In 2023, the skin-lightening products market was estimated to be worth USD 9.22 billion. The market is anticipated to grow at a compound annual growth rate (CAGR) of 6.85% from USD 9.67 billion in 2024 to USD 16.42 billion by 2032.
Vitamin C, retinols, antioxidants, and other substances are added to skin lightening solutions to improve skin discolouration and increase skin brightness. The market is expected to develop because to the rising demand for skin-illuminating products made from plants. The Swiss specialty chemical company Clariant AG and Plant Advanced Technologies (PAT) signed a joint venture agreement in 2024 to develop exclusive, patented plant milking and target binding technologies.
Sales of the product were significantly impacted by the COVID-19 pandemic's lockdown regulations, which limited or shut down the operations of contemporary commerce operators including supermarkets and cosmetic stores. Despite this, consumers' large purchases of personal care goods to avoid shortages helped boost product consumption in a number of countries throughout the world.
Fortune Business Insights™ provides this information in its research report, titled “Skin Lightening Products Market”.
Browse Detail Summary for the Skin Lightening Products Market
https://www.fortunebusinessinsights.com/skin-lightening-products-market-110570
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.
Top Key Player 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)
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
IV drip-based skin bleaching solutions provide a wide range of skin-absorbable minerals and vitamins to meet the skin's hydration, nutrition, and replenishment needs. Additionally, increasing recommendations from skincare professionals for IV drip-based products that provide customers with better skin health-benefitting solutions offers fresh market potential opportunities.
Despite these advantages, the market expansion for skin-lightening products may be hampered by the health hazards associated with greater mercury content in goods.
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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