According to the research report titled ‘Global Lip Care Products Market Size study, by Product (Non-Medicated, Therapeutic & Medicated, and Sun Protection), End User (Male and Female), Distribution Channel (Offline and Online) and Regional Forecasts 2021-2027’, available with Market Study Report, global lip care products market size was worth USD 0.821 billion in 2020 and is expected to record a CAGR of 7.34% over 2021-2027, subsequently reaching USD 1.34 billion by the end of the assessment period.
 

Rising awareness about the harmful effects of UV rays, changing lifestyle, rapid urbanization, along with increasing health and beauty conscious people are the key factors fueling global lip care products market growth, cites the study. Besides, growing popularity of skin care products and benefits offered by the SPF are also significantly contributing to the market development.
 

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According to the report of Global Wellness Institute, the personal care, beauty, and anti-aging industry was valued at USD 1083 billion in 2018. Every year, more than 120 million liters of sun care products are marketed, cited the iGEM 2020 report.
 

Surging demand for organic products is expected to encourage new entrants and innovative products, leading to availability of wide range of products, which is further projected to boost overall demand in the ensuing years.
 

On the downside, side effects of chemicals used, and hefty costs of premium quality products are anticipated to hamper the remuneration scope of the industry over the forecast period.
 

Speaking of regional landscape, Latin America, North America, Asia Pacific, and Europe are the leading contributors to the overall market development. Of these, Asia Pacific currently leads global lip care products industry share, creditable to significant celebrity endorsements along with growing awareness of personal care and grooming products.
 

On the other hand, North America market is projected to amplify through 2027, owing to rising cognizance regarding natural and SPF products and surging demand of lip care products.
 

Major contenders in global lip care products market sphere are Pfizer Inc., The Procter & Gamble Company, The Himalaya Drug Company, Beiersdorf AG, Kao Corporation, The Clorox Company, Revlon Inc., Unilever plc, Avon Products Inc., and L'Oréal S.A.