In 2023, the lipstick market is expected to be worth US$ 9.93 billion, and it is estimated to rise at a CAGR of 6.8% from 2023 to 2033, reaching US$ 19.18 billion in 2033. With the manufacturers coping and evolving according to the growing demand for organic and natural ingredient-based lipstick, the volume of sales of the lipstick is anticipated to grow.
What is Driving Demand for Lipstick Market?
The rising mindfulness about appearance and complement on improving individual fulfillment is the immense drivers energizing the interest in lipstick product. Besides, the popping interest for brilliance and individual thought, typical helpful items, innovative development in lip paint products, and engaging with premium packaging, are the reasons that are most likely going to drive the lipstick bargains.
Similarly, the expansion in the measure of working individuals with the fast urbanization has succeeded beyond what many would consider possible on lipstick, provoking an extended volume of sales for lipstick. Likewise, the availability of various lipstick from different players makes colossal retail space in the individual care segment, in this way, boosting the growth of lipstick sales.
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In addition, with the changing lifestyles of the customers and evolving mindset with the continuous spread of awareness concerning health issues, many manufacturers have implemented strict policies and are focusing on using natural and organic ingredients in the lipstick, which has fueled the demand and will boost the sales of lipstick in the forecast period.
E-commerce Likely to Augment Lipstick Sales
In the current era, the populace is largely aware of the various harmful ingredients used for the manufacturing of lipstick and the growing interest in organic ingredients has made the manufacturers move from general retailers to certified retailers, who are verified, service providers. In addition, the expanding product portfolios of various brands have created new opportunities for them to drive their sales through digital platforms.
In addition, with the significant development of adoption of smart cell phones and accessibility of web in unseen business areas further expects the development in volume of sales over the forecast period. Such advancements are credited to improve on the availability of a wide extent of products, which allows the customers to explore and list out selective products based on range and quality.
How has COVID-19 Impacted the Lipstick Market?
The outbreak of COVID-19 had not only affected the sales of lipstick volume but also had severely laid its effect on all the other industries. As regulated by the regional government, the populace was to stay at home to fight and stop the spreading of the virus. Being a product of the beauty industry, which is influenced by the huge crowds, the sale had fallen drastically since the beginning of the pandemic, as the gathering was strictly restricted.
In addition, the production of lipstick had also stopped because of the complete closedown of the industries due to a lack of employees. In addition, the medical, supermarkets, beauty stores were closed, affecting the sales of lipstick.
For the companies to survive, after the unwinding of the lockdown and as regulated by the regional government, the brands had cooperated and moved towards the production of sanitizer and other cleanliness products to regain the economy.
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US and Canada Lipstick Market Outlook
US and Canada are the leading regions in the adoption of e-commerce platforms, and thus it is anticipated from the regions to regain the lost economy of the volume of sales of lipstick. The regions had suffered critical damage during the pandemic and had heavily affected the manufacturers and suppliers. However, with the evolving retailers and manufacturers, the recovery of the volume of sales for lipstick is anticipated to grow in the forecast period.
In addition, manufacturers and industrialists coping with the growing demand for natural and organic ingredients in the manufacturing of lipstick have created an opportunity for the volume of sales to grow, inviting investors at the same time, which will regain the economy.
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