Skin Lightening Products Market Regulatory Environment and Compliance

Skin Lightening Products Market Regulatory Environment and Compliance

Skin lightening products help address particular concerns pertaining to skin, including dark patches, sun damage, hyperpigmentation, and others. The rising trend of intravenous (IV) drips is anticipated to spur market growth. The rising accessibility of consumers to IV drip-based skin lightening injections coupled with their surge in preference for fulfilling custom skin care needs boost the demand for the product.

Market Overview:

According to Fortune Business Insights, the global skin lightening products market size was valued at USD 9.22 billion in 2023. It is projected to grow from USD 9.67 billion in 2024 to USD 16.42 billion by 2032, exhibiting a CAGR of 6.85% during the forecast period.

Moreover, the skin lightening products market in the U.S. is expected to grow significantly, reaching USD 3.03 billion by 2032. This growth is driven by rising consumer demand for brightening skincare solutions, innovative formulations, and dermatological advancements. Asia Pacific dominated the skin lightening products market with a market share of 53.69% in 2023.

Get Free Sample PDF Copy: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/skin-lightening-products-market-110570

List of Key Players Mentioned in the Report:

• 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:

Skincare Benefits Delivered by Creams to Expedite Segment Growth

In terms of form, the market is segregated into lotions, soaps, gels, creams, and others. The creams segment is set to witness the fastest growth rate during the study period, which can be credited to many skincare benefits, such as hydration, nourishment, and miniaturization. They also offer ease in application to cover larger pigmented skin areas as compared to other forms.

Synthetic Segment Dominates Augmented by More Production of Cosmetics Made Using Safer Forms of Chemicals

With respect to formulation, the market is classified into synthetic and organic & natural. The synthetic segment registered the largest skin lightening products market share in 2023, which can be attributed to more production of illuminating cosmetics made by deploying safer forms of compounds, chemicals, and synthetics.

More Demand for Innovative Brightening Products to Expedite Women Segment Expansion

On the basis of end-user, the market is divided into men and women. The women segment obtained the largest share in 2023, fueled by more demand for innovative brightening products by female consumers for treatments associated with their skin. A survey carried out by National Centre for Biotechnology Information, Library of Medicine (NCBI), in December 2020 for Kumasi, Ghana-based respondents stated that 56.6% of the women respondents admitted the use of skin lightening products whereas it made up 26.6% of the male respondents in Ghana.

Online Channels Segment to Witness Fastest Growth Impelled by Increasing Uptake of Online Shopping

In terms of distribution channel, the market is classified into pharmacy stores, hypermarkets & supermarkets, online channels, specialty stores, and others. The online channels segment is set to observe the fastest-growth during the study period on account of increasing uptake of online shopping for personal care goods, boosting online retailers’ product revenues. Moreover, a surge in its women’s cosmetic & fragrances, intimate apparel, accessories, and shoes division’s sales was registered by Macy's Inc.,  global departmental store firm, which reached USD 10,119 million in 2021, up from USD 9,454 million in 2019.

From the regional perspective, the market is categorized into the Middle East & Africa, North America, South America, Europe, and Asia Pacific.

Report Coverage:

The market research report provides an in-depth analysis of the competitive strategies undertaken by prominent companies to stand out from the competition. It further offers vital insights into the key trends, significant industry developments, dominating segments, and the impact of the COVID-19 pandemic on the market growth. Besides this, the key factors impacting the market growth have been mentioned in the report.

Drivers and Restraints:

Increasing Demand for Functional Skincare Products to Impel Market Growth

Functional skin bleaching products are significant in addressing particular concerns pertaining to the skin, such as tanning, aging, pigmentation, sunburns, and others. The global market growth can be credited to the growing demand for these bleaching products coupled with the expanding global aging rate.

However, the health risks related to greater availability of mercury in products may impede skin lightening products market growth.

Regional Insights:

Asia Pacific Holds Leading Position Owing to Rising Occurrence of Skin Pigmentary Disorders

Asia Pacific’s skin lightening products market captured the largest share in 2023, which can be credited to the rising occurrence of skin pigmentary disorders among consumers in Southeast Asia and India. This factor is boosting product demand in these geographies. The National Centre for Biotechnology Information (NCBI) survey in March 2021 stated skin pigmentary disorders in nearly 45% of the population, and nearly 55% of them prefer lightening skin treatments in Southeast Asia.

Europe secured the third largest share in 2023, with North America accounting for the second largest share in the same year. This can be credited to the increasing concerns about skin darkening, skin redness, and other sunburn problems among people. This, along with, transitioning consumer trends toward premium-based cosmetics is anticipated to boost regional growth.

Competitive Landscape:

Market Leaders Invest High Amounts into Mega Projects to Deliver Enhanced Capabilities

Prominent companies are adopting different strategic moves, including joint ventures, mergers, and partnerships, to keep ahead of their competition. A diverse array of market players are investing huge amounts into mega projects to launch innovative and enhanced capabilities of skin lightening products for consumers.

To get to know more about this market, please visit: https://www.fortunebusinessinsights.com/skin-lightening-products-market-110570

Key Industry Development:

March 2024: eclat superior, an Indian cosmetic brand, launched a new Glutathione face cream consisting of skin brightening ingredients including vitamin C, niacinamide, alpha arbutin, licorice extracts, and lactic acid. The product is available at Amazon.in shopping site.

December 2023: The World Health Organization (WHO) conducted a project, ‘Eliminating Mercury Skin Lightening Products (SLPs),’ to lower the health complications due to mercury-based skin lightening products, establish better regulation, and fair production, trade, and distribution practices. Such organizations’ efforts positively contribute toward sustainable development.