Market Forecast
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 market 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 market growth during the forecast period. For instance, in August 2020, BITE Beauty, a Canadian cosmetics company, launched cinnamon-flavored lip gloss in 8 different colors.
Key Players
Some of Key Players for Lip Gloss Market
- L'Oréal (France)
- LVMH (France)
- Chanel (UK)
- Procter & Gamble (US)
- Revlon (US)
- The Estée Lauder Companies Inc. (US)
- Coty Inc. (US)
- Shiseido Company (Japan)
- MAKE-UP ART COSMETICS (M.A.C.) (US)
- ColourPop Cosmetics (US)
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Market USP
Availability of products in different finish
Lip Gloss Market Growth Opportunities
R&D Investments: Manufacturers invest in research and technology development and investigative activities to improve existing products and procedures to develop new products. Improved testing and lab practices have been effective, resulting in the improved product line of lip gloss with slightly increased shelf-life and lowered content of harmful chemicals. Investments in research and development will lead to the development of new and sustainable products to improve the quality of the product and improve its functionality by including better formulation. Key industrial players have been developing a lip gloss product range with enhanced quality to meet the consumer's rising demand. Moreover, they are focused on providing convenient and attractive packaging to seek consumer attention.
Product Promotions: Product promotions play a very crucial role in attracting consumers towards a product range. Product promotions through e-commerce have a very strong potential for increasing consumer knowledge and sale of the product. E-commerce also acts as a strong distribution channel in today's scenario. Celebrity endorsement has played a vital role in the increased sale of the product as consumers tend to follow famous personalities, which also lead to personal communication and eventually increased sale.
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