The global skin lightening products market is estimated to reach US$ 1586 Bn by 2031, as per a study by Future Market Insights. Manufacturers and brand holders identify product’s efficiency and effectiveness as exceedingly important factors to convert the product’s unique selling proposition (USP) into a bigger market share.
According to the report, the rising cases of melasma are among leading factors enabling skin lightening products sales. Melasma can be defined as acquired hyperpigmentation on the skin, and occurs due to a number of reasons, such as genetic predisposition, ultraviolet radiation, hormonal factors, and drugs. Topical therapies along with minimally invasive surgeries are becoming extremely popular in the treatment of melasma across the globe.
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However, the latter being expensive, a larger consumer base is adopting topical therapies for the treatment of hyperpigmentation. Topical therapies include medically prescribed or over-the-counter drugs, including several creams, lotions, gels, serums, and other topical therapies. The rising prevalence of melasma across the globe is shifting women to opt for topical therapies for treating their skin conditions.
Key Takeaways of Skin Lightening Products Market Report
- Skin lightening product sales will continue rising, especially in the lotion and creams category
- The U.S. has emerged as a highly lucrative market, accounting for over 90% sales in North America
- The presence of some of the leading market players is pushing y-o-y growth in the U.K. at 3.3%
- The expansion of beauty industry will continue fuelling sales in Germany and France
- Japan will remain an exceedingly lucrative market, accounting for over 50% sales in East Asia
“Manufacturers are focusing on the development of high value skin lightening products due to the rising demand for better and effective value added products. Furthermore, the rising diversity of premium skin lightening products on retail shelves is further expected to contribute towards the increasing value share of skin lightening products in the near future,” says the FMI analyst
The current pandemic outbreak has imposed numerous challenges on the part of supply side and demand side. The temporary regulation imposed by regional governments to restrict the movement has impacted supply chains drastically. Besides this, the shift from discretionary spending to essential goods has further negatively impacted the market growth.
Besides this, the change in consumer buying habits has encouraged a shift from store based retailing to online retailing facilitating a wider market reach. However, the market is currently entering into reviving phase across different regions, which is further an indicator that points out towards new opportunities amid economic slowdown.
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Product Type
- Lotions and Creams
- Foam Skin lightening Products
- Gels Skin lightening Products
- Serum and Toner
- Scrubs
- Others
End User
- Men
- Women
Price Range
- Economic (US$ 10-50) Skin lightening Products
- Mid-range (US$ 50-200) Skin lightening Products
- Premium (US$ 200 & Above) Skin lightening Products
Nature
- Natural/Herbal Skin lightening Products
- Synthetic Skin lightening Products
- Organic Skin lightening Products
Sales Channel
- Pharmacies
- Hypermarkets/ Supermarkets
- Specialty Outlets
- Convenience Stores
- Beauty Stores
- E-Retailers
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
Apart from the U.S., the adoption of skin lightening products has also demonstrated an increasing penetration rate among African population.. As per the World Health Organization (WHO), 77% of Nigerians use skin lightening products on a daily basis. Improved lifestyle and a rise in the middle class consumer group in Africa are pushing the penetration of skin care products across the countries.
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Women happen to cover the leading share in the market, accounting for nearly 80% of sales. FMI in its latest study has forecast the market to rise at a CAGR of 12.8% between 2021 and 2031.
Major Key Players:
Some of the leading companies offering skin lightening products include L’Oréal S.A, Beiersdorf AG, Unilever PLC, Procter & Gamble Company, Shiseido Company, Estée Lauder Companies Inc, Avon Products Inc., VLCC Health Care Limited, Lotus Herbals Private Limited, Clarins Group, Himalaya Global Holdings Limited, Kaya Limited, Kanebo Cosmetics Inc., RichFeel Hair & Beauty Pvt. Ltd., Eveline Cosmetics, Rozgé Cosmeceutical, Bio Veda Action Research Private Limited, Civant LLC, Sabinsa Corporation, and Sanora Beauty Products, among others.