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| Lip Balm Market By Million Insights |
Global lip balm market is
expected to grow at a lucrative CAGR over the eight year period owing to its
usage for lips of the mouth to relieve and moisturize dry or chapped lips, cold
sores, angular cheilitis, and stomatitis. Lip balm contains carnauba wax or
beeswax, cetyl alcohol, camphor, lanolin, petrolatum, and paraffin among other
ingredients. Certain varieties contain flavor, phenol, sunscreens, dyes,
fragrance, and salicylic acid. Rise in pharmaceuticals sector is estimated to
fuel the demand in the near future.
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Major regional markets include
Central & South America, North America, Middle East & Africa, Asia
Pacific, and Europe. Among the developing region India and China are projected
to dominate the regional market owing to its huge presence in pharmaceuticals sector.
China is presumed to show highest growth in the regional market as it is one of
the emerging economies. Increase in roughness on the lip surface is presumed to
fuel the market growth. Thus demand for lip balm is expected to increase over
the forecast period. The companies are presumed to invest on R & D to
develop better product. Product innovation will open new opportunity for the
market. Thus is expected to propel the industry demand over the eight year
period.
Companies are investing
heavily on research and development of new products to gain maximum market
share in the near future. Industries participants are presumed to take strong
measures to provide innovation in non-explosive demolition agents industry in
an aim to gain competitive advantage over other market players and to deliver
better & innovative quality product.
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