Protection and organic ingredients will increase global lip care market

Market research firm GIA has released its global lip care report suggesting that the world market is projected to reach $1.7bn by 2015. It also states the introduction of innovative products that offer multi-functional benefits are fueling market growth.

Healthy business despite downturn​

Despite the recent economic crisis, lipstick manufacturers were still able to turn over healthy business thanks to the consumer shift from luxury or branded products to economical and feel-good alternatives.

Compared to other industries, GIA claims that the personal care industry grew at a healthy rate, considering the recession.

In terms of the global lip care market, it was products containing vitamins and chemicals protecting against UV rays that led to a rise in sales, particularly in Europe.

In terms of sales, the US is trailing Europe according to the report. Emphasis on youthful appearance is one of the major factors driving the sales of lip care products in the US, while rising concerns regarding health, are also attributing to a sales increase.

However, GIA says that growth wise, Asia-Pacific is projected to be the fastest growing regional market for lip care products, with a CAGR of about 6.4 percent over the analysis period, 2007-2015.

Medicated products emerge as popular​

Other products formulated with aloe vera moisturizers, anti-UV agents, and other ingredients that deal with dryness and cold sores have also emerged as being popular, according to the research.

Likewise, the reseach also showed that traditional lip care products represented the most widely used product category.

According to the US-based research firm, the medicated & therapeutic segment is poised to register a compounded annual growth rate of more than 6 percent over the analysis period.

Increasing interest in organic products rather than wax-based or petroleum-based lip care products has prompted GIA to predict the launch of many organic and natural products.