The global lipstick market is expected to witness substantial growth during the forecast period. Major factors driving the growth of the market are increasing urbanization, increasing demand for lipsticks from young and working women, rising number of product innovations, improvement in lifestyle, and trend of picture posting on social media.
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The lipstick market is witnessing major demand for the products from young and working women, due to change in their lifestyle and rising appearance consciousness. The global labor force participation rate of female population for ages 15–64 was 53% in 2017. Lipstick is considered as an inexpensive luxury among females. Therefore, the appearance consciousness of women especially among younger generation is predicted to increase the demand for lipsticks in the coming years.
On the basis of gender, the lipstick market is bifurcated into female and unisex. Female category is expected to hold the largest share in the lipstick market, owing to factors such as increasing women population, and rising disposable income. The women population has been continuously increasing and reached to 3.73 billion in 2017, with a total rise of 170 million from years 2013 to 2017, globally.
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On the basis of distribution channel, the lipstick market is split into cosmetic store, supermarket/hypermarket, convenience store, department store, and online store. The market is expected to hold the largest revenue share in the category of hypermarket/supermarket, due to variety of brands available at a single place, giving the consumers a variety of choices. However, the market is expected to witness the fastest growth in the category of online store, due to heavy discounts available on cosmetic brands and convenience of product delivery at home.
Asia–Pacific region is predicted to be the largest market for lipsticks due to change in lifestyle, increasing consumer spending, increasing disposable income in developing countries, and growing awareness toward appearance consciousness. For instance, during 2013–2017, China’s household income grew by over 7%.
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