Global Skin Lightening Products Market Size is estimated to be valued over USD 14.2 billion in 2019 with CAGR of 7.1% during the forecast period, 2019 – 2028. Obsession with lighter and fair skin has necessitated the demand whitening cream. Additionally, increase in per capita income, changing lifestyle and higher beauty spending has boosted the market of skin lightening products worldwide.
Key Trends and Factors Impacting Global Skin Lightening Products Market:
- Organic skin lightening products is gaining prominence among consumers. There is very optimistic scenario related to plant based ingredients owing to its minimal side-effects and better nutrients. For instance, chemicals from Cinnamomum subavenium plant is widely used as key ingredient for skin lightening purpose. Few researchers claim it to be highly effective and project it to be 100 times more effective than chemical based ingredient. Nowadays, a range of company leverages plant based extract as key ingredient in skin whitening products. UV absorbers is another key trend noticed in the market. Demand for these products is higher in tropical regions.
- In last few years, companies have launched products specific to men’s beauty products. This could be seen as a marketing strategy to capitalize unaddressable market and thereby generate higher ROI. Male counterparts are getting inclined towards fair skin. As such, products specific to men will help industry players to generate higher ROI.
- Companies market their skin whitening products with celebrity backed model. This helps companies to reach larger mass population and at same time ensure brand popularity among consumers. Many famous personalities are roped in to advertise the products.
- Increasing demand and higher profitability margins has led to emergence of small scale players especially in Asia Pacific. Few of these players use toxic chemicals in higher percentage as ingredients. Mercury and Hydroquinone are few banned chemicals. These chemicals causes skin damage. This has created negative perceptions for whitening products among consumers.
Global Skin Lightening Products Market Size, By Region
In 2018, Asia Pacific dominated the global sales. Sales in the region was valued over US$ 6.7 billion in 2018 and is expected to register close to double digit growth throughout the forecast period. Popularity of such products can be gauged from the fact that over 55% of females in Asia Pacific use skin lightening products. Cultural and social outlook has created favorable ecosystem in the region. Beauty care product sales in Asia Pacific is highly volatile and competitive. Companies are sensitive to regional trends and competition in order to stay agile. Large number of ethnic and cultural diversity has led companies to focus on customized product solutions. For instance, government of Indonesia directed companies to label their cosmetics products as Halal by 2020. However, in India, consumers are inclined towards plant based skin lightening and herbal products. Direct selling is quite popular in the region especially in ASEAN region. Small scale and local players adopt direct selling as a market entry strategy. The region is also characterized by presence of private labeled brands. These are generally sold through hospitality and retail centers.
Among Asia Pacific region, India is expected to register fastest growth. The country holds huge market potential. As of 2018, the industry is consolidated. Hindustan Unilever Limited is the market leader in the country. As per the estimates, Its brand Fair and Lovely generated over US $ 337 million in 2018.
Global Skin Lightening Products Market Size and Forecast: Competition Landscape
Some key global Skin Lightening Products market players are
- L’Oreal S.A.
- Beiersdorf AG
- Unilever PLC
- Procter & Gamble Company
- Shiseido Company
- Avon Products Inc.
- VLCC Health Care Limited
- Civant LLC
- Clarins Group
- Himalaya Global Holdings Limited
- Kaya Limited
- Lotus Herbals Private Limited
- Kanebo Cosmetics Inc.
- RichFeel Hair & Beauty Pvt. Ltd
- Eveline Cosmetics
- Rozge Cosmeceutical
- Bio Veda Action Research Private Limited
Skin Lightening Products Market Industry Segmentation
By Product Type:
- Creams and Lotions
- Face Masks
- Cleansers and Toners
By Distribution Network:
- Specialty Stores
- Hypermarkets and Supermarkets
- Convenience Stores
- Online Channels
What Will You Discover in the Report?
- An in-depth analysis of the Skin Lightening Products market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Skin Lightening Products market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Skin Lightening Products market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Skin Lightening Products industry during the forecast period
- Who are the Skin Lightening Products industry leaders and what are the key initiatives taken by them for long term growth
Analyst access with Bekryl Market Analysts
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