Lip Oil Market is Expected to Grow at a CAGR of 4.5%, Reaching a Valuation of US$ 862.6 Million by 2031 | Transparency Market Research, Inc.


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Wilmington, Delaware, United States, Feb. 08, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – According to a recent market report by Transparency Market Research, the global market for lip oil products is anticipated to grow at a CAGR of 4.5% during the forecast period from 2022 to 2031. The global industry stood at US$ 573.1 Mn in 2021 and is projected to reach US$ 862.6 Mn by 2031. Demand for men’s products has increased in the past few years despite women being considered the primary and leading end-users of lip oil products. This is ascribed to increase in demand for lip darkening reduction, dry lips, and healing solutions among men. Furthermore, rise in demand for tinted or colored lip oil products that offer enhanced moisturizing is expected to propel market expansion in the next few years.

Lip Oil Market: Key Findings of Report

  • Increase in Demand for Chemical-free Products: Rise in concerns regarding the ill effects of chemicals found in common personal care and cosmetic products has increased demand for chemical-free products among consumers. Consumers are increasingly adopting products that consist natural and organic ingredients to negate the risk of any products that contain chemicals, which could have adverse effect on human skin or health. A large number of consumers are seeking effective organic lip care products that are free of harmful chemicals, such as sodium lauryl sulfate, phthalates, and parabens, as these chemicals could increase the risk of cancer, as well as numerous other skin disorders. Manufacturers are focusing on developing and launching new types of lip care and lip makeup products that feature organic ingredients and natural essential oils, such as jojoba oil, argan oil, almond oil, coconut oil, cocoa oil and butter, and shea butter.

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Lip Oil Market: Growth Opportunities

  • Rise in focus on elevating aesthetic appearance by using advanced personal care products in both men and women bolsters market growth
  • Increase in influence of social media users or influencers working in ‘beauty’ domain accelerates market demand
  • Surge in spending on e-commerce websites, particularly by millennials, for personal care products propels industry growth

Lip Oil Market: Key Players

Leading players in the global market are e.l.f. Beauty, Charlotte Tilbury Beauty, Ltd., Christian Dior SE, Wet n Wild, Equalan Pharma, Burt’s Bees, The Estee Lauder Companies, Inc., Hermes, Cosmiko, Revolution Beauty, Boohoo Group plc, and Nicka K New York. The global industry for lip oil products is marginally fragmented, with the presence of small number of large-sized manufacturers and companies. Key players are focused on increasing R&D budgets for development of innovative and organic lip oil products.

Several players are engaged in launching new products to strengthen portfolio of lip gloss solutions. Merger & acquisition and new product launches are the other notable strategies adopted by key players. Additionally, leading manufacturers are offering new types of packaging solution that are user-friendly, while maintaining the goal of sustainable packaging and production.

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Lip Oil Market: Regional Growth Assessment

North America is expected to account for leading market share in the near future owing to increase in demand for animal cruelty-free, as well as vegan cosmetic, beauty, and personal care products among the population. Furthermore, rise in the legalization of cannabis use in several states in the U.S. is anticipated to bolster market growth. Europe is anticipated to emerge as the second largest market for lip oil products during the forecast period.

Lip Oil Market: Segmentation

Lip Oil Market, by Style

  • Roller
  • Brush
  • Pen

Lip Oil Market, by Finish Type

  • Color
  • Colorless

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Lip Oil Market, by Package Size

  • Up to 5 ML
  • 5 ML to 10 ML
  • Above 10 ML

Lip Oil Market, by Price

  • Up to US$ 10
  • US$ 11 to US$ 20
  • Above US$ 20

Lip Oil Market, by Application

  • Cracked Lips
  • Dry Lips
  • Healing
  • Lip Darkening Reduction
  • Others (lip nourishment, sun protection, etc.)

Lip Oil Market, by End-user

Lip Oil Market, by Distribution Channel

  • Online
    • E-commerce Websites
    • Company-owned Websites
  • Offline
    • Supermarkets/Hypermarkets
    • Departmental Stores
    • Others (independent retailers, etc.)

Lip Oil Market, by Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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