It’s time to pucker up: Global market research firm TechSci has released its report “Europe Lipstick Market By Product Type, By Distribution Channel, By Country, Competition, Forecast & Opportunities, 2013 – 2023.” Here’s what you need to know.
- The market is projected to surpass $2.4 billion by 2023
- Growth can be attributed to: the growing financial independence of women and increased awareness among working women of daily lipstick use; for youths, those age-old motivators of looking trendy and fashionable; and an increased focus from manufacturers on developing more innovative products in the lipstick market
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- On a country level, demand is strongest in the United Kingdom, followed by Italy, Germany, France and Spain
- Demand in developing economies is increasing due to rising purchasing power
- When it comes to distribution channels, supermarket/hypermarket dominated in 2017; the segment is expected to maintain that lead during the forecast period, due in part to convenience (showcasing multiple brands) and offers and discounts
“Rising consciousness among people regarding beauty products is boosting the usage of lipsticks across Europe,” said Karan Chechi, research director with TechSci Research. “Moreover, people are showing increasing inclination towards natural cosmetics instead of chemical laden conventional cosmetics, which is pushing manufacturers to come up with natural cosmetics including lipsticks. This factor is anticipated to positively influence Europe lipstick market over the course of next five years.”