NEWARK, Del, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The skin lightening product market is poised for significant growth, with its size expected to increase from US$ 20.10 billion in 2024 to US$ 41.50 billion by 2034. Over the next decade, a promising 7.5% CAGR in the demand for skin lightening products is projected to drive this expansion.
The cost of skin-whitening products is falling down as people's disposable income rises. The market penetration of organic skin care products has led to a multiplication of spending on skin care products. Furthermore, the creation of novel technology and unique product positioning contribute to the products' increased attractiveness and subsequent market expansion. The growing acceptance of online purchasing and the accessibility of high-speed Internet are driving the skin lightening product market development.
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Social media has helped spread information regarding skincare issues, their root causes, and their remedies. The growing expertise aiding self-awareness about one's skin, hair, and general physical appearance has raised the demand for personal care products that appeal to each person's desires and requirements. Since they are capable of helping with brightening, de-tanning, exfoliating, spot treatment, or minimizing blemishes, pigmentation, scars, etc., skin lightening solutions are among the most sought-after products.
The market for personal care products has risen as a result of the emergence of locally produced brands using natural ingredients and the idea of customized skincare. The population's willingness and desire to spend money on personal care items has grown as their disposable income has increased. Consequently, the growing interest in skincare is expected to be beneficial for the skin lightening product market growth.
“The demand for skin lightening products in the Asia Pacific has been on the rise, and it appears that this trend is here to stay. This persistent demand stems from cultural beauty ideals valuing lighter skin tones. This trend creates opportunities for market players as they cater to consumer preferences. The cultural significance is likely to sustain the market's growth, shaping its future landscape.” .” says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights.
Key Takeaways from the Skin Lightening Products Market
- Between 2019 and 2023, the skin lightening product market size recorded a CAGR of 6.7%.
- The skin lightening product industry in India is estimated to witness prominent growth with a projected 7.4% CAGR from 2024 to 2034, driven by a growing demand for innovative and inclusive skincare solutions.
- China's skin lightening product industry is projected to follow closely with an estimated 7.0% CAGR through 2034, attributed to an increasing emphasis on skincare and beauty.
- The skin lightening product market in the United States is likely to show a steady 5.8% CAGR between 2024 and 2034, influenced by a growing demand for products that cater to diverse skin tones and concerns.
- Germany's skin lightening product industry is projected to develop at 6.5% CAGR through 2034, propelled by an increasing inclination towards premium and technologically advanced cosmetic solutions.
- The United Kingdom skin lightening product industry is likely to exhibit a 6.3% CAGR from 2024 to 2034, affected by a growing awareness of skincare as an integral part of self-care routines.
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Key Players and Strategies for Success in the Skin Lightening Product Market
Here are some key strategies that players in the skin lightening products industry employ for success:
- Regularly introducing new and improved formulations
- Offering a variety of products for different skin types
- Ensuring products adhere to safety and regulatory standards
- Staying abreast of skincare trends to meet consumer demands
- Establishing a positive brand image through effective branding
- Building a strong online presence through social media
- Partnering with influencers for product endorsements
- Collaborating with skin care professionals to enhance credibility
- Building trust with consumers through transparent compliance
Key Skin Lightening Product Market Players:
- L'Oréal S.A
- Beiersdorf AG
- Kiehl's
- Unilever PLC
- Procter & Gamble Company
- Shiseido Company
- Estée Lauder Companies Inc
- Avon Products Inc.
- VLCC Health Care Limited
- Lotus Herbals Private Limited
- Clarins Group
- Himalaya Global Holdings Limited
- Kaya Limited
- Kanebo Cosmetics Inc.
- RichFeel Hair & Beauty Pvt. Ltd.
- Eveline Cosmetics
Recent Developments in the Skin Lightening Product Market
In 2019, L'Oréal announced a fresh collection of skin brightening products, "Bright Reveal," which comprises a selection of lotions and creams designed with glycolic acid and Vitamin C to enhance skin texture and minimize the appearance of dark spots.
The Visionary Skincare Pvt Ltd cosmetics firm Refresh Skin Science made its debut in India in 2021. The product range comprises brightening, anti-aging, dry and oily, pigmented, and acne-prone skin care toners, face serums, peeling solutions, and foamy cleansers.
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Key Segments in the Skin Lightening Product Market Report:
By Product Type:
- Lotions and Creams
- Foam Skin lightening Products
- Gels Skin lightening Products
- Serum and Toner
- Scrubs
- Others
By End User:
- Men
- Women
By Price:
- Economic (US$ 10 to 50)
- Mid-range (US$ 50 to 200)
- Premium (US$ 200 & Above)
By Nature:
- Herbal
- Synthetic
- Organic
By Sales Channel:
- Pharmacies
- Hypermarkets
- Specialty Outlets
- Convenience Stores
- Beauty Stores
- E-retailers
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Authored by:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
Explore FMI’s Extensive Ongoing Coverage on Consumer Product Domain:
- The global skincare devices market value is expected to accumulate a market value of US$ 101.5 Billion by registering a CAGR of 15.6% in the forecast period 2023 to 2033.
- The global skincare market forecast are expected to witness a robust CAGR of 8.6% from 2024 to 2034. By 2034, the skincare product demand is anticipated to achieve a valuation of US$ 3,80,492.2 million.
- The global pigmented lesion treatment market demand is poised to attain a valuation of US$ 7,614.7 million by 2033. Pigmented lesion treatment providers expect the market to expand at a CAGR of 7.8% through 2033.
- The global personalized beauty devices market growth is expected to expand at a healthy CAGR of close to 25.6% over the next decade, and cross a valuation of US$ 125.3 million in 2033.
- The skin replacement market share is expected to increase at a 6.4 percent CAGR from US$ 838.0 million in 2018 to US$ 1,202.2 million in 2024.
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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