Skin Lightening Products Market
Skin Lightening Products Market By Nature (Conventional, Organic), By Product Type (Creams and Lotions, Cleansers and Toners & Other Product Types), By Sales Channel & By Region - Global Market Insights 2022-2032
Analysis of Skin Lightening Products market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Skin Lightening Products Market Outlook (2022-2032)
The global market for skin lightening products reached a valuation of around US$ 10 Bn in 2021 and is slated to accelerate at a CAGR of 7.5% to top US$ 22 Bn by 2032. Demand for creams and lotions is high and is set to increase at a CAGR of 7.5% across the assessment period of 2022 to 2032.
Due to the COVID-19 crisis, demand for skin-lightening products was hit in 2020, which saw a decline. But with the growth of online sales channels, demand is expected to bounce back.
Skin Lightening Products Market Size (2022)
US$ 10.74 Billion
Projected Market Value (2032F)
US$ 22 Billion
Global Market Growth Rate (2022-2032)
Asia Pacific Market Share (2022)
North America Market Share (2022)
Key Companies Profiled
The Asia Pacific contributes a major share of the global market due to rapid infrastructural developments in countries such as India, China, Indonesia, and Vietnam. The rising population and housing sector in the region are also expected to boost demand for Skin Lightening Products to US$ 105 Bn by 2032.
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Skin Lightening Products Demand Analysis (2017-2021) in Comparison to Market Estimations (2022-2032)
Over the past half-decade, skin-lightening has witnessed significant growth with sales increasing at a CAGR of around 7%, attributed to high demand seen from countries in the Asia Pacific region such as India, China, Malaysia, Bangladesh, and Thailand.
Spending on skin care products has increased by multi folds mainly due to the penetration of organic skin care products in the market. The Y-o-Y growth of skin care products in the Asia Pacific during the period 2017-2021 has been around 5.5% with skin-lightening products contributing to the majority of the sales.
While the average price of skin care products has hovered around US$ 18, the price is expected to rise further owing to the rising trend of premium skin care products which includes facial treatments and anti-aging products. Moreover, the rise in spending on organic products has leveraged the market while showing a promising growth rate for skin-lightening products growing at a CAGR of around 7.5% over the forecast period.
What’s driving the Growth of the Global Skin Lightening Products Market?
Natural Skin Care Products to Offer Robust Growth Prospects
Even though the growth of natural beauty products has been slow, it is picking up pace. Currently, natural beauty products account for about 4.5% of the total market which includes natural skin care products too. Moreover, sales of cosmetic products claiming to be natural have seen a 14% growth in sales attributed to the shift in consumer preference coupled with rising awareness regarding the ill effects of using synthetic products.
Furthermore, the inclusion of some specific ingredients such as charcoal and avocado oil in beauty products especially in the skin care segment has seen around a 200% annual rise in sales hence providing a positive outlook to the industry.
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What are the Key Opportunities for Skin Lightening Product Manufacturers?
Increasing Trust in Creams and Lotions to Accelerate Sales
Various surveys talk about the emotional benefits consumers feel after the use of skin care products. For instance, a recent survey conducted by Cosmetics Europe has shown that around 70% of the people who took part agreed that cosmetics improve quality of life.
Additionally, customers are willing to pay for natural skin care products which are backed by scientific evidence. For instance, a recent survey revealed that around 53% of FMCG consumers prefer the absence of undesirable ingredients to the inclusion of beneficial ones.
Moreover, over the years market players have significantly expanded their portfolios by adding new products to their regimes such as serums and retinol creams. These stated factors have significantly contributed towards upward growth in demand and sales of skin care products in turn propelling the skin-lightening market.
What are the Restraints that Skin Lightening Product Suppliers Face?
Rising Popularity of Scientifically-backed Regional Products to Impact Sales
Over the years sales of skin care and skin-lightening products through retail outlets have declined owing to the rise in sales of online cosmetic products. Additionally, authentically proven and scientifically backed local products are gaining prominence giving tough competition to market giants.
Also, paraben-free skin care products are what consumers nowadays demand which has led to a significant decrease in sales of traditional products. In addition to paraben-free skin care products, consumers are preferring products free of ingredients such as sulphates, artificial fragrances, phthalates, and many more. These recent trends have led to a decline in revenue growth for companies that have a limited product line up thus acting as a roadblock in the growth of skin-lightening product sales.
How Crucial is Development in the Skin Lightening Products Market for Start-ups?
Emerging Start-Ups are Adopting Influencer Marketing to expand their Customer-base
Prominent consumption in Asian and African countries has opened immense growth prospects for emerging start-ups to set up a base for fairness cream manufacturers. Topographical location and increasing westernization have boosted a trend of white skin tone.
For instance, founded in 2018, Beautiful Glow is an internet-first brand of beauty accessories. The product catalogue includes facial cleansers and whitening tools. The products are sold at discounted prices for limited periods. It claims that the products are helpful for sensitive skin and are shipped worldwide.
Which Regional Market is catching the Attention of Skin Lightening Products Suppliers?
The topography is Likely to Play an Imperative Role in the Augmented Demand for Fairness Creams
The Asia Pacific region is expected to be the most lucrative market for skin-lightening products, attributed to the growing consciousness towards one’s appearance coupled with growing disposable income in the region. With an expected incremental $ opportunity of US$ 90 Mn, the market in the Asia Pacific will grow at a steady pace over the forecast period.
Growing at a CAGR of around 8% the Asia Pacific has merged as a promising destination for the sales of skin-lightening products. Moreover, market players are targeting emerging markets like China, India, and Malaysia as the rising in young population joining the workforce is bolstering the demand for the skin care products segment. For instance, female participation in the workforce in Malaysia is around 46%, which is helping the skin care segment to grow at an impressive rate.
What Makes Germany a Hub for Skin-Lightening Product Demand?
Germany is a leading market for beauty and cosmetics products in Europe valued at around US$ 15 Bn, with the skincare segment seeing the highest growth among all. Germany currently has the most rapidly aging population in the world, as a result, anti-aging skin care products are in high demand in the region.
Additionally, organic products are picking up the trend in Europe as people are getting aware of the benefits it provides along with the ill effects synthetic products pose. For instance, organic cosmetics account for around 15% of the total beauty product sales in Germany.
Moreover, the consumption pattern in Germany is anticipated to continue as German buyers keep on spending 1.2X higher than the European average on skin care products. It is noteworthy that during the last five years of the forecast period i.e. 2022-2032, annual incremental addition is projected to be more than US$ 30 Mn.
What Prospect Does China Show for Skin Lightening Products?
Skincare accounts for around 50% of the total cosmetic sales revenue in China, which is 2X the world average in terms of revenue, thus making it a lucrative market in the long run.
Additionally, the revenue growth is mainly due to the penetration of foreign brands in China with Japanese and Korean products accounting for around 48% of the total market share.
Moreover, facial products which contain whitening agents are mostly preferred by people in China along with the growing trend of organic products is propelling the growth of skin-lightening products in China.
Will Demand for Creams & Lotions Increase?
Creams and Lotion are expected to remain high in demand, with sales accounting for about half of the total revenue share. Additionally, the face mask will exhibit the highest CAGR surpassing US$ 900 Mn worth in revenue by the end of the forecast period. Additionally, the segment is expected to garner incremental $ opportunity of around US$ 80 Mn giving a positive outlook to the industry.
Moreover, with the penetration of organic skin care products in the market creams and lotions will project additional growth owing to a wide range of product line-ups coupled with growing disposable income in regions like China, India, and Europe.
Will Online Sales of Skin Lightening Products Surge?
Online shopping is a recent trend in the world of beauty and cosmetic products, while the top 20 manufacturers still opt for traditional sales channels such as supermarkets and retail stores, change is evident in millennials nowadays who want everything at their fingertips.
For instance, in 2021 Americans spent about US$ 14 Bn on beauty and cosmetic products online. The growth of online sales can be attributed to the varied product lineup it offers and the range of brands to choose from.
It is interesting to note that the top 20 brands which capture 90%14% of the share online.
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Highly Fragmented Market Structure with Organized and Unorganized Players
The aforementioned players are mainly relying on a mix of organic and inorganic growth strategies such as product launches, acquisitions, and collaboration. Some of the key developments are:-
- For instance, Gillette, in 2021, launched shaving and skincare products under the brand name PLANET KIND. The product line-up includes face washes, moisturizers, and others.
- In 2021, with a focus on individual skincare needs, Beiersdorf launched the newly formulated face care brand OWN.
- Moreover, in 2021, L’Oreal acquired a skincare brand Theyers Natural Remedies, a US-based company. Through this acquisition, L’Oreal expects to increase its customer base by integrating it into the customer product division.
Key Segments in Skin Lightening Products Industry Research
By Nature :
By Product Type :
- Creams and Lotions
- Cleansers and Toners
- Face Masks
- Other Product Types
By Sales Channel :
- Specialty Stores
- Convenience Stores
- Online Retailers
- Other Sales Channels
By Region :
- North America
- Latin America
- Middle East Africa
- FAQs -
As of 2021, the skin lightening products market was valued at US$ 10 Billion.
As of 2022, Fact.MR expects the Skin Lightening Products industry to be valued at US$ 10.74 Billion.
By 2032, the Skin Lightening Products landscape is slated to reach a valuation of US$ 22 Billion.
From 2022 to 2032, the Skin Lightening Products industry is poised to flourish at a 7.5% CAGR.
The Creams and lotion segment is expected to grow the fastest, at a CAGR of 7%.
Based on Sales, the online retailer segment for sales of Skin Lightening Products captures the highest share, documenting a 7.4% value CAGR.
As per Fact.MR’s projections, the market for Skin Lightening Products in Europe will likely expand at a 50% CAGR.
According to Fact.MR, a CAGR of 6% was recorded for the Skin Lightening Products market from 2017-2021.