The global skin lightening products market to reach at a US$ 1586 billion by 2031, according to a Future Market Insights report. Efficiency and effectiveness of a product are recognised by manufacturers and brand owners as being extremely crucial variables in converting the product’s unique selling proposition (USP) into a larger market share. The survey claims that one of the main causes driving the demand for skin whitening products is the increase in melasma incidence.
Melasma can be defined as acquired hyperpigmentation on the skin and occurs due to a number of reasons, such as genetic predisposition, ultraviolet radiation, hormonal factors, and drugs. Topical therapies and minimally invasive surgeries are becoming extremely popular in treating melasma across the globe.
However, the latter being expensive, a larger consumer base is adopting topical therapies for the treatment of hyperpigmentation. Topical therapies include medically prescribed or over-the-counter drugs, including several creams, lotions, gels, serums, and other topical therapies.
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The rising prevalence of melasma across the globe is shifting women to opt for topical therapies for treating their skin conditions. Apart from the U.S., the adoption of skin-lightening products has also demonstrated an increasing penetration rate among the African population.
As per the World Health Organization (WHO), 77% of Nigerians use skin-lightening products on a daily basis. Improved lifestyle and a rise in the middle-class consumer group in Africa are pushing the penetration of skin care products across the countries. Women happen to cover the leading share in the market, accounting for nearly 80% of sales. FMI in its latest study has forecast the market to rise at a CAGR of 12.8% between 2021 and 2031.
Key Takeaways of Skin Lightening Products Market Report
- Skin lightening product sales will continue rising, especially in the lotion and creams category
- The U.S. has emerged as a highly lucrative market, accounting for over 90% sales in North America
- The presence of some of the leading market players is pushing y-o-y growth in the U.K. at 3.3%
- The expansion of beauty industry will continue fuelling sales in Germany and France
- Japan will remain an exceedingly lucrative market, accounting for over 50% sales in East Asia
Impact of COVID-19 & 2020 Market Analysis
The current pandemic outbreak has imposed numerous challenges on the part of supply side and demand side. The temporary regulation imposed by regional governments to restrict the movement has impacted supply chains drastically. Besides this, the shift from discretionary spending to essential goods has further negatively impacted the market growth.
Besides this, the change in consumer buying habits has encouraged a shift from store based retailing to online retailing facilitating a wider market reach. However, the market is currently entering into reviving phase across different regions, which is further an indicator that points out towards new opportunities amid economic slowdown.
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Who is winning?
Future Market Insight (FMI)’s report underlines insights into the competitive situation of the Skin Lightening Products market along with highlights of differential ways utilized by players. Some key players within the Skin Lightening Products market includes and others.
The players are aggressively investing to encourage and promote product development with an aim to gain a competitive advantage over other players operating in the market. The players are entering into strategic alliances with others to build up and strengthen in house resources and expertise
Skin lightening Products Market by Category
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
Nature
- Natural/Herbal Skin lightening Products
- Synthetic Skin lightening Products
- Organic Skin lightening Products
Sales Channel
- Pharmacies
- Hypermarkets/ Supermarkets
- Specialty Outlets
- Convenience Stores
- Beauty Stores
- E-Retailers
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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