Think of your lips as a sponge. When exposed to moisture, they absorb water and plump up. When dehydrated they dry out and shrink. The skin on the lips is also unlike skin anywhere else in the body. It is thinner and has no oil glands. With little loving care, your lips can be no perfect. Drinking enough water will keep the body, skin and lips hydrated. Licking the lips damages the protective barrier, which ca dry out the lips. Instead apply lip balm on a regular basis.
Peeling lips could be an allergic reaction to a lipstick, toothpaste, beverage, or medication you are taking and related symptoms include itching and persistent rash. Wrinkles around the lips are caused by sun exposure, age; smoking and these wrinkles should be treated like wrinkles on rest of the face with chemical peels and creams that contain anti-ageing ingredients like retinol. If you have sensitive skin, used camphor based medicated lip balms sparingly.
Lips are susceptible to sunburn since they lack melanin and the pigment that helps shield skin from the sun. Apply a layer of sun protective product daily with Lip moisturizer SPF 15 or look for a lipstick from Estee Lauder Futurist SPF 15 which comes in 22 shades. Use lip liner in a shade slightly darker than your lipstick, overdraw the line so the line is right outside your lips. If you want fuller lips, best temporary option right now is collagen injections and lasts up to six months.