Industry Background:
The lip salve market is expected to grow exponentially during the forecast period owing to the increasing working women population and improved spending capacity by them. Also, increasing demand for natural and organic cosmetics is generating lucrative opportunities and propelling players to innovate new products according to the ever-changing customer preference. The lip salve market is expected to witness a high demand for solid cream and liquid gel lip salve owing to changing climatic conditions thereby contributing towards revenue growth.
According to AMA Research, the market for Lip Salve is expected to register a CAGR of 7.7% during the forecast period to 2030. This growth is primarily driven by Growing Need for Lip Care Products owing to Changing Climatic Conditions
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Personal Products sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Maybelline LLC (United States), Nivea (Germany), Kiehl (United States), MAC (United States), SHISEIDO (Japan), Lancome (France), Neutrogena (United States), CHANEL (France), Yue Sai Kan (China), Max Factor (Poland.), Elizabeth Arden (United States), Clinique (United States), L’Oréal (France), Revlon (United States) and Vaseline (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In November 2023, Hyphen unveiled the VIP Lip Balm Range at Nykaaland, with Kriti Sanon presenting the innovative product range.
On 15 March 2022, Cosmetic Solutions, LLC, which is a top innovation partner for turnkey private label skincare, custom formulation, and contract manufacturing, acquired Private Label Select, which is a producer of organic cosmetics and personal care products based in New Mexico. The production of lip balms, skincare, salves, sunscreens, lip tints, SPF products, and mother-and-baby products is a specialty of Private Label Select.The global market is highly competitive and consists of a limited number of providers competing. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Influencing Trend:
Increasing Demand for Lip Salve with Natural & Organic Ingredients, Focus On Price Reduction through Product Invention and Attractive Promotional and Marketing Strategies with Celebrity Endorsement
Market Growth Drivers:
Growing Need for Lip Care Products owing to Changing Climatic Conditions, Rising Focus of Millennials on Physical Appearance and Changing lifestyle Standards Fueled by Rise in Disposable Income
Challenges:
Increasing Availability of Forged Products and High Competition by Low Priced Alternatives
Restraints:
Adverse Effect on Lips with its Repeated Use, Elongated Time for New Product Launches and Stringent Government Regulations Regarding Cosmetic Product
Opportunities:
Increasing Online Sales of Lip Salve, Emphasizing on Development of Biodegradable Cosmetic Packaging for Lip Salve and Growing Demand from the Working Women Population
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Lip Salve Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Lip Salve Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Lip Salve players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Lip Salve Study Sheds Light on
The Lip Salve Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Lip Salve industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Lip Salve industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.