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NEW YORK, July 18, 2022 /PRNewswire/ — The latest market report titled Lip Gloss Market by Finish and Geography – Forecast and Analysis 2022-2026 is now available at Technavio. The report predicts the market to witness a potential growth difference of USD 703.21 million from 2021 to 2026. The report also predicts the market to record an accelerating growth momentum at a CAGR of 4.58%. Lip gloss nurtures the lips and protects them from exposure to the sun, dust, as well as the drying effects of cold and wind ; they are used primarily to give lips a glossy luster and sometimes to add a subtle color. Technavio categorizes the global lip gloss market as a part of the global personal products market within the global household and personal products market.
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“One of the primary growth drivers for this market is the launch of innovative products to gain consumer interest” as per the latest market analysis report by Technavio. Consumers are preferring familiar brands and seek variety in terms of product offerings. Therefore, manufacturers are also Investing considerably to augment their R&D capabilities and focus on broadening their product portfolios. Continuous product innovation and the launch of new products increase visibility and awareness of the brands among consumers.
However, the continuous threat from counterfeit products is one of the key lip gloss market growth challenges. Counterfeit products are usually made from low-cost ingredients that have not been tested for safety. Such products are available across the world, especially through the Internet. Counterfeit lip gloss products are, therefore, causing a considerable dent in the market shares of leading popular brands.
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- The report extensively covers market segmentation by finish (glossy, matte, glitter, and others)
- The glossy finish segment held the largest lip gloss market share in 2021.
- The segment will continue to account for the highest market revenue throughout the forecast period.
- The growth of this segment can be attributed to the rising popularity of these lip glosses among consumers due to their convenience and ease of application.
- In addition, these lip glosses provide a fresh and natural look to the makeup. Glossy finish lip gloss is the most hydrating of all and is, thus, the most preferred for dry lips.
- 36% of the market’s growth will originate from Europe …
Full story available on Benzinga.com
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