ESG is an essential element across industries where companies are implementing their best efforts to minimize their environmental, social, and governance risks and work towards the betterment of the planet.
Lip balms are the smallest and most used product among consumers worldwide. In terms of sustainability, this product impacts both the environment and consumers. To work towards sustainability, many environmentally friendly products have been introduced. To name a few brands have launched products such as bio-based products, vegan lip balm products, eco-friendly lip balm, zero waste lip balm, organic lip balm, and many more. Compared to traditional lip balms, vegan lip balm products have a positive impact since they are chemical-free. It primarily uses natural ingredients that are beneficial for the consumer’s skin and help in minimization of chemical usage, less usage of petroleum-based products as petroleum has a negative impact on the environment.
However, the small size of the product contributes to increased waste in the ecosystem. This makes them easier to lose, so when they are not properly disposed of, they result in a significant amount of waste. For lip balm cases, brands have begun using bio-based and sustainably sourced materials. The nature of bio-based products makes them compostable, leaving no microplastic behind, and thus are environmentally friendly.
Sustainable lip balm products are becoming more popular as brands are becoming more aware of the importance of sustainability. Among several brands, there are lip balm products made of organic materials, which are much safer and chemical-free, and vegan balms, which are eco-friendly and chemical-free. Moreover, innovation has not been limited to materials, but also extends to being plastic free, where recycled paper is used to minimize waste, while the lip balm tubes come in eco-friendly compostable tubes, helping to minimize waste further. Further, the materials used to make the lip balm are ethically sourced and support local farming cooperatives owned by women.
There are some downsides to lip products. The environment and our health can be negatively affected by them. For example, many lip balms are made with ingredients that could be bad for the environment and/or dangerous to humans. Many oil-based products, for example, come from drilling into the earth or mining from lakes. In addition, they could contain synthetic products that are manufactured and could release byproducts that harm the environment. Moreover, some lip balms even include a few chemicals that are potentially very harmful to the skin. This can lead to infection, and allergic reactions, and even some of the non-organic balms use chemicals that are potentially dangerous for your skin.
The lip care products market is growing at a rate of 5.9% every year. It was valued at USD 1.98 billion in 2020 and is expected to be USD 3.5 billion in 2028. With the rise in concerns over sun exposure, dryness, premature aging, and lip darkening, consumers have shown increased demand for high-quality products. Furthermore, the above research clarifies a key set of information given for the lip care industry.
• L'Oreal S.A.
• Beiersdorf AG
• The Colgate-Palmolive Company
• The Estée Lauder Companies, Inc.
• Johnson and Johnson
• Avon Products, Inc.
• Macro-economic and ESG-variable analysis of the industry, including regulatory, policy, and innovation landscape
• Key insights on infrastructure developments and ESG issues affecting the theme
• Identify key initiatives and challenges within the industry
• Identify ESG leaders within the industry
• Understand key initiatives and the impact of companies within the sector to fuel an informed decision-making process
• Analysis of industry activities based on multi-media sources, including significant controversies and market sentiment
• Developing a comprehensive understanding of macro-economic, policies & regulations and innovations affecting the lip care product sector, globally
• Key insights into Infrastructure developments and ESG issues affecting the theme
• Identifying ESG risks and opportunities to business among leading players in the industry
• Obtaining a clear and relevant understanding of company actions, progress, and impact and find opportunities for investment
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