The attention to one’s physical appearance, especially for women, has been a major aesthetic aspect of the society since perhaps the start of civilization, or at the very least, since the gender roles came into being. However, for women, most of the time, the consciousness regarding physical appearance is not limited to just paying attention to personal hygiene, but the usage of different cosmetic products, such as eyeliners, lipsticks, and make-up, is also of significant importance.
The demand for such products has further been rising because of the growing number of working women and the increase in disposable income of people. As physical appearance has often been related to confidence, a large number of working women make use of cosmetic products, including lipsticks for feeling more confident and enhancing their personality. As per a report by P&S Intelligence, in 2018, the global lipstick market reached a value of $9.2 billion, and it is projected to generate a revenue of $13.4 billion by 2024, progressing at a 6.6% CAGR during the forecast period (2019–2024).
Browse detailed report - Lipstick Market Analysis and Demand Forecast Report
Women between the ages of 20–30 years have been creating the largest demand for lipstick across the globe, as most of the women under this age group are working women. Geographically, Europe emerged as the largest lipstick market in 2018, however, the Asia-Pacific region is also expected to create a considerable demand for different lipstick products in the coming years. This is because of the growing social media influence and improving female financial independence in the region.
In conclusion, the rising number of working women and growing consciousness regarding physical appearance is driving the demand for lipsticks.
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