Europe dominates lip care product market
Europe is currently dominating the global lip product market with the US trailing in terms of product sales.
The global lip care product market is expected to reach $1.9bn (£1.2bn) by 2017, according to the latest market research report from researcher Global Industry Analysts.
The major factors driving product sales and growth are product innovation, organic products, economical pricing, an emphasis on youthful appearance and rising concerns regarding health, such as awareness of skin cancer.
Lip care products have shown a seasonal aspect in terms of sales increases. Notably sales increased in winter due to consumers feeling the need to protect their lips from harsh weather conditions. However, sales have also increased in the summer as new lip care product developments carry more SPF ratings and claims of UV protection.
Other emerging markets for lip care products include Asia-Pacific, Latin America, Middle East and Eastern Europe. Asia-Pacific is projected to be the fastest growing market with a compound annual growth rate of 6.4% over the next five years.