companies.
- Company profiling with prevalent expansion strategies, revenue generation, and recent developments.
- Optimum strategic initiatives for new players in the market.
- Manufacturing processes, suppliers, cost, rates of production and consumption, transport mode and cost structuring, and value chain analysis.
- The study also includes supply chain trends, including elaborate descriptions of the latest technological development
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Key questions addressed in the Report:
- Which key players are operating in the global Lip Balm market?
- Which key factors are expected to hamper global market revenue growth?
- What market size is the global Lip Balm market expected to reach throughout the forecast period?
- Which region is expected to account for robust revenue share throughout the forecast period?
- Which regional segment is expected to register fastest revenue CAGR throughout the forecast period?
- What revenue CGAR is the global Lip Balm market expected to register during the forecast period?
- What are the key outcomes of Porter’s Five Force analysis of the Lip Balm market?
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