According to a report by Future Market Insights, the market for skin whitening products will be worth US$ 1586 billion by 2031. The efficiency and effectiveness of a product are recognized 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 is characterized as acquired hyperpigmentation of the skin and can be brought on by several factors, including hormones, UV light, genetic susceptibility, and medications.
Around the world, topical treatments and minimally invasive operations are increasingly used to treat melasma. A bigger customer base is switching to topical therapies for the treatment of hyperpigmentation, while the latter is more expensive. The term “topical therapies” refers to a variety of creams, lotions, gels, serums, and other topical treatments that are either medically prescribed or available over-the-counter. Women are increasingly choosing topical medicines to address their skin disorders as a result of the increasing prevalence of melasma around the world. A rising penetration rate of skin whitening products has been seen among the African population in addition to the United States.
The World Health Organization (WHO) reports that 77 percent of Nigerians regularly use skin-lightening cosmetics. Improved lifestyles and an increase in the middle-class consumer group in Africa are driving skin care product adoption in all the nations. Nearly 80% of sales are made by women, who also happen to hold the largest market share. In its most recent study, FMI predicted that the market will grow 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% of 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 the beauty industry will continue fuelling sales in Germany and France
- Japan will remain an exceedingly lucrative market, accounting for over 50% of sales in East Asia
Impact of COVID-19 & 2020 Market Analysis
Both the supply side and the demand side are facing several difficulties as a result of the current pandemic outbreak. Supply chains have been severely damaged by the temporary regulation that regional governments implemented to restrict mobility. In addition, the shift in consumer spending from discretionary to essential items has had a detrimental effect on the market expansion.
Additionally, the shift from store-based to online commerce has been prompted by the alteration in customer purchasing patterns, enabling a greater market reach. Despite the economic slump, the market is currently starting a phase of revival across many regions, which is another indicator of new prospects.
Who is winning?
The study from Future Market Insight (FMI) outlines various strategies used by players while also providing insights into the Skin Lightening Products market’s competitive environment. The market for skin lightening products has several important companies like and others.
To acquire a competitive advantage over other market participants, the players are aggressively investing to encourage and support product development. To increase and develop internal resources and skills, the players are forming strategic relationships with others.
There are many companies like L’Oréal S.A., Beiersdorf AG, 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
