Lip Powder Market Size, Share & Trends Analysis Report By Product (Palettes, Pen), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2024 - 2030

Lip Powder Market Size, Share & Trends Analysis Report By Product (Palettes, Pen), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2024 - 2030

Lip Powder Market Growth & Trends

The global lip powder market size is expected to reach USD 734.1 million by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.6% over the forecast period. Growing demand for matte finish lightweight lip color is fueling the demand for the product. Over the past few years, consumers of the makeup industry has been experimenting with new makeup products. Therefore, the lip powder products have gained significant popularity in the makeup industry. Furthermore, rapidly growing social media has been influencing the consumers to try new products.

The palette product segment dominated the market in 2023. Palettes include a balm in the lip kit, along with a powder color. Consumers prefer this kit as the balm keeps the skin hydrate. However, pens are easy to apply and more handy than the palette. Therefore, pens are expected to witness the fastest growth in the near future.

In terms of distribution channel, the online segment is expected to witness significant growth in the projected period. Rapid penetration of internet users has increased the online sales of the product. Moreover, increasing number of online retailers across the globe has made the product easily available to the consumers. As a result, consumer preference is shifting towards online shopping from the traditional brick and mortar shopping.

As of 2023, Asia Pacific held the largest market share. Rising concerns over physical appearance among working women have fueled the market growth in this region. In addition, increasing spending on personal grooming products in the developing countries including China, South Korea, Indonesia, Philippines, India, Taiwan, and Malaysia is boosting the demand for the product.

Key competitors of this industry include L'Oréal S.A.; The Estée Lauder Companies Inc.; Shiseido Company; Revlon, Inc.; BY TERRY; Stellar Beauty; Urban Decay; CLE COSMETICS; CHANEL International B.V.; and Sephora USA, Inc.

ver the past few years, leading manufacturers of the cosmetics industry are entering the market to meet the growing demand for the product. For instance, in 2018, CHANEL International B.V. launched Poudre à Lèvres Lip Balm and Powder Duo. It contains both balm and powder in the palette format, which is available in three different shades.

Lip Powder Market Report Highlights

• Asia Pacific held the largest lip powder market share of 29.5% in 2023
• North America lip powder market is anticipated to experience the fastest CAGR during the forecast period.
• The palette product segment dominated the market in 2023 and accounted for 53.4% share of the overall revenue
• The offline distribution segment dominated the market in 2023. The growth is attributed to rise in number of brick-and-mortar specialty stores.

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