Lipstick Market to Exhibit Impressive Growth during 2014–2024

The lipstick market is forecasted to record $13.4 billion by 2024, and is expected to grow at a CAGR of 6.6% during the forecast period 2019-2024, according to P&S Intelligence.
Rising number of working women population, and inclination toward e-commerce beauty websites are the major factors contributing to the growth of the market, globally.

Market Segments
Based on product type, the lipstick market is segmented into matte, shimmer/pear/frost, glossy, satin/sheer, metallic, luminous, natural, and crème. Of these, satin/sheer category is estimated to hold largest revenue share in 2018, and would continue to display growth in the coming years as well. However, matte lipsticks category is expected to exhibit the fastest CAGR, during the forecast period owing to growing preference by consumers pertaining to the availability of diverse color shades in the market.
In terms of region, the lipstick market is classified into Europe, Asia-Pacific (APAC), North America, Latin America (LATAM), and Middle East and Africa (MEA). Of these, Europe is estimated to hold largest revenue share in 2018. However, the APAC is expected to register fastest growth during the forecast period. In APAC, with increasing social media influence, and improving female financial independence, the market is rapidly gaining traction in the region.
The lipstick market is registering major demand for the lipstick products from working women. The maximum share of lipstick was constituted by the age group between 20-40, among women. It is due to change in their lifestyle and rising appearance consciousness. The female population between the age group of 15–64 has reached to 2.42 billion in 2017, as compared to 2.3 billion in 2012, with labor force participation rate of 53.8% in 2017. Rising labor force participation rate among women is expected to increase the demand for cosmetic products, especially lipsticks. Therefore, growing women workforce is anticipated to drive the market in coming years.
The lipstick market is moderately competitive. In the recent past, partnerships and facility expansion have been the major activities in the market, globally. For instance, in July 2018, Coty Inc. partnered with DKSH Management Ltd., a market expansion service provider. This partnership would enable an improved delivery schedule and increasing inventory visibility, through the expansion of Coty’s hair care distribution in Singapore and Malaysia.
Some of the key players in the lipstick market include L’Oréal SA, Shiseido Company Limited, Revlon Inc., Avon Products Inc., Oriflame Holding AG, Coty Inc. Amorepacific Corporation, The Estée Lauder Companies Inc., Christian Dior SE, and Inglot Sp. Z. O. O.

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