Lip Gloss Market Report 2024

The lip gloss market size has grown strongly in recent years. It will grow from $3.56 billion in 2023 to $3.77 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The historic period's growth can be attributed to the expansion of retail and beauty supply stores, the rise of online beauty communities, the increasing popularity of mix-and-match beauty products, increased cosmetic advertising, and a rise in disposable income.

The lip gloss market size is expected to see strong growth in the next few years. It will grow to $4.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The projected growth in the forecast period is driven by a higher demand for beauty products, greater awareness of personal grooming, a growing number of beauty salons, increasing purchasing power among women, heightened awareness of skin-friendly ingredients, and a rising demand for customizable lip gloss. Key trends for the forecast period include technological advancements, cruelty-free formulations, augmented reality, refillable lip gloss products, and customizable lip products.

The growing cosmetics industry is expected to drive the expansion of the lip gloss market in the coming years. The cosmetics industry involves the development, manufacturing, marketing, and sale of products aimed at personal care, grooming, and enhancing appearance. This industry's growth is fueled by continuous innovation, the influence of social media, rising consumer demand, digital marketing strategies, and increasing interest in natural and sustainable products. Lip gloss, a popular cosmetic product, is used to provide lips with a shiny, glossy finish, adding subtle color or shimmer to achieve youthful and versatile makeup styles. For example, according to the Cosmetic Toiletry and Perfumery Association (CTPA) in the UK, sales of color cosmetics increased from 112.26 million units in 2021 to 118.17 million units in 2022, while skincare product sales rose from 461.47 million units to 479.57 million units over the same period. Hence, the expanding cosmetics industry is a key driver behind the growth of the lip gloss market.

Major companies in the lip gloss market are focused on developing innovative products, including non-sticky formulations that provide a smooth and comfortable feel while delivering long-lasting shine and hydration. Non-sticky multi-use lip gloss formulations utilize advanced ingredients to achieve a glossy finish without the undesirable sticky texture, allowing for application on lips and potentially other facial areas for versatile beauty applications. For instance, Thread Beauty, a US-based cosmetics company, introduced 'Gloss It' lip gloss in May 2022. This product features a non-sticky, multi-use formula crafted from advanced vegan ingredients, offering a sheer, glossy finish suitable for lips, eyes, and cheeks. It showcases cutting-edge formulation techniques to ensure versatility, comfort, and nourishment, enhancing overall aesthetic appeal.

In April 2023, The Estée Lauder Companies Inc., a prominent US-based cosmetics corporation, acquired Tom Ford for $2.8 billion. This acquisition is aimed at leveraging Tom Ford's strong brand reputation and luxury positioning to expand Estée Lauder's portfolio within the high-end beauty segment and capture a larger share of the global market. Tom Ford, renowned for its luxurious lip gloss products featuring high-quality formulations, complements Estée Lauder's strategic goals in the premium beauty sector.

Major companies operating in the lip gloss market are Procter & Gamble Co., L'Oréal S.A., Neutrogena Corporation, The Estée Lauder Companies Inc., Chanel S.A., Shiseido Company Limited, Coty Inc., Avon Products Inc., Giorgio Armani S.p.A., Makeup Art Cosmetics (MAC), Revlon Group LLC, Oriflame Cosmetics Global SA, Burt's Bees LLC, Maybelline LLC, Kendo Holdings Inc., NARS Cosmetics Inc., ColourPop Cosmetics LLC, Bourjois S.A., Elizabeth Arden Inc., Bo International Ltd., MPlus Cosmetics, Auraline Beauty.

North America was the largest region in the lip gloss market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lip gloss market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the lip gloss market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Lip gloss is a cosmetic product used to give the lips a shiny, glossy look, sometimes with a subtle tint. It can be applied alone or over lipstick to accentuate the lips' natural beauty. Typically available in liquid or semi-solid forms, lip glosses come in tubes or small pots and are applied with a brush, wand, or directly from the container.

Lip glosses come in different finishes, including glossy, matte, and glittery. Glossy lip glosses offer a shiny, reflective appearance that enhances the lips' natural color with a wet look. This finish is favored for making lips appear fuller and more hydrated. Lip glosses are available in various types, such as conventional, organic, and natural, and are sold through a range of channels including supermarkets, beauty stores, specialty shops, online platforms, and more.

The lip gloss market research report is one of a series of new reports that provides lip gloss market statistics, including the lip gloss industry global market size, regional shares, competitors with a lip gloss market share, detailed lip gloss market segments, market trends, and opportunities, and any further data you may need to thrive in the lip gloss industry. This lip gloss research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The lip gloss market consists of sales of clear lip gloss, tinted lip gloss, plumping lip gloss, matte lip gloss, and long-lasting lip gloss. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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