New York, NY -- (SBWIRE) -- 05/01/2019 -- Increasing demand for lipsticks from working women and the growing popularity of e-commerce beauty websites are the key factors driving the growth of the lipstick market. The market, in 2018, attained a size of $9.2 billion, and is projected to advance at a CAGR of 6.6% during the forecast period (2019–2024). Growing at the current rate, the market is expected to value $13.4 billion by 2024. In the report, the market is segmented by product type, color, applicator, gender, distribution channel, age, and geography.

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On the basis of color, the lipstick market is categorized into pink, red, nude, maroon and others, which include orange, black, gold, violet, silver, green, silver, gray, white, yellow, purple, blue, and multicolor. Among these, in 2018, the red color category held the highest revenue share in the market and is further predicted to continue dominating it in the forecast period. However, the nude color category is anticipated to register the fastest growth at a CAGR of more than 8.0% in the sector.

Further, based on product type, the lipstick market is divided into shimmer/pear/frost, matte, satin/sheer, glossy, luminous, metallic, crème, and natural. Among these, the demand for matte lipstick is anticipated to record the fastest growth, witnessing a revenue CAGR of more than 8.5% in the forecast period. It gives a velvety look to the lips and has the ability to last all day. Further, it is available in a diverse range of dark shades, due to which it is preferred by most women and is predicted to grow. However, satin/sheer type lipstick is expected to contribute the highest revenue to the market in the forecast period.

Across the globe, the market is projected to register the fastest growth in Asia-Pacific (APAC) during the forecast period. With surging social media influence and rising female financial independence, the lipstick market is rapidly progressing in the region. One of the major factors driving the market around the world is the increasing inclination toward e-commerce beauty websites. In the past few years, e-commerce platforms have led to a transformation in the beauty industry, majorly due to the growing internet penetration.

Across the globe, in 2017, the internet was being used by 48.0% of the global population, equaling over 3.47 billion internet users, out of which females accounted for 45.0% users. Besides this, the use of lip powder, particularly in matte lipsticks, is being observed as a trend in the lipstick market. It is gaining immense popularity among women, due to the creamy and smooth texture of matte finish. It also consists of hydrating ingredients, including glycerin, Vitamin E, and coconut oil, which keep the lips pigmented.

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For a working woman, lipstick is considered an essential product because it boosts their confidence. The increase in the number of female professionals is resulting in a growing demand for lipsticks. This is directly boosting the lipstick market and creating ample growth opportunities for key manufacturers, such as Shiseido Company Limited, L'Oréal SA, Avon Products Inc., Revlon Inc., and Oriflame Holding AG.

Hence, due to the changing lifestyle and growing appearance consciousness, the market for lipsticks is expected to prosper at a significant rate in the near future.