Global Lip Care Products Packaging Market is estimated to be valued at US$ 1269.47 Million in 2021, according to the Global Lip Care Products Packaging Market Report, published by Coherent Market Insights.
Global lip care products packaging market was valued at US$ 1269.47 Million in 2021. Lip Care Products Packaging Market is expected to register a CAGR of 5.99 % over the forecast period (2022–2030), to reach US$ 2135.61 Million by 2030.
The key driver for the growth of lip care products packaging market is the aesthetic appeal of the lip care packaged product, which remains the major strategy of the lip care products packaging companies. Furthermore, unique customization and bio-material packaging has created growth opportunities in this market by gaining consumer traction. The increasing use of green packaging in the cosmetic industry provides opportunities to the market players of lip care products packaging.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/lip-care-products-packaging-market-1042
Key Trends and Analysis of the Global Lip Care Products Packaging Market:
- Based on packaging type, plastic packaging segment held a dominant position in the global Lip Care Products Packaging Market in 2021 with a market share of 45.12% and is expected to lead the market throughout the forecast period. The lip care products packaging companies are focusing on product showcasing, specification, and information to enhance the visual appeal of the product.
- Based on application type, the non-medicated lip care product segment held a dominant position in the market, in 2021. Manufactures are focused on development of longer and faster acting formulas, which in turn is anticipated to enhance growth of the market. Moreover, brand plays an important role in the non-medicated segment. For instance, Carmex Comfort Care lip balm manufactured by Carma Laboratories Inc. was awarded ‘Product of the Year’, in 2017. This product is a non-medicated lip balm known for its long lasting and soothing properties.
By material type, plastic is the largest segment in the lip care products packaging. This is owing to its wide availability and low material cost. Plastic is widely used in packaging of lip care products, which include lip balm, lip stick, and lip gloss. Lip care products are widely used by the consumers on daily basis therefore, plastic is preferred for packaging of such products as it is less expensive. However, increasing usage of metal and glass packaging in premium lip care products is a major factor restraining growth of the global lip care products packaging market.
Key Takeaways of the Global Lip Care Products Packaging Market:
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the lip care products packaging market are key strategies adopted by players in the global lip care products packaging market. For instance, in November 2020, Eco Lips Store announced the launch of its six organic lip balms through Walmart stores.
- The major players operating in the global lip care products packaging market include Pack Tech A/S, HCP Packaging CO. Ltd., Arminak & Associates LLC, Eastar Cosmetics Packaging, IMS Ningbo Limited and, The Packaging Company.
