Project report for Lipstick Manufacturing

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Introduction

Lipstick is a beauty product that contains oils, pigments, waxes, and emollients, which gives texture, color, and protection to lips. With the increasing internet penetration, the online market for the purchase of consumer goods has seen rapid growth in the last 3-4 years in India. This category has attracted a few vertical specialists, like Nykaa, Purplle, Nnnow, etc. who are riding on the increasing e-tailing growth and vying for a significant pie in the online cosmetics space. Nykaa offers more than 600 brands in both offline and online stores in India. In addition, herbal and organic lipsticks are gaining popularity among the consumers worldwide.

There is a wide assortment of lipsticks available in the Indian market including matte, sheer, satin stain, powder lipstick, and others. These lipsticks are available in variety of shades such as red, nude, brown, purple, maroon, pink, and others. This is due to the benefits associated with these lipsticks over traditional lipstick that includes healing lips, moisturizing lips, and others. The use of lip powder, especially in matte lipsticks is the latest trend followed in the lipstick market. It is gaining huge momentum among women population, owing to matte finish and smooth & creamy texture.

Market potential & Strategy

Lipstick Market was valued at INR 1075.240 Crores in 2019 and is projected to reach INR 1571.440 Crores by 2027, growing at a CAGR of 5.24% from 2020 to 2027. The Rise in the consciousness regarding personal grooming, appearance, and an increased standard of living among female consumers across the world is expected to drive the demand. Moreover, the increasing spending power of women owing to the rise in the female workforce across the globe is expected to fuel the growth during the forecast period. The lipstick market is driven by the increasing working women population and young population, growing urbanization and rising purchasing power of the consumers. Additionally, growing demand from emerging markets and inclination towards natural and organic lipsticks is expected to further propel the market growth through 2025. Increasing health consciousness among the consumers has led to the adoption of natural or organic lipsticks, which are free from toxic chemicals such as cadmium, lead, formaldehyde, paraben, among others. Additionally, these lipsticks have a high content of antioxidants and do not cause any harm to the skin. However, the sudden outbreak and spread of COVID-19 pandemic and subsequent lockdown across countries have adversely impacted the beauty and personal care industry, globally. The consumer spending has significantly reduced during the time of pandemic and a consumer shift is also observed towards safe and reliable products. This in turn is expected to slow down the market growth in 2020. Also, the lockdown has led to shut down of all economic activities and organizations are working remotely and the following work from home culture, which has significantly reduced the demand for lipsticks among the working women.

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