PUBLISHER: KBV Research | PRODUCT CODE: 1374172
PUBLISHER: KBV Research | PRODUCT CODE: 1374172
The Global Lip Powder Market size is expected to reach $2.5 billion by 2030, rising at a market growth of 5.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 93,156.4 thousand units, experiencing a growth of 4.4% (2019-2022).
Catering to the 18-30 age group in the Market demands a keen understanding of their makeup preferences and purchasing behaviours. Therefore, the 18-30 Years Old group segment would capture 1/4th share of the market by 2030. Brands respond to evolving beauty trends by introducing trendy and seasonal shades. Consumers who want to stay updated with the latest makeup trends are likelier to try new shades and products. Different demographics have unique shade preferences. For example, some age groups prefer subtle, neutral shades, while younger consumers gravitate towards bold and trendy colours. Brands tailor their shade offerings to target specific consumer segments. Brands that consistently offer a wide range of shades build brand loyalty. Some of the factors impacting the market are increasing demand for matte lip powder, rising availability of variety of lip powder shades, and limited awareness of lip powder.
The popularity of matte lip looks has driven demand for lip powder products, as consumers often seek a matte finish. Many consumers prefer the matte finish because it provides a velvety texture that looks sophisticated and elegant. The desire for a non-shiny, long-lasting lip look has driven the matte lip trend. Lip powders have emerged as an alternative to traditional matte lipsticks. While matte lipsticks are widely popular, it offers a different texture and application experience, making them appealing to consumers looking for variety. Additionally, a wide range of shades caters to the diverse preferences of consumers. Some prefer classic nude shades for everyday wear, while others seek bold and vibrant colours for special occasions. Offering variety ensures that there's something for everyone. A diverse shade range reflects inclusivity, ensuring consumers with different skin tones find shades that complement their complexion. As a result of the rising variety of lip powder shades, the market is estimated to expand.
However, Lip powders are a relatively new concept in the beauty industry, and many consumers are unfamiliar with them. Limited awareness means that potential customers did not even know that lip powders are an option for their makeup routine. Lip powder products have fewer user reviews and recommendations, making it difficult for consumers to make accurate purchasing decisions. This factor poses a challenge for the market growth.
By type, the market is categorized into lip powder pen and lip powder palettes. In 2022, the lip powder palettes segment held the highest revenue share in the market. Lip powder palettes are becoming increasingly popular due to several compelling factors. These palettes offer consumers a dynamic and varied option for experimenting with various lip styles. Incorporating multiple hues into a single compact provides a cost-effective method to create unique lip looks for various occasions. The popularity of lip powder palettes has been greatly aided by the current trend toward customization in the beauty industry.
End User Outlook
Based on end user, the market is classified into under 18 years old, 18-30 years old, 30-45 years old, and above 45 years old. In 2022, the 18-30 years old segment witnessed a substantial revenue share in the market. The segment is highly engaged in online shopping. E-commerce platforms and online beauty retailers can effectively reach and market to this demographic. Many young adults are active on social media platforms where beauty influencers and makeup artists share tutorials, reviews, and product recommendations. Positive endorsements from influencers within this age group led to increased interest and adoption of lip powder products.
Distribution Channel Outlook
On the basis of the distribution channel, market is divided into online and offline. In 2022, the online segment dominated the market with maximum revenue share. As consumers favor e-commerce platforms for shopping, online distribution channels are gaining popularity in the market. Through online purchasing platforms, customers can quickly buy a vast selection of lip powder products, excellent discounts, and delivery options to their doorstep. Demand for lip powder has been fueled by an increase in the number of online retailers offering attractive discounts and the number of Internet users who prefer to purchase at online retailers due to their accessibility.
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating the highest revenue share. This region's market expansion has been fueled by working women's growing concerns about their physical appearance. Additionally, the demand for cosmetics is increasing due to rising personal grooming product spending in developing nations, including China, South Korea, Indonesia, the Philippines, India, Taiwan, and Malaysia. Additionally, innovative and appealing packaging is anticipated to increase market penetration in this region.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include The Estee Lauder Companies, Inc., Sephora SA (LVMH Moet Hennessy Louis Vuitton), Shiseido Company Limited, Revlon, Inc. (MacAndrews & Forbes), L'Oreal S.A., Unilever PLC, Buxom cosmetics (Orveon global), BY TERRY, and CLE Cosmetics
Market Segments covered in the Report:
By Type (Volume, Thousand units, USD Million, 2019-2030)
By End User (Volume, Thousand units, USD Million, 2019-2030)
By Distribution Channel (Volume, Thousand units, USD Million, 2019-2030)
By Geography (Volume, Thousand units, USD Million, 2019-2030)
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