Bold colors lead to big gains for lip cosmetics category
CHICAGO — The lip cosmetics segment experienced a rise of almost 9% between 2012 and 2014, with sales slated to reach the $1.4 billion mark this year, according to new research from Mintel. The segment previously experienced a 2% decline from 2011 to 2013.
Lip cosmetics currently is the strongest segment when it comes to growth, compared with 6.4% growth for facial cosmetics and 4.2% gains for eye makesup during the same time period.
Bold lip colors continue to be an on-point trend, Mintel reported, with 32% of lip product users ages 18 years to 24 years seeking vivid lip colors, compared with less than 20% of respondents older than 25 years of age. The trendy and cyclical nature of this category makes lip makeup a "must have" product for many women.
“Lip cosmetics has the highest overall reported use among color cosmetics. Lip balm, lipstick and lip gloss all have similar rates of penetration, suggesting that many women rely on a suite of lip products depending on the occasion or desired look,” says Shannon Romanowski, beauty and personal care analyst at Mintel. “The addition of skin care benefits including moisturizing and softening also provide some added functional benefits. Sales of lip products are on the rise, as more women may be returning to the segment.”
Mintel's research also indicated that although color cosmetics users tend to rely on mass brands, many are willing to turn to prestige brands for facial cosmetics: 44% of highlighter/illuminator users purchase from a prestige brand, compared with 24% of lip gloss users who go the prestige route. According to Romanowski, facial cosmetics are deemed "higher-risk purchases," and many women rely on in-store samples and consultants to help lead the way.
FDA approves Mylan’s Precedex generic
PITTSBURGH — The Food and Drug Administration has approved Mylan Institutional’s application for its dexmedetomidine hydrochloride injection, the company announced Tuesday. The intravenous sedative is a generic version of Precedex, which is manufactured by Hospira.
“Mylan's launch of a therapeutically equivalent version of Precedex Injection … represents an important addition to Mylan's injectables portfolio and growing line of products in the anesthesia and pain management category,” Mylan CEO Heather Bresch said. “As we continue to bring a high-quality, reliable supply of injectable products to the U.S. market, Mylan looks forward to delivering on its promise of providing quality medicine and service excellence in the increasingly important institutional space."
The company began shipping the single-dose vials immediately. According to IMS Health, the injection’s sales were at about $156 million by the end of June. Mylan currently has almost 300 Abbreviated New Drug Applications before the FDA for generic products.