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The global lip gloss market is expected to grow considerably, driven by the increasing awareness of personal growth. Rising desire for looking good and concern about makeup is boosting demand for the product. For instance, according to the Federal Reserve Economic Data (FRED), the purchasing rate of the product by the 50% of end-users is at least two units per year in the U.S.
Lip gloss is a cosmetic product used for lips. It offers a glossy luster and adds a subtle color. They are available in fluid and soft solid forms. It is utilized by many people in their day beauty routines. This product has the unique capability to adjust to a range of fashion aesthetics.
Social Media and Celebrity Endorsement and Product Innovation Enhance Market Growth
The growing aspect for market expansion is ring utilization of social media by a huge number of people. These media are changing people towards self-care and look presentable on such platforms is increasing demand for the products. The endorsement of goods is also attracting many customers and consequently helping in increasing sales revenues of the market.
Furthermore, the rising introduction of novel formulation and packaging of the product is bolstering market growth. Continuous development of innovative products is offering wide ranges of items in the market. Additionally, providing modern packaging designs and collaboration with other artists to create attractive covers are drawing the attention of end-users. For instance the introduction of hybrid products comprising skincare benefits and traditional makeup attracted health-conscious customers.
Market Saturation and Counterfeit Products Hinder Market Growth
The off-putting factor for market impediment is fast saturation of the market. Presence on numerous brands in the market drives customer’s preferences and choices. It creates high competition that poses challenges for a particular bard to make it place and it also creates barriers for new entrants to penetrate into the market.
Furthermore, the rising number of counterfeit items is giving tough competition to original brands, impeding market growth. They are deterring brand images among customers and eroding trust. As a result, it is negatively affecting the demand for genuine products. Additionally, instability of the economy is hampering demand for the product. This factor may change end-users’ preferences and spend on only essential items, further declining sales of the product.
Expansion of E-Commerce and Adoption of Sustainable Products Create Opportunity for Market Growth
One of the most important opportunities for the market expansion is raising inclination towards e-commerce platforms for purchasing various goods. This expansion of online retails channels facilitates companies to reach a wider range of audiences. This platform also helps brands to adopt and modify their products according to clients’ preferences and shopping behaviors.
Furthermore, rising inclination towards organic products is presenting a new avenue for market growth. It encourages manufacturers to utilize natural ingredients and components for development of products covering eco-friendly customers. The sustainable packaging materials used by the producers are amplifying growth of their product. Additionally, increasing the salary of people and rising spending of self-care is bolstering market growth, particularly, in emerging regions.
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By Finish |
By Source |
By Age Group |
By Distribution Channel |
By Geography |
|
· Sheer · Glossy · Matte · Satin · Others |
· Synthetic · Natural & Organic · Vegan/Cruelty-free |
· Teens · Young Adults (20-35 Years) · Adults (Above 35 Years) |
· Supermarkets & Hypermarkets · Specialty Stores · Convenience Stores · Online/E-commerce · Others |
· North America (U.S. and Canada) · Europe (U.K., Germany, France, Spain, Italy, Scandinavia, and the Rest of Europe) · Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific) · Latin America (Brazil, Mexico, and the Rest of Latin America) · Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa) |
The report covers the following key insights:
Based on finish, the lip gloss market is divided into sheer, glossy, matte, satin, and others.
The matte segment is leading the market, caused by the rising launching of a number of products by well-known brands. Their robust and long-lasting composition is attracting many women who do not want to reapply the product.
The glossy segment is anticipated to grow considerably, driven by its various benefits. They provide glossier finish and thicker texture as compared to other lipsticks, which increases its demand.
Based on source, the lip gloss market is divided into synthetic, natural & organic, and vegan/cruelty-free.
The synthetic segment is leading the market, driven by the easy accessibility of the items. This type of source assists in generation of high revenue due to its reasonable prices and rising acceptance of goods by customers.
The natural and organic segment is expecting significant growth, caused by the rising preferences of customers for natural resources. Rising consciousness about organic products and their benefits attract major customers.
Based on age group, the lip gloss market is divided into teens, young adults (20-35 years), and adults (above 35 years).
The young category is dominating the market, driven by the rising demand for novel products and vibrant shades. Escalating social-media platforms are influencing customers, increasing demand for cosmetics.
The teens segment is expected to grow significantly, caused by the rising popularity of child-friendly products. This category’s products are offering non-toxic and safe ingredients with innovative packaging.
Based on distribution channel, the lip gloss market is divided into supermarkets & hypermarkets, specialty stores, convenience stores, online/e-commerce, and others.
The convenience stores segment is dominating the market, driven by the accessibility of products at a cheap cost. They offer significant awareness about a lot of brands such as national and international.
The online platform is expected to grow rapidly due to the increasing preference for purchasing products from well-known e-commerce sites. The availability of a wide range of products and explore them at ease of customers.
Based on geography, the market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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The North America region is leading the market holding substantial market share. It is due to the presence of strong beauty sectors and infrastructures. Rising number of consumers and their expenses on cosmetic products are amplifying market expansion in this region. Additionally, the millennial and Gen Z population who prefer the products and use them multipurpose are bolstering demand for the product.
Europe is seeing consistent market expansion, caused by the growing female population. Increasing demand for high quality products by the consumers is impelling market growth. Increasing shifting towards natural beauty and preferring understated and shiny finished products to look young are encouraging manufacturers to work towards their choices and expand their market reach.
Asia Pacific is expected to grow at a fast pace in the market due to the rising requirement for skincare and splendor products by the rising population in this region. Increasing fondness towards viable and ecological products is fostering market growth. Rising accessibility of cost-effectiveness along with premium products are amplifying market expansion. For instance, according to the China Commerce Association for General Merchandise, China and Japan contribute 50% in total sales of products in this region.
The report includes the profiles of the following key players:
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