Assalamu alaikum warahmatullahi wabarakatuhu,
I would like to know, does our lip balms have to be halal in order for us to use them?
Walikum AsSalam wa Rahmatulliahibarakatuh, Check this answer in the link below(though I must mention that the answer refers to lip stick and not lip balms) https://islamqa.info/en/answers/26799/using-lipstick
This is the most revelant part from the link that answers your question about lip balm-
"It is also subject to the condition that it does not contain any substance that may harm the body or 'that is impure such as pig fat.' In that case it is haraam, because we are forbidden to do things that will harm us, as the Prophet (peace and blessings of Allaah be upon him) said: “there should be no harming or reciprocating harm.” " Basing on this, lip balms should be made from halal ingredients. And Allah knows the best.