The increasing urbanization, improvement in lifestyle, and trend of picture posting on social media are the key factors, encouraging the use of cosmetic products. Lipstick is one of those lifestyle products, which is affordable for every individual belonging to every section of the society.
In the developed countries, especially in Eastern Europe, the demand for lipstick has been increasing at a swift pace. The increasing number of working women is one of the key factors responsible for the increased usage of cosmetic products.
The time spent by people on social media is increasing, which is boosting their appearance consciousness. The increasing young population in the developing countries, along with the growing disposable income of the people, is resulting in increased cosmetic product sales including lipsticks, which is further fuelling the growth of the global lipstick market.
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The women above 30 years of age, in the developing countries, have been observed to be more selective about the type of cosmetic products they purchase. This has compelled the lipstick manufacturers to pay special attention towards the women population featuring within this age group.
The celebrity endorsements for companies’ brands have been increasing in the lipstick market to allure more number of consumers. Fashion shows are another major brand promotion strategy, which is incorporated by the lipstick manufacturers.
The major companies operating in the lipstick market are L’Oreal Paris, Procter & Gamble, Estee Lauder, Shiseido, and Avon. There are large numbers of other regional and country-specific lipstick manufacturers, owing to which the market is fragmented in nature.
The industry has also witnessed certain mergers among lipstick players, which is consolidating the industry to certain extent.
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