New York, US, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Skin Lightening Products Market Information by Product Type, Category, End User, Distribution Channel, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 16.17 Billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 5.6% during the review timeframe.
Market Synopsis
Products that lighten the skin can reduce pigmentation, lighten discoloration, promote even skin tone, and eliminate blemishes, among other advantages. The market adoption of diverse skin lighteners has grown due to customers' growing preference for a particular treatment for various skin issues, such as age spots or acne spot elimination. To meet the various consumer needs, producers are launching lightening items. In the skincare sector, substances derived from plants are popular. Consumers, particularly millennials, who are gravitating more and more toward buying environmentally friendly products, are noticing an increase in the use of plant extracts in skincare products. Because bioactive extracts have superior skincare qualities and nutrient sufficiency, making it possible to have healthy skin without any chemicals, consumers are drawn to goods manufactured with them.
Younger generations of women are more interested in cosmetics and other beauty items, increasing demand for skin-lightening products. Innovations aimed at introducing new skin-lightening chemicals are signs of a booming market throughout the foreseeable future. Large personal care and cosmetic manufacturing companies have been increasing their capacity to produce skin-lightening creams and other goods over the past few years. Manufacturers are introducing simple and affordable ingredients with significant profit margins.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 16.17 Billion |
| CAGR | 5.6% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Product Type, Category, End User, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | regular use of skin lightening products as a part of their skincare |
| people disguise fair skin as the only sign of beauty |
Market Competitive Landscape:
The prolific contenders in the skin-lightening product market are:
- L'Oréal S.A.
- Avon Products Inc.
- Lotus Herbals Private Limited
- Himalaya Global Holdings Limited
- Unilever PLC
- Kanebo Cosmetics Inc.
- Beiersdorf AG
- VLCC Health Care Limited
- Shiseido Company
- Procter & Gamble Company
Market U.S.P. Covered:
Market Drivers:
Retailers are increasingly using e-commerce to track the preferences and experiences of their customers. The simplicity of one-click solutions, home deliveries, and other alluring characteristics are among the numerous local and domestic players who have entered the online insole sales market. A sizable portion of new e-Commerce consumers' plans to remain with online retailing is more significant. The number of people using social media has increased due to the widespread use of the internet. As a result, most leading market participants in skin-lightening products plan to market their goods and services using social media channels. Social media marketing is one of the most crucial tactics utilized by businesses and sectors to increase target customers' knowledge of their product offers. As a result, the market for skin-lightening products is anticipated to rise throughout the projected period due to the rising popularity of e-commerce and digital product promotion.
The omnichannel shift has mostly driven sales in the personal care and grooming categories during the lockdown. Additionally, in recent years, people have been proactively creating calming self-care experiences through elaborate skincare routines at home due to the increased emphasis on self-care. The demand for products with active substances that have lightening and brightening qualities is being driven by this trend. Aloe vera, argan oil, sea kelp, and jojoba oil are some of the main raw materials utilized to make skin-lightening cosmetics. These items are all organically and naturally grown.
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Market Restraints:
However, people are starting to accept the reality that mercury is a key component in many skin-lightening products. One of the main market restrictions that aim for growth during the projection period is the threat, which is growing significantly among the target audience.
COVID 19 Analysis
Due to the COVID-19 outbreak, consumer preferences have changed, and they are now actively seeking active and useful skincare products. This is projected to boost market growth over the projection period. The pandemic is a serious healthcare problem that enterprises, production facilities, and manufacturing sectors around the world are struggling to deal with. Skin lightening, on the other hand, is one of the most popular themes that many global areas are obsessed with and that is rising significantly, particularly during the current projection era. The major market players are heavily funding the creation of skin-lightening goods. As investments rise in this area, huge endorsement and promotional strategies are in the works. Additionally, the market participants enlist celebrities and famous people to promote the items, which projected to increase the credibility of the goods among the target market throughout the projection period.
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Market Segmentation
By category, the market is segmented into conventional and organic. By product type, the market is segmented into creams & lotions and cleansers & toners. By end-user, the market is segmented into females and males.
Regional Insights
Asia-Pacific held the largest market share for skin-lightening products. Major regional players are using various techniques to reach as many customers as possible in the nation. The second-fastest expanding market in North America. The market in the region is anticipated to increase due to the presence of reputable skin-lightening product companies in North America and the expansion of retail infrastructure. North America's largest market share for skin lightening products was attained, which is predicted to hold onto that position during the projection period. Because of alterations in lifestyle, a move toward organic alternatives, and a greater readiness to experiment with novel skincare products, there is a growing demand for skin care products in Europe. Skincare items have a significant role in European culture. Thus, the variables above will likely boost the expansion of skin-lightening goods during the forecast period.
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