Lip Balm Market – Introduction
- Lip balm is a wax-like substance applied on the lips to moisturize dry lips. Increasing awareness regarding personal care and grooming is boosting the lip balm market across the globe.
Key Drivers of the Lip Balm Market
- Skin on the lips is thinner than facial skin and hence, it can dry easily. Lip balms ensure that the lips remain hydrated and heal faster. Most lip balms have SPF in them, which offer protection against harmful rays of the sun. Lip balms also moisturize, nourish, color, and provides a glossy effect to the lips in order to make them appear fuller. These factors increase the demand for lip balms.
- Lip balms are available in various flavors and scents. Furthermore, expansion of the online platform, rising awareness about lip care, and improving lifestyle of consumers propel the lip balm market.
Factors Restraining Global Lip Balm Market
- Certain lip balms contain chemicals and allergens that can cause physical issues or rashes that affects the demand for lip balms. Furthermore, the COVID-19 pandemic hampered the lip balm market. Various countries across the globe imposed lockdown and social distancing policy to stop the spread of virus, which resulted in closure of manufacturing plants and disruption of supply chains. This delayed the production of lip balms and hampered the lip balm market.
Asia Pacific to Hold Leading Share of Global Lip Balm Market
- In terms of geography, the global lip balm market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Country and sub-region level analysis of North America features the U.S., Canada, and Rest of North America. Analysis and forecast of the lip balm market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the market analysis and forecast of GCC, South Africa, and Rest of Middle East & Africa. The lip balm market in South America is segmented into Brazil and Rest of South America.
- Asia Pacific dominated the global lip balm market in 2020, due to an increase in awareness regarding personal care and grooming in the region. Rise in population has been driving the lip balm in North America, particularly in China, India, and Japan.
- The lip balm market in Asia Pacific is projected to expand at a rapid pace, followed by North America and Europe, during the forecast period
Key Players Operating in Global Lip Balm Market
The global lip balm market is highly competitive, owing to the presence of several global and regional players. Major players are adopting various strategies such as regional expansion and product portfolio expansion to consolidate their position in the market. A few key players operating in the global lip balm market are:
- Kao Corporation
- The Clorox Company
- Unilever N.V./PLC
- Carma Labs
- L'Oréal S.A.
- EOS Products
- AVON PRODUCTS
- Himalaya Global Holdings Ltd.
Global Lip Balm Market: Research Scope
Global Lip Balm Market, by Type
- CBD or Hemp Oil
Global Lip Balm Market, by Application
Global Lip Balm Market, by Price
Global Lip Balm Market, by Distribution Channel
- E Commerce Websites
- Company Owned Websites
- Specialty Store
Global Lip Balm Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America