Should I worry if I have dry peeling skin on lower eyelids?

I don't think you should worry.  Dry, peeling skin can occur for many reasons.  It can be allergy related such as to pollen.  It can also be a skin reaction to topical creams or other ingredients that may be found in soaps, cleansers, makeup or facial creams.  It can also be related to acne like lesions and ocular rosacea.  An ophthalmologic examination by an EyeMD is required to determine the cause. Appropriate treatment can then be instituted.  This will usually involve removing the offending agent of there is one and then treating with a topical cream or ointment containing either steroidal or non-steroidal antiinflammatories and/pr antibiotics.

Dry skin peeling on the eyelids can be the result of many things.  For example, one can have dry skin.  Alternatively, a condition such as blepharitis may be present.  This represents a possible infection or inflammation of the tissue around the eyes themselves and is important to diagnose and treat appropriately.  When there is lash loss, or a change in the contour of the eyelid margin more serious conditions such as a variety of cancerous, viral or autoimmune disorders may be responsible.  Irregular pigmentation, thickening or bleeding of the eyelid area would warrent futher evaluation.