Once just a pocket essential, lip balm is now having a serious glow-up.
Global lip care sales hit $3 billion in 2023, and it’s not slowing down, Ulprospector expected this category to grow at a 7.9% CAGR by 2028. But what’s fueling this rise?
The Answer: Function + Feeling
Moisture is no longer enough. Consumers are now seeking lip care that does more; soothing, treating, and protecting in one swipe.
What’s Trending:
- Natural & Organic: Cleaner, greener formulas are expected to grow steadily at 6.5% CAGR.
- SPF-Infused: 15% of all lip balm sales now contain SPF, proof sun protection awareness is finally reaching our lips.
- CBD Lip Balms: A breakout category, growing at a 12% CAGR, riding the wave of calming, skin-soothing wellness.
From Moisturizer to Mini Serum
Modern lip balms are now packed with high-performance ingredients that rival face creams:
- Peptides to plump and reduce fine lines
- Hyaluronic Acid for deep hydration
- Ceramides + Antioxidants to strengthen and protect
This shift shows how lip balm is being redefined as a skincare treatment, not just a cosmetic afterthought.
Big Players Are Paying Attention
Earlier this year, e.l.f. Beauty made waves by acquiring Hailey Bieber’s skincare brand, Rhode, for a staggering $1 billion. The brand’s viral Peptide Lip Treatment played a big part in this value.
Just a year earlier, e.l.f. acquired Naturium for $355M, making this Rhode deal their largest move to date.
Meaning? e.l.f. is betting big on lip care as skincare, and they’re following the trend, not guessing it.
How About the Market in Indonesia?
If global giants are investing in this rising category, are you paying attention to the same cues? Venas Consulting are the best when decoding what’s next before the market gets there.
Our market landscape and trend prediction report can guide your next move with insights that are sharp, not shallow.
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