Lipstick Market Overview
The global lipstick market is expected to witness substantial growth during the forecast period. Major factors driving the growth of the market are increasing urbanization, increasing demand for lipsticks from young and working women, rising number of product innovations, improvement in lifestyle, and trend of picture posting on social media.
On the basis of gender, the lipstick market is bifurcated into female and unisex. Female category is expected to hold the largest share in the lipstick market, owing to factors such as increasing women population, and rising disposable income. The women population has been continuously increasing and reached to 3.73 billion in 2017, with a total rise of 170 million from years 2013 to 2017, globally.
On the basis of distribution channel, the lipstick market is split into cosmetic store, supermarket/hypermarket, convenience store, department store, and online store. The market is expected to hold the largest revenue share in the category of hypermarket/supermarket, due to variety of brands available at a single place, giving the consumers a variety of choices. However, the market is expected to witness the fastest growth in the category of online store, due to heavy discounts available on cosmetic brands and convenience of product delivery at home.
Asia–Pacific region is predicted to be the largest market for lipsticks due to change in lifestyle, increasing consumer spending, increasing disposable income in developing countries, and growing awareness toward appearance consciousness. For instance, during 2013–2017, China’s household income grew by over 7%.
Lipstick Market Dynamics
Major trend in the lipstick market is the growing demand for organic and natural lipsticks as these products do not contain harmful substances and are cruelty-free (not tested on animals). Consumers are becoming aware of ingredients used in lipsticks; as a result, the demand is shifting toward organic and natural lipsticks.
The lipstick market is witnessing major demand for the products from young and working women, due to change in their lifestyle and rising appearance consciousness. The global labor force participation rate of female population for ages 15–64 was 53% in 2017. Lipstick is considered as an inexpensive luxury among females. Therefore, the appearance consciousness of women especially among younger generation is predicted to increase the demand for lipsticks in the coming years.
Rising number of product innovations is another driver that is influencing the lipstick market, positively. Cosmetic companies are offering products to cater to the demand from women of all age groups and thereby introducing a wide range of lipsticks including matte, liquid, and glossy. For instance, trèStiQue,a global beauty brandoffers products that are 2-in-1 make up sticks, refillable tool system for pencils that is easy to twist-on and twist-off.
Presence of toxic substances in lipsticks is the major restraint, which is likely to hamper the growth of the lipstick market. The toxic substances such as cadmium and lead, which affect the DNA directly and cause problems such as high blood pressure, and concentration and memory problems in consumers. Hence, the demand for conventional cosmetic products is likely to slow down as the market is shifting toward organic cosmetic products.
Increasing geriatric population is another major restraint that is likely to hamper the growth of the lipstick market. In certain countries such as Japan and the U.K, the women geriatric population is expected to rise. The female geriatric population rise in Japan from 2013 to 2017 was over 1.5 million. As a result, the appearance consciousness is diminishing among these women, which hampers the growth of the market.
Lipstick Market Competitive Landscape
Some of the major players operating in the global lipstick market are L’Oréal S.A., The Estee Lauder Companies Inc., The Procter & Gamble Company, Shiseido Company Limited, Avon Products Inc., Johnson & Johnson, Bobbi Brown Professional Cosmetics Inc., Revlon Inc., Unilever PLC., and Morphe Brushes & Cosmetics.
The report will cover country-wise lipstick market analysis. Some of the major countries covered in the report include the U.S., Canada, France, Germany, the U.K., Italy, Spain, China, Japan, South Korea, Australia, India, Mexico, Brazil, the U.A.E., Saudi Arabia, and South Africa.