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Lipstick Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global lipstick products market was valued at USD 17.2 billion in 2022 and is expected to expand at a CAGR of 5.1% from 2023 to 2030. The increasing emphasis on the personal appearance of women and the growing awareness of the importance of beauty products are expected to drive the growth of the market. The increasing trend of self-expression and the growing inclination of customers towards aestheticism are some of the key factors driving the demand for lip makeup products. Moreover, increasing demand for natural and organic cosmetics has led to the launch of eco-friendly and natural lipsticks.
Furthermore, the increasing presence of players in the market and their focus on launching innovative products to meet the changing customer needs are the key factors driving the market. For instance, in April 2021, L’Oréal Paris unveiled its new Rouge Signature Matte Lip Stain. The product is super lightweight and provides long-lasting color that does not smudge or smear. The product is also formulated with aloe vera and has a creamy texture.
The increasing trend of social media influencers and celebrities endorsing various brands is further driving the demand for lip makeup products. For instance, in October 2021, Huda Beauty partnered with Kylie Jenner to launch a joint lipstick collection. The collection includes six matte lipsticks, three liquid lipsticks, one lip gloss, and one lip liner, all in a range of nude shades.
In addition, the adoption of lipsticks among men has resulted in an increasing demand for gender-neutral lipsticks. Companies are launching products to meet the demand of male customers. For instance, in November 2021, MAC Cosmetics launched its first gender-neutral lipstick collection, featuring nine shades. The collection contains both matte and satin finishes and was formulated to suit all skin tones.
Furthermore, the increasing demand for lip products with various finishes, such as matte, glossy, and metallic, is propelling the market growth. Companies are launching products with different finishes to expand their product portfolio and meet the ever-changing customer needs. For instance, in December 2021, Maybelline launched Superstay Matte Ink Liquid Lipstick, which offers a long-lasting, matte finish. The product is available in 25 shades and is formulated to be non-drying and to provide full coverage.
Product Insights
The lipstick segment led the market in 2020 and accounted for a share of around 37.6%. Lipstick has become an essential item in a woman’s makeup bag, with the growing preference for cosmetics, the demand for lipsticks has increased significantly. According to an article published by the Association of British Cosmetic Dentists UK in 2020, around 70% of women said that they usually wear lipstick. Moreover, the rising trend of bold colors and the growing demand for matte lipstick are some of the key factors driving the market for lipsticks.
The lip gloss segment is expected to expand at the fastest CAGR of 6.2% over the forecast period. The growing popularity of lip gloss and the emergence of innovative products such as glitter lip gloss are some of the key factors driving the market growth. According to an article published by the Wall Street Journal in 2020, lip gloss is seeing a resurgence as a trendier, more playful alternative to lipstick. Additionally, the increasing preference for lip gloss as a part of everyday makeup is also driving the growth of the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the largest share of over 43.1% in 2022. The growing trend of consumers shopping in these stores as they offer a wide range of cosmetic products is the major factor driving the segment’s growth. Supermarkets and hypermarkets offer various brands and shades of lipstick products, which enable customers to make informed purchasing decisions. Furthermore, these stores offer discounts and promotional offers to attract customers, which further contributes to their growth.
The online segment is anticipated to register the highest CAGR of 13.4% over the forecast period. The growth of the segment is attributed to the rising penetration of internet users and the growing trend of online shopping. The increasing use of smartphones and the launch of various online shopping websites and applications provide customers with a wide range of lipstick products to choose from. Moreover, customers can compare prices and features of various products before making a purchase. Additionally, discounts, promotional offers, and free shipping provided by online retailers are driving the growth of this segment.
Type Insights
The mass segment accounted for the largest revenue share of 52.3% in the year 2022. The increasing trend of self-expression among women in developing regions has driven the demand for mass lipsticks. The demand is further driven by the aggressive marketing strategies deployed by mass product manufacturers such as Maybelline, L’Oreal, and Revlon. For instance, in April 2022, Maybelline launched its new campaign, “Made for All” to promote its SuperStay Matte Ink range of lipsticks. These activities help increase brand visibility and attract new customers.
The premium segment is anticipated to experience the highest CAGR of 10.6% over the forecast period. The increasing trend of professional makeup among women and the rising demand for quality products is driving the market for premium lipsticks. For instance, in April 2022, cosmetics company, Estee Lauder launched its new lipstick line, Pure Color Love, which features over 150 shades. The product caters to the demand for quality and innovative lipsticks. Moreover, the use of e-commerce channels to reach a larger customer base is also driving the growth of the premium segment.
Regional Insights
Europe held the largest revenue share in 2022 and is expected to maintain its dominance over the forecast period. The growth in the region is attributed to the presence of several major manufacturers, such as L’Oréal, Estée Lauder, and Coty Inc. Additionally, the increasing demand for clinically tested, natural, and organic lipsticks is further expected to drive the growth of the market in this region. For instance, in May 2021, L’Oréal Paris launched its first sustainable lipstick range, called Rouge Signature Eco-Conseil, in the U.K.
Asia Pacific is expected to witness the highest growth over the forecast period. The growth in the region is mainly attributed to the increasing middle-class population, rising disposable income, and the presence of a large number of beauty retailers. Additionally, the rising demand for lipsticks among the younger generation and the increasing influence of social media is expected to drive the growth of the market. For instance, in October 2021, Japanese cosmetics maker, Shiseido, launched the Kiss Me Intense Lipstick, in India.
Financial Projections
In this part of the lipstick products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your lipstick products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a lipstick products business comes from direct sales, wholesale and retail distribution, online sales, and advertising. Here you will find a list with a description of each of them and other possible sources of profit such as promotional campaigns and discounts.
Projecting Expenses
In this section, all the regular expenses related to keeping the lipstick products business running will be described. The list of operating expenses includes research and development, manufacturing, packaging and shipping, marketing, advertising, salaries, legal fees, taxes, and others.
Key companies & market share insights
Some of the key companies operating in the lipstick products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, L’Oréal launched its new ‘Pure Color’ lipstick range with a wide range of colors.
– In August 2022, Estée Lauder released its new ‘Pure Color Love’ lipstick range with a variety of shades.
– In October 2022, Revlon launched its new ‘Ultra HD Matte Lipcolor’ range with a selection of colors.
Some of the prominent players in the lipstick products market include:
– L’Oréal
– Estée Lauder
– Revlon
– Coty, Inc.
– Shiseido Co., Ltd.
– Avon Products, Inc.
– Maybelline New York
– Chanel S.A
– Unilever
– Mary Kay Inc.
Global Lipstick Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global lipstick products market based on product types, distribution channels, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Matte
– Glossy
– Creamy
– Metallic
– Sheer
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the major factors driving the lipstick products market?
[A]: Major factors driving the lipstick products market include the increasing demand for long-lasting and matte lipsticks, growing population of millennials and Gen-Z customers, increasing spending on cosmetics, rising emphasis on personal grooming, and the presence of multiple brands offering a wide range of lipstick products.
[Q]: Who are the major players in the lipstick products market?
[A]: Major players in the lipstick products market include L’Oréal Paris, Estee Lauder, Mary Kay, Maybelline, Revlon, Avon, NARS Cosmetics, NYX Cosmetics, Mac Cosmetics, and Chanel.
[Q]: What are the key trends driving the lipstick products market?
[A]: Key trends driving the lipstick products market include the increasing demand for natural and organic lipsticks, rising prevalence of vegan and cruelty-free products, and the emergence of web-based and digital marketing campaigns to reach a larger customer base.
[Q]: Which regions offer the largest opportunity for lipstick products?
[A]: Asia-Pacific is expected to be the largest and the fastest-growing market for lipstick products, due to increasing demand from countries such as China, India, and Japan, as well as the presence of a large population base in the region.
[Q]: What are the major challenges faced by the lipstick products market?
[A]: Major challenges faced by the lipstick products market include the availability of counterfeit products, high product prices, and increasing competition from local players.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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