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Skin Lightening Products Market

Skin Lightening Products Market

Skin Lightening Products Market, Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031

Skin Lightening Products Market
FACT309MR
  • Jun-2021
  • List of Tables : 236
  • List of Figures : 78
  • 170 Pages
  • Consumer Goods

Key Questions Answered in Report

  • What is the expected growth rate for the skin lightening products market through 2031?

    By value, Fact.MR has projected around 7.5% CAGR for skin lightening product sales during 2021-2031.

  • Which are the most lucrative markets for skin lightening product manufacturers?

    As per Fact. MR’s projections, China, Japan, India, Indonesia, Malaysia, and Thailand are markets expanding at high CAGRs. Together, East Asia and South Asia are projected to hold around one-third market share through 2031.

  • Who are the prominent skin lightening product manufacturers?

    Top suppliers of skin lightening products include tier-1 companies such as L'Oréal S.A., Procter & Gamble Co., Unilever plc, and Beiersdorf AG, which together accounted for around 60% share of global revenue in 2020.

Report Scope :

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Key Companies Profiled

  • L’Oréal S.A.
  • Procter & Gamble Co.
  • Unilever plc.
  • Beiersdorf AG
  • Estee Lauder Cos., Inc.
  • Avon Products, Inc.
  • Shiseido Company Limited
  • E.T. Browne Drug Co., Inc.
  • Kao Corporation
  • Emami Ltd.
  • Dabur India Ltd.
  • Johnson & Johnson

Pricing

Available upon Request

Sales of Skin Lightening Products from 2016 to 2020 Vs Market Projections for 2021 to 2031

Over the past half-decade, skin lightening products have 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 have 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 2016-2020 have been around 5.5% with skin lightening products contributing in majority of the sales.

While average price of skin care product has hovered around US$ 18, the price is expected to rise further owning to the rising trend of premium skin care products which includes facial treatments and anti-aging products.

Moreover, 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 are the Key Opportunities for Skin Lightening Product Manufacturers?

Various surveys talks about emotional benefits consumers feel after the use of skin care products. For instance, recent survey conducted by Cosmetics Europe has shown that around ~70% of the people who took part agreed that cosmetics improves 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 the FMCG consumers prefer the absence of undesirable ingredients than the inclusion of beneficial ones.

Moreover, over the years market players have significantly expanded their portfolios by adding new products in their regimes such as serums and retinol creams. These stated factors has significantly contributed towards upward growth in demand and sales of skin care products in turn propelling the skin lightening market.

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What are the Restraints that Skin Lightening Product Suppliers Face?

Over the years sales of skin care and skin lightening products through retail outlets have declined owing to rise in sales of online cosmetic products. Additionally, authentically proven and scientifically backed local products are gaining prominence giving a tough competition to market giants.

Also, paraben free skin care products are what consumers nowadays demanding which has led to a significant decrease in sales of tradition 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 decline in revenue growth for companies which have a limited product line up thus acting as road block in the growth of skin lightening product sales.

Will Skin Lightening Products Containing Natural Ingredients Become Popular?

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 ill effects of using synthetic products.

Furthermore, inclusion of some specific ingredients such as charcoal and avocado oil in beauty products especially in the skin care segment has seen around 200% annual rise in sales hence providing a positive outlook to the industry.

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Which Region Offers the Largest Opportunity for Sales of Skin Lightening Products?

The Asia Pacific region is expected to be the most lucrative market for skin lightening products, attributed to the growing consciousness towards one’s own appearance coupled with growing disposable income in the region. With an expected incremental $ opportunity of US$ 90 Mn, the market in Asia Pacific will grow at a steady pace over the forecast period.

Growing at a CAGR of around 8% 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 rise in young population joining the workforce is bolstering the demand for skin care products segment. For instance, female participation in the workforce for Malaysia is around 46%, which is helping the skin care segment to grow at an impressive rate.

Skin lightening products market region

Country-wise Analysis

What Makes Germany a Hub for Skin Lightening Product Demand?

Germany is a leading market for beauty and cosmetics product in Europe valued at around US$15 Bn, with the skincare segment seeing highest growth among all. Germany currently has most rapidly ageing populations in the world, as a result anti-aging skin care products are in high demand in the region.

Additionally, organic products are picking up trend in Europe as people are getting aware of the benefits it provides along with ill effects synthetic products poses. For instance, organic cosmetics accounts for around 15% of the total beauty product sales in Germany.

Moreover, consumption pattern in Germany is anticipated to continue as German buyer keep on spending 1.2X higher than the European average on skin care products. It is noteworthy that during the last five years of forecast period i.e. 2026-2031, annual incremental addition is projected to be more than US$ 30 Mn.

What Prospect Does China Show for Skin Lightening Products?

Skin care 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 contains whitening agents are mostly preferred by people in China along with growing trend of organic products is propelling the growth of skin lightening products in China.

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Category-wise Insights

Will Demand for Creams & Lotions Increase?

Creams and Lotion is expected to remain high in demand, with sales accounting for about half of the total revenue share. Additionally, face mask will exhibit highest CAGR surpassing US$ 900 Mn worth in revenue by the end of 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 penetration of organic skin care products in the market creams and lotion will project an additional growth owing to wide range of product line-up coupled with growing disposable income in regions like China, India and Europe.

Will Online Sales of Skin Lightening Products Surge?

Online shopping is recent trend in the world of beauty and cosmetic products, while top 20 manufactures still opt for traditional sales channel such as supermarkets and retail stores, change is evident at millennial nowadays want everything at their fingertips.

For instance, in 2019 Americans spent about US$ 14 Bn on beauty and cosmetic products online. Growth of online sales can be attributed to the varied product line up it offers and over a range of brand to choose from.

It is interesting to note that the top 20 brands which captures 90% of the total sales through traditional retail channel, those same companies has just 14% of share online.

How Has COVID-19 Impacted Demand for Skin Care Lightening Products?

Short-term impact: With prolonged lockdowns in various regions of the world sales of cosmetic and beauty products went down significantly in prominent markets like China impacting the growth of skin lightening products.

For instance, industry sales in February 2020 fell by 80% with y-o-y decline of ~20%. This can be attributed to the decrease in purchasing power of consumers along with change in preference towards healthcare product.

However, online sales of cosmetic products saw an increase of 20% in sales revenue during pandemic in China while Sephora’s online sales in US were up by 30%.

Long-term impact: With digital platforms like ecommerce continues to rise cosmetic industry players need to prioritize digital channels in order to catch the market trend. To ensure smooth sales, manufacturers need to diversify their product line up through product innovation and collaboration.

Skin lightening products market competition

Competitive Landscape

Fact.MR has profiled the following key skin lightening product manufacturers in its report:

  • L’Oréal S.A.
  • Procter & Gamble Co.
  • Unilever plc.
  • Beiersdorf AG
  • Estee Lauder Cos. Inc.
  • Avon Products, Inc.
  • Shiseido Company Limited
  • E.T. Browne Drug Co., Inc.
  • Kao Corporation
  • Emami Ltd.
  • Dabur India Ltd.
  • Johnson & Johnson

Aforementioned players are mainly relying on mix of organic and inorganic growth strategies such as product launches, acquisitions and collaboration. Some of the key developments are:-

  • For instance, Gillete, 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 focus on individual skincare needs, Beiersdorf launched newly formulated face care brand OWN.
  • Moreover, in 2020, L’Oreal acquired a skin care brand Theyers Natural Remedies, a US based company. Through this acquisition L’Oreal expects to increase their customer base by integrating it into customer product division.

Similarly, recent developments related to companies manufacturing skin lightening products have been tracked by the team at Fact.MR, which are available in the full report.

Key Market Segments Covered

  • By Nature

    • Conventional Skin Lightening Products
    • Organic Skin Lightening Products
  • By Product Type

    • Creams and Lotions
    • Cleansers and Toners
    • Face Masks
    • Scrubs
    • Other Product Types
  • By Sales Channel

    • Skin Lightening Products Sold at Specialty Stores
    • Skin Lightening Products Sold at Convenience Stores
    • Skin Lightening Products Sold by Online Retailers
    • Skin Lightening Products Sold through Other Sales Channels
  • By Region

    • North America
    • Latin America
    • Europe
    • Japan
    • APEJ
    • MEA

- FAQs -

By value, Fact.MR has projected around 7.5% CAGR for skin lightening product sales during 2021-2031.

As per Fact. MR’s projections, China, Japan, India, Indonesia, Malaysia, and Thailand are markets expanding at high CAGRs. Together, East Asia and South Asia are projected to hold around one-third market share through 2031.

Top suppliers of skin lightening products include tier-1 companies such as L'Oréal S.A., Procter & Gamble Co., Unilever plc, and Beiersdorf AG, which together accounted for around 60% share of global revenue in 2020.

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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

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