According to a report by P&S Intelligence, the global lipstick market is predicted to reach a value of $13.4 billion by 2024, rising from $9.2 billion in 2018, and is expected to progress at a 6.6% CAGR during the forecast period (2019–2024). The market is registering growth due to the increasing demand for lipsticks from working women and surging focus towards e-commerce beauty websites. In terms of product types, the industry is divided into shimmer/pearl/frost, satin/sheer, luminous, metallic, natural, glossy, crème, and matte.
Out of these, the satin/sheer division dominated the market in 2018 and is further predicted to account for the largest revenue share during the forecast period as well. The matte lipstick division is projected to register the fastest growth during the forecast period, which is owing to the rising preference of consumers for these lipsticks. On the basis of color, the lipstick market is categorized into nude, red, maroon, pink, and others (including multicolor, black, orange, purple, white, blue, green, grey, yellow, silver, gold, and violet).
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The objective of this research includes;
The red lipstick category held the largest share of the market in 2018. Apart from this, the nude lipstick category is projected to advance at the fastest pace during the forecast period. When distribution channel is taken into consideration, the lipstick market is divided into convenience stores, departmental stores, cosmetic stores, supermarkets/hypermarkets, online, and others (grocery stores and parlor). The departmental stores division help more than 25% revenue share of the market in 2018. The online division is predicted to progress at the fastest pace during the forecast period due to expanding e-commerce industry.
Geographically, the European region dominated the lipstick market in 2018. This is due to the expanding e-commerce industry and growing cosmetic and personal care industry in the region. Moreover, a large number of women are independent in the region, owing to which, they are able to spend more money on luxurious and self-care items, such as a lipsticks. The Asia-Pacific region is projected to register the highest growth rate during the forecast period, which can be owing to the surging social media influence and improving female financial independence in the region.
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The number of working women has risen considerably over the past few years, which is positively affecting the lipstick market. Working women, between the age group of 20–40, have been the largest user of lipsticks over the past few years. This is ascribed to the changing lifestyles and growing consciousness regarding appearance amongst women. The labor force participation has increased significantly among women and is major reason for the growing demand for self-care and cosmetic products, including lipsticks, all over the world.
Another factor that is driving the demand for lipsticks across the globe is the rapidly expanding e-commerce industry across the globe. Owing to increased disposable income of people and various benefits that are provided through e-commerce services, such as hassle-free home delivery, the industry has been registering rapid growth. Moreover, with the surging penetration of smartphones and internet, availing such services has also become easy. It is due to all these factors that people are becoming inclined towards these services, which, in turn, is driving the demand for lipsticks.
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