Witnessing approximately US$ 350 million revenue in 2018, the lip powder market is likely to see significant growth in the coming years, according to the latest report by Future Market Insights (FMI). Reflecting a high growth potential in the personal care and beauty products industry, lip powder is considered as evolution and one of the recent trends in the beauty products industry that offer various advantages over traditional lipstick products.
In recent years, the demand for lip powder has increased owing to the blurred finish and more matte than conventional lipsticks. Combination of matte and shimmer is one of the unique features of the lip powder as compared to the conventional lip products. Moreover, matte and blurred finish beauty trend is also gaining popularity, thus, driving demand for lip powder. New formulations leading to the multidimensional, weightless, and creamy texture and in both shimmer and matte finishes are also gaining traction in the lip powder market.
Manufacturers are also developing lip powders infused with vitamin E and hydrating oils providing a long-lasting and smooth finish. Long-lasting color and vibrancy offered by lip powder are the factors influencing the demand for lip powder over conventional lipstick. Enhancing the texture of lip is also one of the recent claims, pushing the demand for lip powder over conventional lipsticks.
Lip Powder Palettes Witnessing Strong Growth over Lip Powder Pens
As per the FMI study, lip powder palettes accounting for more than 50% of the total sales are likely to emerge as the strongest product category in the lip powder market. Convenience and ease-of-application offered by lip powder palettes with a wide variety of color options is one of the key factors fueling the demand for lip powder palettes over lip powder pens. Moreover, lip powder palettes feature various color or shades that provide an advantage to the user to mix and create personal shade.
In recent years, manufacturers developing lip powder palettes have also started providing balm alongside the lip powder in a single palette to provide a base for the powder and to moisturize lips.
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Despite various advantages of lip powder and emerging trends in the market, the FMI study has highlighted various challenges in the lip powder market that are likely to restrain the lip powder market growth. These challenges include customers’ fears and doubts on lip powders such as fear of exposing any flaw in lip texture, doubt regarding the applicability of lip powder on daily basis and also find it gaudy as compared to routine lipstick. In addition, lip powder is yet to enter the comfort zone of the women cosmetic regime.
The FMI report also tracks lip powder market for period 2019-2027. According to the report, the lip powder market is expected to register CAGR of nearly 5.9% during the forecast period.
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