The global skin lightening products market is forecast to expand at 7.0 % CAGR throughout the forecast period of 2021-2031, finds Future Market Insights (FMI) in a study. Millennial population is showing preference towards purchasing organic and ecologically safe products. They are also switching towards bioactive extracts from synthetic chemicals for their superior nutrient absorption properties and assurance of no side effects.
Focus on skincare and grooming is expected to create growth opportunities in skin lightening product market. Skin lightening products are gaining popularity among Asian and African population as a measure to avoid color based discrimination and growing desire to become fair quickly.
According to the U.S. Food and Drug Administration (FDA), less than 1mg/kg of mercury concentration is permitted in skincare products. Product recalls are observed owing to rising cases of mercury poisoning and other skin care diseases. With consistent research towards replacing harmful chemicals with natural equivalent ingredients and use of refined and improved serum formula, a healthy skin lightening products market growth can be expected during the forecast period.
“With focus on self-care and grooming rising, the market players are launching novel product formulations. In order to capitalize on existing opportunities, they are gradually shifting towards including natural ingredients. This is expected to enable growth in the market in the near future,” remarks the FMI analyst.
Key Takeaways
- Germany is forecast to experience impressive growth in skin lightening products sales on the backs of ready information availability from the internet and rising inclination of consumers towards online shopping with home delivery options during pandemic.
- The U.S. will continue leading the North America skin lightening products market. Increasing popularity of clean label skin care products especially among millennials drives the market growth.
- Customers are increasingly spending on premium skin care products along with exhibiting demand for cost effective and high quality will drive the skin lightening products market in Japan.
- Increasing per capita income of people coupled with growing consumer preference towards branded and prestigious skin care products will elevate the market sales in China.
- Banning of skin lightening products in India along with increasing awareness regarding discrimination based on color and skin tone will negatively impact the skin lightening products market in India.
Prominent Drivers
- Rising awareness regarding the harmful effects of synthetic chemicals on skin is expected to fuel the organic skin lightening products market demand.
- Increasing efforts towards developing cost effective and safe skin lightening ingredients will boost the market demand.
- Employment of social media marketing campaign aimed at generating interests towards smooth and fair skin tone will bolster the market growth.
Key Restraints
- Rising risk of mercury poisoning due to presence of mercury salts in skin lightening products hampers the market growth.
- Stringent government policies regarding use of synthetic chemicals in skin lightening products production restricts the market growth.
- Growing incidences of severe side effects from hydroquinone present in skin lightening products hinder the market growth.
Competitive Landscape
Leading players profiled by FMI operating in skin lightening products market include L’Oréal S.A, Unilever PLC, Shiseido Company, Avon Products Inc., Lotus Herbals Private Limited, Himalaya Global Holdings Limited, Kanebo Cosmetics Inc., Eveline Cosmetics, Bio Veda Action Research Private Limited, Sabinsa Corporation, Beiersdorf AG, Procter & Gamble Company, Estée Lauder Companies Inc, VLCC Health Care Limited, Clarins Group, Kaya Limited, RichFeel Hair & Beauty Pvt. Ltd., Rozgé Cosmeceutical, Civant LLC, Sanora Beauty Products. According to FMI, Leading players are participating in brand promotions using natural solutions rather than synthetic compositions. They are also engaging in developing novel, discreet and substantial packaging to attract the consumers. Many market players are switching to online sales owing to booming internet shopping and E-commerce sector. They are employing digital marketing and advertisement to increase their reach to the customers. Key market players are using omni-channel retailing technique to improve market sales.
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More Insights on FMI’s Skin Lightening Products Market
The latest market study on global skin lightening products market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of product type (lotions and creams, foam skin lightening products, gels skin lightening products, serum and toner, scrubs, others), end user (men, women), price range (economic (us$ 10-50) skin lightening products, mid-range (us$ 50-200) skin lightening products, premium (us$ 200 & above) skin lightening products), sales channel (pharmacies, hypermarkets/ supermarkets, specialty outlets, convenience stores, beauty stores, e-retailers, others), nature (natural/herbal skin lightening products, synthetic skin lightening products, organic skin lightening products) and across major regions (North America, Latin America, East Asia, South Asia and Oceania, Middle East & Africa).
