European teens drive market growth
According to Companies and Markets Research, the global lip care products market is estimated to reach $1.9bn by 2017, buoyed by fashion trends and new product introductions, as well as rising consumer interest and disposable income.
Europe dominates the world lip care products market with the US trailing. However, Asia Pacific is projected to be the fastest growing regional market, with a CAGR of about 6.4% over the next five years.
Companies and Markets Research attributes the predicted boom in lip care to a combination of product innovation, a growth in organic products (viewed as safe and healthy), enhanced features and economical pricing.
Lip care products are said to be most widely used by teens. And since product and brand loyalty is established at an early age manufacturers believe this consumer demographic will continue to use the same products as they grow up.
While lip care products have a seasonal aspect (with sales traditionally increasing in winter when consumers feel the need to protect their lips from harsh conditions), sales of lip products designed for summer months, which contain SPF, UVA protection and/or antioxidants, are also growing.