Global Lip Balm Market Size, Segmentation, Trends and Growth Analysis Forecast by 2030

Lip Balm Market Analysis and Size and Definition

A Lip Balm Market size was valued at USD 7400 Million in 2022 and the total Lip Balm revenue is expected to grow at 7.1 % from 2023 to 2030, reaching nearly USD 9,876.03 Million.

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Lip balm is a type of cream that is used to keep the lips soft or to help sore lips feel better. Lip balm helps calm the lips that have turned dry and chapped. Since this area is thin, the skin is prone to dryness. However, the texture of the lip balm protects the skin in winter. Moreover, it provides lips hydration and nourishment, lip balms also add some glossy effect to the lips. Also, with the growing awareness about personal body care and the benefits offered by lip balm, the demand for lip balm is expected to increase over the forecast period.

Growing concerns related to prolonged sun exposure, dryness, premature ageing, and lip darkening have resulted in an increased demand for high-quality products among consumers. Moreover, there has been an increasing focus on organic and natural lip balms as consumers are seeking safer alternatives that are free from synthetic and toxic chemicals. The ongoing trend of personal grooming and wellness is driving an increasing number of male consumers to adopt these products.

Lip Balm Market Latest Trends:  

Lip balms are hardly the flashiest products in your beauty lineup, these protective and pampering sunscreen-enhanced lip products give the otherwise basic balm a little boost for summer (and all year round). With options that include hints of tint, glossy shine, and satin finishes, these lip treatments make lip protection against sun damage look and feel good.

The Lip Balm Market is Segmented 

By Type :

• Flavoured
• CBD or Hemp Oil
• SPF Tint Plumping
• Organic Medicated
• Other

By Application :

• Individual
• Commercial

By Distribution Channel

• Online
• Offline

By Geography

• North America
• Europe
• Asia-Pacific
• Rest of the World

The market sizes and forecasts are provided in terms of value in USD billion for all the above segments.

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Market Driver :

Driver With the growing awareness about personal body care and the benefits offered by lip balm, the demand for lip balm is expected to increase over the forecast period. For instance, a research article published by Rajalakshmi School of Business, Chennai titled, “A Beauty Redefined: The Post-Pandemic Growth of Indian Body Care Market” in June 2023, reported that the body care products lip care products, and eye care products market in India has grown significantly in recent years, as the demand for personal grooming products is continuously growing in the country. Customers in India are becoming more mindful of their appearance, hygiene, and general well-being, especially after the 2020 pandemic which has increased demand for body care goods.

The new popularity of veganism is creating awareness in our culture and also making consumers conscious, ethical choices. This has increased the demand for vegan and organic cosmetic products, which has increased the demand for vegan lip balms, thereby driving the growth of the studied market.  For instance, in January 2023, Tower 28 launched JuiceBalm Vegan Tinted Lip Balm for Spring 2023. Tower 28 Launches JuiceBalm Vegan Tinted Lip Balm for Spring 2023. These lip balms are boosted with nourishing food-grade ingredients like mango seed oil, shea butter, cocoa butter, and vitamin E, which boast antioxidants and fatty acids that hydrate while protecting your pout from free radical damage. Thus, such product launches are driving the growth of the studied market.

Restraints

Counterfeiting is the deliberate, unauthorized imitation or reproduction of a genuine product to obtain financial gain by misleading consumers into believing they are acquiring the genuine product. They are often disguised as designer name brands and fool thousands of shoppers each year who believe they are buying legitimate cosmetic products. In addition to being counterfeit, they contain dangerous bacteria, lead, beryllium, and other harmful substances that pose health risks. For instance, another article titled, “Risks of cosmetics and level of awareness of both genders in Libya” published in May 2022, reported that the questionnaire was administered to a total of 500 participants of both sexes, chosen randomly in ten Libyan cities. The results showed that 1% of the women were aware of the presence of toxic substances and carcinogens while 99% were not aware of the harmful effects of cosmetics. Such instances show that only a few percent of people have the correct knowledge of choosing the right quality skin care products including lip care ranges, as a result, a large population can easily be fooled by using ill cosmetic products, which may affect their health and thus discourage their interest in selecting right quality lip balm, thereby slowing down the studied market growth.

COVID-19 Impact and the Russian War Impact on the Lip Balm Market

The demand for lip balm products was affected temporarily in the market, owing to the shutdown of offline retail channels and strict government restrictions on social gatherings in different parts of the world. Initially, during the beginning of the pandemic, the trade restrictions in different places also affected the supply chain of lip care products. To gain consumer attention, different players in the market introduced new products with innovative formulations. For instance, in March 2020, Hello CBD, a CBD-infused personal care brand introduced two new vegan lip balms in the United States. The product is prepared from coconut oil and olive oil and is available in vanilla mint and strawberry flavors. The product is distributed exclusively by Ulta Beauty, a beauty salon company in the United States, through its online as well as offline stores, to widen the reach of the products to the customers.

Post-pandemic, due to the launch of various lip balms, the market witnessed significant traction thereby driving the studied market growth. For instance, in December 2021, Nayanthara, an actress in the Indian film industry, launched a range of lip balms under the company - The Lip Balm Company. This product launch was in collaboration with a dermatologist, Dr. Renita Rajan. The company focused on developing gender-neutral lip balms, owing to the rising number of men showing interest in beauty products. Thus, such product launches are expected to drive the growth of the studied market.

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Competitive Landscape of The Lip Balm Market

The Lip balm market is fragmented due to the presence of many competitors working globally and regionally in this market segment. Some of the market players working in this market segment are:-

Key Players : 

• Revlon
• Beiersdorf
• The Clorox Company
• Unilever N.V./PLC Carma Labs
• L'Oréal S.A.
• EOS Products  
• AVON PRODUCTS
• Himalaya Global Holdings Ltd.

Segmentation Analysis of the Lip Balm Market

The demand for flavored lip balm has increased significantly due to the changing lifestyle and increased smoking among modern individuals is driving the demand for organic flavored lip products. Consumers are preferring these products to nourish and repair their pale and darker lips caused due to smoking and various other reasons. This has led the major players in the market to formulate products with natural ingredients, along with mentioning their ethical and sustainable sourcing. Furthermore, the launch of new products is driving the studied market’s growth. For instance, in December 2022, Glossier’s Balm Dotcom launched a brand-new flavor of the best-selling product with hints of cocoa, vanilla, and sugar strands. The key ingredients are castor seed oil, beeswax, and lanolin, all three of which are moisture and hydration powerhouses.

Online Lip Balm Segment The offline hypermarket & and supermarket distribution channel segment accounted for the largest revenue share and is estimated to retain the leading position throughout the forecast period. These stores offer significant advantages to consumers, such as low product prices and enhanced visibility of international brands as well as local brands, which makes them a suitable platform for all segments of customers.

Lip Balm Market Individual Segment is Expected to Witness High Growth Over the Forecast Period

The key to keeping your lips moisturized and healthy is applying lip balm regularly. Ideally, you should apply lip balm every few hours, especially before going out in the sun or wind. This will help prevent dryness, cracking, and irritation.

The North American region is expected to witness significant growth over the forecast period in the presence of key market players in the country and also the people are more concerned and aware about their personalities. Furthermore, the growing preference for organic lip care products has pushed manufacturers to invest heavily in R&D activities to develop natural and longer-lasting products. Growing demand for sun protection lip care products, rising population, urbanization, changing lifestyles, and men's preference for lip care products are also fuelling the growth of the lip balm market in this region.

Recent Development :

1) January 2023- Himalaya Wellness Company, the herbal health and personal care brand, announced the launch of its two new lip balm variants – Cherry Shine & Berry Shine Lip Balms. Comprising of natural ingredients like sweet cherry oil, vitamin E, blueberry, blackberry, and cranberry oils; the lip balms are the seventh and eighth variant launched under Himalaya’s lip-care category. 

2) In June 2022: FanLoveBeauty is launching its Stage Balm For Lips at the Allure store in New York City with three promotional events focused on vegan lip balm.

Frequently Asked Questions (FAQ) :

Q1. What is the market size of the Lip Balm Market ?

Q2. What are the Growth Drivers of the Lip Balm Market ?

Q3. What segments are covered in the Lip Balm Market Report?

Q4. Which Region is expected to hold the higest Market share??