The global skin lightening products market is projected to grow at a staggering 7.5% value CAGR, reaching US$ 22 Billion, following an assessment period ranging from 2022-2032. As per a newly published report on this industry by Fact.MR, a valuation of US$ 10.74 Billion has been anticipated during FY 2022.
From 2017-2021, demand for Skin Lightening Products flourished at a growth rate of 6%, concluding at US$ 10 Billion. Recent trends portray a significant increase in several customers opting for natural and organic skincare products, attributed to the shift towards a healthy lifestyle along with rising awareness about the ill effects of synthetic and chemical products.
Additionally, people with sensitive skin are paying more attention to the use of certain chemicals in these products, which has eventually augmented the growth of organic skincare products, in turn driving demand for organic skin-lightening products. Moreover, paraben-free product sales have surged in recent years. For instance, over the years, paraben-containing cosmetic product sales are down by nearly 7 points owing to the visible side-effects of chemicals.
Key Takeaways from the Market Study
- Based on product, creams, and lotions capture major market share.
- Online sales channel has shown significant growth in terms of revenue, with major market players now prioritizing e-Commerce platforms for the sale of their products.
- Europe is set to dominate the market in terms of production in 2021 and also through 2031.
- The market in China is expected to rise at a high single-digit CAGR through 2031.
- Due to the COVID-19 crisis, demand for skin-lightening products was hit in 2020, which saw a decline. But with the growth of online sales channels, demand is expected to bounce back.
The global market is highly fragmented with the presence of a large number of local and regional players. Market players are concentrating on product launches to broaden their market footprints.
- For instance, Gillette, in 2021, launched shaving and skincare products under the brand name PLANET KIND. The product line-up includes face washes, moisturizers, and others.
- In 2021, with a focus on individual skincare needs, Beiersdorf launched the newly formulated face care brand OWN.
- Moreover, in 2021, L’Oreal acquired a skincare brand Theyers Natural Remedies, a US-based company. Through this acquisition, L’Oreal expects to increase its customer base by integrating it into the customer product division.