The global skin lightening products market size was valued at USD 9.22 billion in 2023. The market is expected to expand from USD 9.67 billion in 2024 to USD 16.42 billion by 2032, exhibiting a CAGR of 6.85% over the study period.
Skin lightening products are infused with ingredients, including retinols, antioxidants, vitamin C, and others that boost the skin’s brightness while enhancing the skin discoloration. The growing demand for plant-based skin illuminating products is set to flourish market expansion. In 2024, Clariant AG, a Switzerland-based specialty chemical firm, announced a joint venture agreement with Plant Advanced Technologies (PAT) to formulate patented, proprietary plant milking and target binding technologies.
The limitation or shutdown of operations of modern trade operators, such as supermarkets and cosmetic shops owing to the lockdown restrictions caused by the COVID-19 pandemic, led to a significant impact on sales of the product. Despite this, product consumption across several nations globally was aided by bulk buying of personal care products by consumers to avoid scarcity issues.
Fortune Business Insights™ provides this information in its research report, titled “Skin Lightening Products Market”.
Browse Details summary for the Sking Lightening Products Market: https://www.fortunebusinessinsights.com/skin-lightening-products-market-110570
Top Companies in the Skin Lightening Products Market:
- L’Oréal S.A. (France)
- Beiersdorf AG (Germany)
- Unilever, Plc. (U.K.)
- The Procter & Gamble Company (U.S.)
- Shiseido Co. Ltd. (Japan)
- Estee Lauder Companies, Inc. (U.S.)
- Kao Corporation (Japan)
- Avon Natural Products, Inc. (U.K.)
- Revlon Inc. (U.S.)
- Himalaya Wellness Company (India)
Segmentation:
Creams Segment Dominated Driven by Ease of Absorption
On the basis of form, the market is classified into soaps, gels, lotions, creams, and others. The creams segment accounted for the largest skin lightening products market share in 2023 on account of the ease of absorption of creams. In addition, various multiple skincare advantages, such as nourishment, hydration, and moisturization are provided by creams.
Greater Production of Cosmetics Made Using Safer Synthetics to Spur Segment Growth
In terms of formulation, the market is divided into organic & natural and synthetic. The synthetic segment led in 2023, fueled by greater production of illuminating cosmetics manufactured using safer forms of synthetics, compounds, and chemicals.
Greater Demand for Innovative Products to Expedite Women’s Segment Expansion
With respect to end-user, the market is segregated into men and women. The women segment secured the largest share in 2023, spurred by greater demand among female consumers for innovative brightening products for their skin-related treatments. A National Centre for Biotechnology Information December 2020 survey for Kumasi, Ghana-based respondents reported that 56.6% of the women respondents stated the deployment of skin lightening products compared to 26.6% of the male respondents in Ghana.
Surging Adoption of Online Shopping to Propel Online Channels Segment Growth
By distribution channel, the market is categorized into specialty stores, hypermarkets & supermarkets, online channels, pharmacy stores, and others. The online channels segment is projected to witness fastest-growth during the forecast period, which can be credited to the growing adoption of online shopping for personal care goods. This factor boosts the product revenues of online retailers.
On the regional front, the market is segmented into Asia Pacific, North America, the Middle East & Africa, Europe, and South America.
Report Coverage:
The report offers a comprehensive coverage of the major driving and restraining factors affecting the market growth. In addition, it highlights the strategic moves implemented by leading companies to reinforce their industry position. Additional aspects of the report include the top trends, COVID-19 pandemic impact, and notable industry developments.
Drivers and Restraints:
Surging Trend of Intravenous (IV) Drips to Foster Market Expansion
A multitude of skin-absorbable minerals and vitamins are offered by IV drips-based skin bleaching products that cater to the replenishment, nutrition, and hydration requirements of the user’s skin. In addition, newer market growth opportunities are presented by growing suggestions given by skincare experts for IV-drips-based products to offer improved skin health-benefitting solutions to users.
Despite such opportunities, the health risks owing to higher presence of mercury in products may hinder skin lightening products market growth.
Regional Insights:
Asia Pacific Led Global Market Fueled by Growing Aging Population
Asia Pacific observed the largest share of the market in 2023 on account of the rising aging population and greater demand for anti-aging property-based skin lightening products among women in South Korea, Japan, and China. The growing consumer demand for skin lightening treatments is further contributing to regional growth.
North America skin lightening products market captured the second highest share in 2023, which can be credited to consistent celebrity endorsement activities by prominent companies. This factor is bolstering the consumer demand for brightening and innovative cosmetics, impelling product sales in the U.S.
Competitive Landscape:
Top Companies Emphasize Getting Approvals for Their Products to Gain a Competitive Edge
Key companies, including The Procter & Gamble Company, Unilever Plc, L’Oréal S.A., and others, emphasize launching newer innovative formulation-based skincare products to establish market position and boost their product portfolio. A wide range of companies are also focusing on securing approvals for their products to achieve a competitive advantage.
Key Industry Development:
November 2023: Kose Corporation announced that it has secured approval for selling licorice-based new active skin lightening ingredients from the Ministry of Health, Labour and Welfare, Japan. This move is poised to boost the usage of W-glycyrrhetinic acid stearyl ester-based active ingredients in the formulation of sustainable products in Japan.
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