Global Lip Plumper Serum Market size (2024-2030)

In 2023, the Global Lip Plumper Serum Market was valued at USD 4.12 billion and is projected to reach a market size of USD 5.9 billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 4.6%.

Market Overview: 

Lip Plumping Serum is a cosmetic product used to enhance the volume of lips through enlargement using fillers that may be permanent or temporary in nature. Hyaluronic acid and fats are some of the most common products used to achieve desired results. Some of the Food and Drug Administration (FDA) approved lip fillers or plumper are Restylane L, Belotero Balance, and Juvederm Vollure. Moreover, there has been a growing focus on organic and natural lip plumper as consumers are looking for safer alternatives that are free from synthetic and toxic chemicals. Also, the ongoing trend of personal grooming and wellness is drawing an increasing number of female consumers to adopt these products.   

COVID-19 Impact on the global Lip Plumper Serum Market: 

The COVID-19 pandemic has severely impacted the sales of lip care & beauty products through major offline supermarkets and retail stores. Several mass-market stores, brick-and-mortar stores, and other retailers reported a steep decline in sales in the same year. For instance, The Boots Company PLC reported a sharp decline in the sales of beauty products approximately by two-thirds between March and April 2020. However, DIY and self-care lip and beauty products are an emerging trend in the global market, which is anticipated to recover during the outlook period. The demand for these products is continuously increasing in the U.S. as consumers are looking for organic products due to the shifting inclination towards vegan products. Several manufacturers in the region are aiming on creating sustainably-sourced lip plumping products owing to the increasing concerns related to plastic reduction and waste disposal.  

Market Drivers: 

The shift in consumer preferences for products aimed at lip plumping and lip filling processes is driving the global lip plumper serum market: 

The widespread popularity of at-home lip plumping for increasing the volume and filling the lips has resulted in a rise in the customer base for these products. Moreover, these products are scientifically formulated and advanced. The acceptance of at-home lip plumping serums is increasing globally, with adult consumers seeking ways to retain their youthful appearance and the elderly focusing on ways to keep the indications of aging at bay and keeping up with the beauty trends. As a result, this shift in consumer preference is fueling the growth of the lip plumper serum market during the forecast period. 

Increasing preferences for luxury products due to increasing disposable income is propelling the market growth of lip plumper serums: 

Macroeconomic factors including urbanization along with customer inclination toward modern products and technologies to enhance their looks and appearances are the likely reasons to spur the demand for lip plumper. Also, the amount an average person spends on himself is increasing at a rapid pace which is driving consumers toward these products. 

The shift in payment preferences among customers to fuel the market growth of lip plumper serums: 

There is a paradigm shift in preferences and awareness among customers associated with payment methods. One of the reasons is, that various marketing advertisement campaigns update people about the options available to them, making them popular and estimated to increase the market size in the forecasted years. 

Market Restraints: 

The high cost of lip plumper serums may restrain the global market growth in the forecasted years: 

Lip plumper serums and other products are quite expensive in nature. The products used are premium and luxurious in nature. As a result, the high cost associated with the products is hampering the growth of the global lip plumper serum market over the forecast period. 

Unpleasant side effects of lip plumper serums and creams may restrict the global market growth rate: 

Customers nowadays are focused more on organic and natural skincare products and the popularity of chemical-based lip plumper serums and products are anticipated to decline. This is due to a number of reasons the negative consequences of these items have been disclosed and revealed. These may cause reactions and allergies ranging from moderate irritation to contact dermatitis in people who have sensitive skin types. Thus, these side effects of lip plumper serums are the biggest challenge for the growth of the lip plumper serum market. 

LIP PLUMPER SERUM MARKET REPORT COVERAGE:

This research report on the global Lip Plumper Serum Market has been segmented and sub-segmented based on Type, Distribution Channel, Region, and Key Companies. 

Lip Plumper Serum Market – By Type. 

• Hyaluronic Acid Serums 
• Poly-L-Lactic Acid Serums 
• Lip Collagen Serums 
• Others 

Based on type, the lip plumper serum market can be segmented into 4 segments – Hyaluronic Acid Serums, Poly-L-Lactic Acid Serums, Lip Collagen Serums, and Others.  

The Hyaluronic acid serums segment holds the largest revenue share of over 29% in 2022 and is projected to witness the fastest CAGR over the outlook period. Hyaluronic acid is naturally produced by the body and when applied artificially, it is well-accepted within the body; hence, there is a negligible chance of risks associated with the products.  

The Poly-L-lactic acid serums are also anticipated to showcase a significant growth rate and will register the second fastest CAGR during the outlook period, due to the safety and efficacy of these fillers. 

Lip Plumper Serum Market – By Distribution Channel. 

• Hypermarket & Supermarket 
• Pharmacy & Drug Stores 
• Specialty Store 
• Online 
• Others 

Based on the distribution channel, the lip plumper serum market can be segmented into 5 segments – Hypermarket & Supermarket, Pharmacy & Drug Stores, Speciality Store, Online, and Others. 

The hypermarket and supermarket segment accounts for the highest share of over 51.0% in 2022. The segment is anticipated to maintain its dominance throughout the forecast period, 2023-2028 due to the high consumer tendency toward purchasing these lip-plumping products from supermarkets and hypermarkets as these places have high customer preferences. Supermarkets in regions such as North America and Latin America have gained a remarkable number of grocery stores and have increased their impact on suppliers. Since supermarkets provide significant advantages, such as the privilege of selection, lower price rates, discounts, and high visibility of international brands, it makes them an appropriate platform for all types of customers. 

The specialty store segment is anticipated to register the fastest CAGR of 8.7% from 2023 to 2028. Buying skincare items from these stores has been gaining attention among consumers, especially those who look for a particular brand or product. Customers also look at these stores as a decent alternative to augment segment growth. 

Lip Plumper Serum Market – By Region. 

• North America 
• Europe 
• Asia-Pacific 
• South America 
• Middle-East and Africa 

Based on region, the Lip Plumper Serum Market has been segmented into 5 major regions – North America, Europe, Asia-Pacific, South America, Middle-East, and Africa. 

Asia Pacific accounts for the largest revenue share of more than 37.1% in 2022. The regional market is likely to retain the dominant position growing at the fastest CAGR during the outlook period. A growing number of consumers are inclined toward the latest trends and beauty hacks, particularly in India, which is driving the demand for these products. 

Europe is anticipated to be the second-largest regional market while Central & South America is projected to witness the second-fastest CAGR from 2023 to 2028. Manufacturers in the Central & South America region are involved in the development of lip care products that contain a mixture of natural and organic ingredients in an attempt to attract new customer demographics. 

Lip Plumper Serum Market – By Companies. 

1. L'Oreal S.A. 
2. Unilever 
3. Beiersdorf AG 
4. The Colgate-Palmolive Company 
5. The Estée Lauder Companies, Inc. 
6. Johnson and Johnson 
7. Avon Products, Inc. 
8. Shiseido Co., Ltd. 
9. The Procter & Gamble Company 
10. Revlon, Inc. 

The Lip Plumper Serum Market is highly fragmented and extremely competitive with key players involved in the research and development and constant technological innovation done by the major vendors. 

Recent Industry Developments: 

• In June 2021, Ethique, Inc. launched a new range of lip serums in the U.S. The product contains naturally derived plant-based ingredients, which are plastic-free and has 100% home compostable tubes and plumps the lip naturally.