New York, May 08, 2023 (GLOBE NEWSWIRE) -- The skin lightening products market size is expected to reach USD 15,787 Million, exhibiting an impressive CAGR of 5.1% between 2022 and 2032, from its current value of USD 9,720 Million in 2022.
Skin-lightening Products may help even out skin tone, get rid of imperfections, and minimize pigmentation and discoloration. Finding a treatment for skin problems such as age spots and acne scars spot elimination is becoming most popular. Manufacturers are introducing lighting goods to cater to the different demands of consumers. The business that produces and distributes different cosmetic goods intended to lighten or whiten the skin is referred to as the worldwide skin lightening products market. These items can include creams, lotions, serums, and other topical therapies that work to lighten the skin's tone by lowering the production of melanin.
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Key Takeaway:
- By product, the creams segment held the largest market share in 2022.
- By nature, the synthetic segment held the largest market with a 70% share.
- In 2022, Asia Pacific dominated the global skin lightening products market with a 54.8% market share.
- North America is anticipated to have the highest CAGR among all the regions.
Factors affecting the growth of the skin lightening products market?
There are a few factors that can affect the growth of the skin lightening products market, including:
- Cultural norms & beauty standards: In lots of cultures, fair skin is associated with beauty and social status, leading to a larger demand for skin lightening products.
- Rise in disposable income: As disposable incomes increase consumers are more willing to spend money on luxury items like skin lightening products.
- Growing awareness about skincare: As people become more aware of the importance of taking care of their skin, they are more likely to spend on products that can help them achieve their desired skin tone.
- Rising demand for natural and organic products: More consumers are now looking for natural & organic skin lightening products that are free from harsh chemicals.
Top Trend in Skin Lightening Products Market
Consumers are increasingly looking for skin lightening products that contain natural and organic ingredients. This trend is driven by a growing awareness of the potential risks associated with some of the synthetic chemicals used in these products. Consumers are looking for skin lightening products that offer additional benefits, such as anti-aging or sun protection properties. This trend is driven by a desire for products that offer multiple benefits and simplify the skincare routine. Hydroquinone is a common ingredient in many skins lightening products, but it has been linked to a range of health concerns. As a result, there is a growing trend towards non-hydroquinone products, such as kojic acid, arbutin, and vitamin C.
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Market Growth
Factors contributing to the market growth include rising consumer awareness about skincare, increasing requirement for natural & organic skin care products, and growing consumer interest in maintaining youthful as well even-toned skin. Although, the market growth may also be affected by changing consumer attitudes towards skin lightening and the implementation of regulatory restrictions on certain ingredients in skin lightening products.
Regional Analysis
54.8% of the market for skin-lightening products was in the Asia Pacific region. The key businesses in this region are putting a variety of tactics into practice to boost client penetration. In December 2020, L’Oreal SA purchased Takami Co. A Japanese skincare firm called Takami Co. creates and sells Takami Whitening Cream (SPF45), which can be used on any region of the body. The goal of this transaction was to increase the companies' client base, product penetration, and consumer awareness of both brands. Major firms' expansion plans like these will raise the market's potential in the area throughout the projection period.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | US$ 9,720 Million |
| Market Size (2032) | US$ 15,787 Million |
| CAGR (from 2023 to 2032) | 5.1% |
| Asia Pacific Revenue Share | 54.8% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Consumers in many developing nations are more inclined to purchase cosmetic goods when disposable income rises. As a result, there is a greater demand for skin whitening solutions as people want to look better and fulfill societal expectations. The need for skin lightening goods has increased as people's knowledge of skin health and the advantages of utilizing skincare products has grown. Customers are searching for goods that will help them obtain a more youthful, even complexion as they become more mindful of the condition of their skin. Technology advancements have prompted the creation of new and more potent skin-lightening solutions. For instance, the development of products that can enter the skin more deeply is the result of the application of nanotechnology in skin-lightening goods.
Market Restraints
It has been discovered that certain skin whitening creams include hazardous substances including hydroquinone, mercury, and steroids that put users' health in danger. As a result, regulators are now monitoring these items more closely, and public awareness of the possible hazards associated with using these products is rising. Skin-lightening cosmetics have come under fire for encouraging unrealistic beauty standards and supporting colorism. Some customers are avoiding these items in favour of more inclusive and natural beauty products. Manufacturers trying to sell their goods in several markets may encounter difficulties because of the considerable variations in regulatory frameworks for skin lightening products between various nations.
Market Opportunities
Manufacturers of skin-lightening cosmetics have a great chance to grow in emerging economies where there is a rising demand for these goods. For instance, it is anticipated that Southeast Asian and African nations would be significant growth areas in the next years. Manufacturers may differentiate their products and draw customers by utilizing innovative product development and distribution techniques. For instance, creating goods that deliver quicker and more obvious effects may appeal to customers who want rapid fixes. The creation of skin-lightening products with added advantages like anti-aging or sun protection characteristics may open up new commercial potential.
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Report Segmentation of the Skin Lightening Products Market
Product Insight
In the global market for skin whitening products, the creams category is the most profitable. In 2022, the creams' overall revenue share for skin-lightening products will be 61%. Its simple and efficient skin penetration is what has caused people to use it more frequently. Industry leaders are creating lightening creams with the use of cutting-edge technology to increase their efficacy. The New Bright Boost product range from Neutrogena India was introduced in April 2022. The product range includes the Resurfacing Micro Polish and the Illuminating Serum. There is also Gel Cream. A smoother, more even complexion is produced as a result of the component formulation's claim of a 10x rate of surface skin rejuvenation.
Nature Insight
With the biggest revenue share of 70% for the anticipated period, the synthetic category is anticipated to be the most profitable in the worldwide market for skin lightening products. Chemical compounds are increasingly being used in cosmetics and dermatology to lighten skin tone. The ingredients in these products include hydroquinone, retinoids (Glycolic acid), glycolic acid, and azelaic acids, to name a few. These substances can speed up the lightning process due to their potent skin effects. If these substances are used for extended periods, the skin may be harmed.
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Based on the Product
- Creams
- Cleansers
- Masks
- Others
Based on Nature
- Synthetic
- Natural
- Organic
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
There are several players in the global and regional skin-lightening products market. These players are involved in major acquisitions, product launches, and promotional activities to increase brand loyalty and their customer bases. For example, SkinCeuticals, a medical skincare brand, launched PhytoA+ Brightening Treatment in February 2022. The Phyto portfolio contains Phyto Corrective Masque and Phyto Corrective Gel, which leads to brighter skin.
Some of the major players include:
- L’Oreal S.A.
- Shiseido Co. Ltd.
- Beiersdorf AG
- Procter & Gamble
- Himalaya Global Holdings Limited
- Lotus Herbals Private Limited
- Shiseido Company Limited
- Unilever
- Avon Products Inc.
- Kaya Limited
- Kanebo Cosmetics Inc.
- VLCC Health Care Limited
- Other Key Players
Recent Development of the Skin Lightening Products Market
- In February 2021, L'Oréal introduced the removal of the words white, fair, and light from its products' packaging & advertising, in response to increasing criticism of the promotion of fair skin.
- In June 2021, Unilever launched that it would rebrand its Fair & Lovely skin lightening products as Glow & Lovely, and Glow & Handsome, in response to criticism that the products promote negative stereotypes of darker skin tones.
- In July 2021, the Indian government proposed a banned on the sale of cosmetic products containing certain ingredients, including hydroquinone, mercury, and lead, owing to health concerns.
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