PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1394590
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1394590
Global lipsticks market was valued at USD 11.1 billion in 2022, expected to reach USD 16.53 billion in 2030, with a CAGR of 5.1% for the forecast period between 2023 and 2030. The market is a vibrant and ever-evolving segment of the cosmetics industry. Lipstick, a cosmetic product that has been a beauty staple for centuries, is a symbol of personal expression, confidence, and style. With a wide range of colors, finishes, and formulations, lipsticks cater to diverse consumer preferences.
One of the prominent drivers of the global lipstick market is the increasing focus on individuality and self-expression. Consumers, especially in the millennial and Gen Z demographics, use lipsticks to convey their unique identities. This has led to a surge in demand for a broad spectrum of lipstick shades, from bold and vibrant to subtle and nude, allowing consumers to create various looks for different occasions.
Moreover, growing awareness of cosmetics' environmental and health impact has fueled the demand for natural and organic lipstick formulations. Consumers are now seeking products that are free from harmful chemicals and are eco-friendly. As a result, many cosmetic brands are incorporating cleaner ingredients and sustainable packaging options in their lipstick lines.
Additionally, the availability of lipsticks across various price points makes them accessible to a broad consumer base. Both luxury and drugstore brands offer a wide range of options, catering to different budgets. This diversity in pricing aligns with consumer preferences and purchasing power, further boosting the market's growth.
The global lipstick market has also witnessed a surge in online sales, particularly through e-commerce platforms. Consumers are increasingly inclined to shop for cosmetics online, given the convenience and the ability to access a broader range of products. Social media and beauty influencers have been pivotal in promoting lipstick trends and specific brands, driving online sales.
Evolving beauty standards are a driving force in the global lipsticks market. Over time, there has been a significant shift from traditional beauty norms to more inclusive and diverse standards. This transformation has fostered a climate of self-expression and individuality, where consumers seek lipstick products that resonate with their unique identities. Lipstick has become a tool for empowerment, allowing people to showcase their personality and mood without conforming to rigid societal expectations. As a result, cosmetic companies have expanded their lipstick offerings to encompass a broad spectrum of shades and finishes. This evolution in beauty standards has created a demand for lipsticks that cater to diverse preferences, fueling market growth as consumers use lip colour to define their style and embrace their distinct beauty. In May 2022, Maybelline New York introduced the Super Stay Vinyl Ink Liquid Lipcolor, a groundbreaking lip innovation with no-budge vinyl colour and up to 16HR wear. The Color Lock Complex formula ensures smudge-free, transfer-resistant, and instantly shiny, long-lasting wear.
Lipstick has transcended its traditional role as a cosmetic product to become a fashion accessory, significantly impacting the global lipstick market. Increasingly, people view lipstick as an integral component of their overall style, allowing them to make bold fashion statements and complement their outfits. This shift has led to a growing demand for various lipstick shades and finishes to match diverse fashion choices. Lipstick has become a versatile tool for self-expression and enhancement, making it an essential accessory for those who aim to complete their look. This trend has pushed cosmetic brands to innovate and provide lip products that harmonize with the dynamic world of fashion.
In March 2023, L'Oreal Paris introduced 'Colors of Worth,' a limited-edition collection showcasing five impactful Color Riche Intense Volume Matte Lipstick shades on the occasion of International Women's Day. Each lipstick carried a message, affirming every woman's worth. The collection was represented by influential personalities like Camila Cabello, Gemma Chan, Eva Longoria, H.E.R, and Kate Winslet.
Global lipsticks market has been significantly influenced by the online retail boom. The proliferation of e-commerce platforms and the increasing preference for online shopping have revolutionized how consumers purchase lipsticks. Online retail offers a vast array of lipstick brands, shades, and formulations, allowing consumers to explore and compare products easily. Virtual try-on features and user-generated reviews have enhanced the online shopping experience, enabling buyers to make informed choices. This shift to online retail has expanded the market's reach, enabling consumers from various regions to access a diverse range of lipsticks. Brands have capitalized on this trend by strengthening their digital presence and marketing strategies, making e-commerce a vital driver of market growth. In May 2022, Sunnies Face, a Filipino beauty brand, expanded to the US, launching its renowned Fluffmate Matte Lipstick exclusively on sunniesface.com through a partnership with SuperOrdinary. The $16 lipstick offers 15 universally flattering shades, and is vegan, cruelty-free, fragrance-free, and paraben-free.
Liquid lipsticks are revolutionizing the global lipsticks market with their long-lasting formula and vibrant colour range. Their popularity stems from a perfect blend of intense pigmentation, ease of application, and extended wear. Consumers worldwide are drawn to the trendsetting appeal of liquid lipsticks, resulting in a significant market shift. Brands are innovating to meet this demand, introducing diverse shades and formulations. The convenience and trendiness of liquid lipsticks are reshaping beauty standards, making them a dominant force in the global lip cosmetics landscape. This shift signals a dynamic transformation in consumer preferences and the industry's approach to lip products. In June 2023, Charlotte Tilbury launched the Airbrush Flawless Lip Blur, a liquid lipstick that combines the qualities of matte and moisture. This moisturizing yet matte lip product promises to provide a flawless appearance and feel for the lips, lasting throughout the day.
Global lipsticks market experienced a notable impact from the COVID-19 pandemic. Lockdowns, economic uncertainties, and reduced social events led to a decline in demand for cosmetics, including lipsticks. With mandatory mask-wearing, the focus shifted to eye makeup, further affecting lipstick sales. Supply chain disruptions and production limitations added to challenges. However, the market adapted with the rise of e-commerce and a growing emphasis on skincare products. As restrictions eased, there was a gradual recovery in lipstick sales, driven by innovative product launches and marketing strategies. The industry is navigating a transformed landscape, emphasizing digital channels and addressing changing consumer preferences for makeup in the post-pandemic era.
Global lipsticks market is dynamic, featuring key players continually innovating to meet evolving consumer preferences. Esteemed brands like L'Oreal S.A., The Estee Lauder Companies Inc., and Shiseido Company, Limited dominate, leveraging extensive product portfolios and global presence. In February 2023, MAC Cosmetics introduced its longest-lasting lipstick, the Locked Kiss Ink 24-HR Weightless Color. This liquid lipstick boasts an innovative applicator-slanted and tapered-for effortless, even colour application, ensuring a flawless finish.
Many niche players are also contributing to market diversity with trendy offerings. The market outlook is optimistic, driven by increasing demand for organic and cruelty-free formulations. E-commerce platforms play a pivotal role, offering convenience and a broader reach. The post-pandemic recovery and resurgence in consumer confidence are anticipated to propel market growth. Collaboration with influencers and strategic partnerships are pivotal strategies for players aiming to capture emerging opportunities in the ever-evolving global lipstick landscape.
All segments will be provided for all regions and countries covered:
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.