Some lip balms also contain shimmery or plumping agents for aesthetic purposes only, whereas a lip moisturizer will often skip those ingredients (again, their main purpose is to focus on, well, moisture). Finally, other lip-enhancing formulas include active ingredients like salicylic acid or peptides; these would fall more under the “lip treatment” umbrella, since they’re meant to treat various lip concerns (like, say, lip lines).
All that to say, there’s a ton of vocab when it comes to lip products, and it doesn’t really matter what you call a specific formula, so long as it’s one that you love. But if you’re on the hunt for a new lippie, you might want to keep these distinctions in mind: If your lips are begging for more moisture, make sure the balm actually has a blend of quality hydrators—other (potentially irritating) ingredients may only worsen the chap.
