ID: MRFR/CR/8907-HCR | February 2021 | Region: Global | 90 pages
Global Lip Gloss Market size is projected to reach approximately USD 4.3 Billion by 2027, at a CAGR of 4.7% from 2020 to 2027. The demand for lip gloss is increasing owing to consumer inclination toward personal care products. Lip gloss is a type of lip makeup product. It is used to give lips a glossy luster and sometimes subtle color. Lip gloss with moisturizing properties hydrates the lips against dryness and cracks. It is also available in different colors. Various initiatives taken by manufacturers to expand their businesses in the lip gloss market are expected to drive the demand. For instance, in October 2020, MAC launched Powerglass Plumping Lip Gloss line with nine different shades. Also, Kat Van D Beauty (KVD), a brand of LVMH, launched vegan lip gloss in February 2020. Moreover, the rising awareness of personal grooming and appearance among the young population is also expected to uplift the market growth. The increasing demand for organic products among consumers across the globe is also creating an opportunistic market for the players in the lip gloss industry.
The production of lip gloss starts with the procurement of raw materials. Among these raw materials, some are produced in chemical plants or sourced through natural resources. As the world is under lockdown, the sourcing of raw materials is difficult because of the urgent measures to control the spread of the coronavirus, such as physical distancing and limitation on transportation. Also, the lip gloss does not fall under essential commodities. Hence, its production is limited as governments in various countries have ordered the manufacturing of essential products only. The availability of labor is also a crucial factor as the overall lip gloss manufacturing is facing a shortage of laborers. Manpower is required for sourcing the raw material, processing raw material into the final product until the packaging, and transporting the final product to the consumers. The migration of laborers to hometowns due to lack of availability of work is one of the major issues that every country is facing during the pandemic.
The global lip gloss market has witnessed moderate growth in recent years. In recent year, social media is playing a critical role in driving the demand for cosmetics among the youth. Blogs posted on social media platforms in favor of cosmetics are highly influencing the growth of the market. The rising number of consumer stores, increasing brand visibility, along with changing consumer habits, has escalated the demand for lip gloss. To cater to the trending consumer needs, market players are focusing on the launch of innovative products. Moreover, manufactures have adopted innovative and unique packaging solutions, which help to expand the consumer base.
Availability of products in different finish
By Distribution Channel
|Market Size||USD 4.3 Billion|
|CAGR||4.7% (2020 to 2027)|
|Forecast Period||2020 to 2027|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Finish, Category and Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||L'Oréal (France), LVMH (France), Chanel (UK), Procter & Gamble (US), Revlon (US), The Estée Lauder Companies Inc. (US), Coty Inc. (US), Shiseido Company (Japan), MAKEUP ART COSMETICS (M.A.C.) (US), ColourPop Cosmetics (US)|
|Key Market Opportunities||
|Key Market Drivers||