The global skin lightening products market is expected to reach USD 16.14 billion by 2030, registering a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. The growing preference for fair skin to enhance beauty and confidence among consumers is expected to drive global market growth. Furthermore, the rising adoption of skincare regimes to achieve an even skin tone, blemish-free skin, and reduced acne spots is expected to propel the market growth during the forecast period.
The increasing penetration of skin lighteners in the market has increased their application scope among male consumers. The shifting preference toward the skincare regime among male consumers has also influenced the gender to adopt such products to maintain healthy skin. Therefore, manufacturers are increasingly shifting their attention toward the application of such lighteners by men, which is expected to boost the market growth substantially. For instance, Oriflame Cosmetics AG addresses men’s fairness products with its brand North for Men Fairness Face Cream, which is sold across all the regions.
The cleanser segment was valued as the fastest segment in 2021. Rising awareness about skin-related problems caused due to exposure to UV rays will boost the demand for skin lightening cleansers. UV rays expose skin to direct rays from the sun that causes indirect damage to cells' DNA and fasten the process of skin cell aging. Hence, FMCG major companies like Colgate-Palmolive are launching products to keep up the pace with the growing demand among consumers. For instance, in February 2022, Colgate-Palmolive (India) Limited launched Palmolive face wash and scrubs in 3 variants - Anti Acne, Hydrating, and Brightening cleansing range which claims to combine a unique blend of natural ingredients and luxurious essential oils.
Synthetic skin lightening products dominated the market share in 2021. Synthetic products contain raw materials such as sodium lauryl sulfate (SLS), parabens, and petrolatum (petroleum jelly). The inclusion of various chemicals in skin lightening cosmetics as a measure to add preservatives to increase the shelf life boosts the growth of the segment. Some of the brands offering these product variants include Unilever, L'Oréal S.A., WOW, Galderma Laboratories, and others.
Players in this market face intense competition from each other as some of them are among the top manufacturers and have a large customer base for their products in both regional and international markets.
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The Asia Pacific is expected to contribute a majority of the share to become the largest division in the global revenue in 2021. The growing market in China, and India is one of the major factors propelling the region to substantial and stable growth.
The cleanser segment is projected to register the fastest growth during the forecast period as these products help target a specific area with different skin problems such as skin dullness and pigmentation.
Natural segment is predicted to become the fastest-growing segment during the forecast period. Rising consumer awareness regarding the harmful effects of conventional, synthetic chemical-laden products is anticipated to create growth opportunities for these products.
Grand View Research has segmented the skin lightening products market based on product, nature, and region.
Skin Lightening Product Outlook (Revenue, USD Million, 2017 - 2030)
Skin Lightening Products Nature Outlook (Revenue, USD Million, 2017 - 2030)
Skin Lightening Products Regional Outlook (Revenue, USD Million, 2017 - 2030)
Central & South America
Middle East & Africa
List of Key Players in Skin Lightening Products Market
Shiseido Co., Ltd.
Procter & Gamble
Himalaya Global Holdings Ltd.
Kanebo Cosmetics Inc.
Lotus Herbals Pvt. Ltd.
VLCC Health Care Limited
Avon Products, Inc.
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