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.
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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.
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.
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.
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.
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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
Impact of COVID-19 & 2020 Market Analysis
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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Who is winning?
Future Market Insight (FMI)’s report underlines insights into the competitive situation of the Skin Lightening Products market along with highlights of differential ways utilized by players. Some key players within the Skin Lightening Products market includes and others.
The players are aggressively investing to encourage and promote product development with an aim to gain a competitive advantage over other players operating in the market. The players are entering into strategic alliances with others to build up and strengthen in house resources and expertise.
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 etc. are few prominent brands operating in the market.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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