“Global Lipstick Market to reach a market value of USD 25.7 Billion by 2031 growing at a CAGR of 14%”
The Global Lipstick Market size is expected to reach $25.7 billion by 2031, rising at a market growth of 14% CAGR during the forecast period. In the year 2023, the market attained a volume of 787.01 Million Units (3.5 GRAMS) experiencing a growth of 13.7% (2020-2023).
The Europe segment procured 35% revenue share in this market in 2023. The European market thrives due to a strong beauty culture emphasizing premium and high-quality products. European consumers often prioritize brands that offer clean, sustainable, and cruelty-free formulations, aligning with the region's stringent regulations on cosmetics. Fashion-forward countries like France and Italy drive trends with seasonal collections and new product launches tailored to evolving beauty standards. Thus, the market consumed a volume of 197.06 MILLION UNITS (3.5 GRAMS) in 2023.
Social media has become a powerhouse for shaping beauty trends, and platforms like Instagram, YouTube, and TikTok are at the forefront of this transformation, especially in this market. Beauty influencers on these platforms showcase various looks, featuring diverse shades and finishes, that inspire followers to try new products and styles. Hence, this interactivity influences consumer behavior and accelerates purchasing decisions, making social media a crucial driver for growth in this market.
Additionally, The popularity of e-commerce has surged in recent years, significantly boosting the sales by making products more accessible and convenient for consumers worldwide. According to the United Nations Conference on Trade and Development (UNCTAD), global e-commerce sales reached $26.7 trillion in 2019, representing a substantial share of retail sales across various sectors, including beauty and cosmetics. Thus, the growing use of e-commerce is driving the expansion of the market.
However, As awareness around personal health and product safety rises, consumers are increasingly scrutinizing the ingredients in beauty products, including lipsticks. Research has highlighted the presence of potentially harmful chemicals in some lipsticks, such as lead, parabens, synthetic dyes, and other preservatives. For instance, lead is a toxic material that has the potential to accumulate in the body and is associated with a variety of health problems, such as hormonal disruptions and cognitive impairments. Hence, these factors are hampering the growth of the market.
Based on distribution channel, this market is classified into supermarkets/hypermarkets, specialty stores, online, and others. The specialty stores segment procured 19% revenue share in this market in 2023. Specialty stores appeal to consumers seeking a more curated, personalized shopping experience. These stores often carry premium or niche lipstick brands, offering products with specialized formulations or exclusive colors that aren’t widely available in larger retail chains. In terms of volume, the segment would register 787.01 MILLION UNITS (3.5 GRAMS) in 2023.
On the basis of product type, this market is divided into matte, glossy, lip powder, and others. The glossy segment recorded 28% revenue share in this market in 2023. Glossy lipsticks have gained a substantial market share as they deliver a radiant, lustrous finish that appeals to consumers looking for a youthful, fresh look. Often enriched with hydrating ingredients, they provide aesthetic appeal and added lip moisture, making them an attractive option for consumers who prioritize lip care.
By form, this market is segmented into stick, liquid, and palette. The liquid segment garnered 24% revenue share in this market in 2023. Liquid lipsticks have developed a significant following as a result of their long-lasting formulations, intense pigmentation, and diverse selection of finishes, including matte, satin, and glossy. They are especially popular among consumers who prioritize durability and smudge-resistant wear, making them ideal for long days and special occasions. In terms of volume, the segment would register 787.01 Million Units (3.5 grams) in 2023.
Free Valuable Insights: Global Lipstick Market size to reach USD 25.7 Billion by 2031
Region-wise, this market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired 30% revenue share in this market in 2023. Consumers in this region are drawn to a wide range of products, from high-end luxury lipsticks to affordable drugstore options, allowing a variety of brands to flourish. The digital landscape plays a crucial role, with social media and e-commerce driving sales through virtual try-ons, tutorials, and influencer promotions.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 9.6 Billion |
| Market size forecast in 2031 | USD 25.7 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 14% from 2024 to 2031 |
| Quantitative Data | Volume in Million Units (3.5 grams), Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 345 |
| Number of Tables | 730 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Form, Product Type, Distribution Channel, Region |
| Country scope |
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| Companies Included | L'Oréal S.A., Pacifica Beauty LLC, Unilever PLC, Kao Corporation, The Estee Lauder Companies, Inc., Amway Corporation, Coty, Inc., The Procter & Gamble Company, Avon Products, Inc. (Natura &Co Holding S.A.), and Chanel S.A. |
By Distribution Channel (Volume, Million Units (3.5 GRAMS), USD Billion, 2020-2031)
By Product Type (Volume, Million Units (3.5 GRAMS), USD Billion, 2020-2031)
By Form (Volume, Million Units (3.5 GRAMS), USD Billion, 2020-2031)
By Geography (Volume, Million Units (3.5 GRAMS), USD Billion, 2020-2031)
The Market size is projected to reach USD 25.7 billion by 2031.
Influence Of Social Media And Beauty Influencers are driving the Market in coming years, however, Health Concerns And Safety Issues restraints the growth of the Market.
L'Oréal S.A., Pacifica Beauty LLC, Unilever PLC, Kao Corporation, The Estee Lauder Companies, Inc., Amway Corporation, Coty, Inc., The Procter & Gamble Company, Avon Products, Inc. (Natura &Co Holding S.A.), and Chanel S.A.
In the year 2023, the market attained a volume of 787.01 Million Units (3.5 GRAMS) experiencing a growth of 13.7% (2020-2023).
The Matte segment led the maximum revenue in the Market by Product Type in 2023, thereby, achieving a market value of $11.7 billion by 2031.
The Europe region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $8.5 billion by 2031.
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