Why is Global Lipstick Market Predicted to Boom in Future?

With the idea of beauty being linked with success, courtesy the aggressive marketing by personal care and cosmetics companies, many people now consider a good appearance a confidence booster, especially when out of the home, for instance, in the office. In addition, with economic growth in developing countries, people here are now able to splurge on themselves, with a special focus on appearance. Such factors are boosting the sale of cosmetics, personal care products, and makeup items.

Request to Get the Sample Pages: https://www.psmarketresearch.com/market-analysis/lipstick-market/report-sample

P&S Intelligence considers these to be the key factors because of which the lipstick market will reach $13.4 billion by 2024 from $9.2 billion in 2018, growing at a steady 6.6% CAGR between 2019 and 2024. Along with eyeliner and nail polish, lipstick is the most-commonly used appearance enhancer around the world, with most women always carrying one in their purse wherever they go. A lipstick is as important to women as a simple razor to most men, considering how easy they are to use and the considerable effect they have on the appearance.

In present times, the humble lipstick is getting even more attention with more women entering the workforce. As per the International Labour Organization (ILO), the gap between the percentages of employed men and women around the world reduced by 2% between 1990 and 2018. As a presentable appearance is prized in the corporate sector, women are doing more to achieve the same. Thus, with the female participation in the world’s labor force increasing, the demand for lipsticks and other common beauty products has been growing as well.

Another major reason behind the increasing sale of such products is their easy availability in supermarkets/hypermarkets, department stores, convenience stores, cosmetic stores, salons, parlors, grocery shops, and online. Among these, sales via online channels are increasing rapidly, as these platforms offer consumers a number of advantages. They allow users to see a variety of products in one place and compare them to see which one best suits them. Additionally, e-commerce allows people to pay electronically, avail of a number of discounts and special offers, and have the product delivered to them.

As the demand for such products is directly tied to the evolving idea of beauty and increasing number of working women, the fastest growth in the lipstick market in the years to come will likely be witnessed in Asia-Pacific (APAC). The increasing influence of the Western culture via lifestyle magazines, TV shows, and social media is making people here conscious of their appearance. Moreover, with the increasing disposable income, the regional middle class is rapidly purchasing such luxury products.

Make Enquiry Before Buying the Report: https://www.psmarketresearch.com/send-enquiry?enquiry-url=lipstick-market

Hence, as more women enter the workforce and their purchasing power increases, so will the demand for lipsticks.

P&S Intelligence
Contact: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

Follow us on LinkedIn: https://www.linkedin.com/company/pnsintelligence/

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.