Market Overview
Global Lip Gloss Market size is projected to be valued at USD 4.3 Billion by 2027 at a CAGR of 4.7% between 2020 and 2027. Lip gloss is a personal care product that is used to provide subtle color on lips. The demand for lip gloss is increasing owing to the increasing purchasing power of the women population. The rising demand for organic and natural personal care products and increasing consumer consciousness about these products are some of the major factors resulting in market development. Furthermore, lip gloss is inexpensive and is easily available to consumers belonging to all social-economical group. Product innovations by manufacturers are also expected to drive the demand for lip gloss during the forecast period. For instance, in August 2020, BITE Beauty, a Canadian cosmetics company, launched cinnamon-flavored lip gloss in 8 different colors.
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Competitive Landscape
- L’Oréal (France)
- LVMH (France)
- Chanel (UK)
- Procter & Gamble (US)
- Revlon (US)
- The Estée Lauder Companies Inc. (US)
- Coty Inc. (US)
- Shiseido Company (Japan)
Market Segmentation
- Glossy: This segment accounted for the largest market share in 2019 and is projected to grow at a moderate pace during the forecast period. The wide availability of product among various manufacturers is anticipated to drive the demand for glossy lip gloss among consumers.
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Regional Analysis
- Europe: Europe accounted for the largest share of the global lip gloss market in 2019 and is expected to show the same trend during the study period. The growth of the lip gloss market is attributed to various factors. Improvements in the current lifestyles of the consumers are majorly affecting the growth of the market. Consumers have now become conscious regarding the usage of cosmetics in their daily life, which escalates the sales of lip gloss in European countries.
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