Skin Lightening Products Market Advances at 7.5% CAGR to Hit US$ 22 Billion by 2032

Rising Demand for Organic Skincare Products Fueling Growth in the Skin Lightening Products Market

ROCKVILLE, MARYLAND, UNITED STATES, October 18, 2023 /EINPresswire.com/ -- The global skin lightening products market share achieved a value of approximately US$ 10 billion in 2021, and it is poised to surge at a robust CAGR of 7.5%, reaching a noteworthy US$ 22 billion by 2032. Creams and lotions are experiencing substantial demand and are projected to maintain a 7.5% CAGR throughout the evaluation period spanning from 2022 to 2032.

The skin-lightening product market faced a setback in 2020 due to the impact of the COVID-19 crisis, resulting in a temporary decline in demand. However, the rapid growth of online sales channels is expected to revitalize this demand. Germany, a leading market for beauty and cosmetics products in Europe, boasts a valuation of approximately US$ 15 billion, with the skincare segment exhibiting the most substantial growth. It's worth noting that Germany currently holds the distinction of having the world's fastest-aging population, driving substantial demand for anti-aging skincare products in the region

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Key Takeaways from Market Study

- Based on product, creams and lotions capture major market share.

- Online sales channel has shown significant growth in terms of revenue, with major market players now prioritizing e-Commerce platforms for the sale of their products.

- Europe is set to dominate the market in terms of production in 2021 and also through 2031.

- The market in China is expected to rise at a high single-digit CAGR through 2031.

- Due to the COVID-19 crisis, demand for skin lightening products was hit in 2020, which saw a decline. But with the growth of online sales channels, demand is expected to bounce back.

Competitive Landscape:

The aforementioned players are mainly relying on a mix of organic and inorganic growth strategies such as product launches, acquisitions, and collaboration. Some of the key developments are:-

For instance, Gillette, in 2021, launched shaving and skincare products under the brand name PLANET KIND. The product line-up includes face washes, moisturizers, and others.

In 2021, with a focus on individual skincare needs, Beiersdorf launched the newly formulated face care brand OWN.

Moreover, in 2021, L’Oreal acquired a skincare brand Theyers Natural Remedies, a US-based company. Through this acquisition, L’Oreal expects to increase its customer base by integrating it into the customer product division.

Key Companies Profiled:

- Procter & Gamble Co.
- Unilever plc.
- Beiersdorf AG
- Estee Lauder Co., Inc.
- Avon Products, Inc.
- Shiseido Company Limited
- E.T. Browne Drug Co., Inc.
- Kao Corporation
- Emami Ltd.
- Dabur India Ltd.
- Johnson & Johnson

Growth Drivers:

While the expansion of the natural beauty products sector has initially been gradual, it is now gaining momentum. Presently, natural beauty products, including natural skincare items, constitute approximately 4.5% of the overall market. Notably, cosmetics claiming to be natural have experienced a notable 14% surge in sales, driven by evolving consumer preferences and growing awareness of the adverse consequences associated with synthetic products.

In addition, the incorporation of specific ingredients like charcoal and avocado oil, particularly in skincare products, has spurred an impressive annual sales growth of around 200%. This trend augurs well for the industry's future prospects.

Key Restraints:

Over time, the sales of skincare and skin-lightening products in retail outlets have experienced a decline, primarily due to the increasing popularity of online cosmetic product sales. Furthermore, locally produced products with genuine scientific backing have gained prominence, intensifying competition for established market leaders.

Modern consumers are now emphasizing the use of paraben-free skincare products, leading to a considerable reduction in sales of traditional products. Beyond parabens, consumers are favoring products devoid of substances like sulfates, artificial fragrances, phthalates, and more. These emerging consumer preferences have resulted in a slowdown in revenue growth for companies with limited product diversity, posing challenges to the expansion of skin-lightening product sales.

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Key Segments in Skin Lightening Products Industry Research:

By Nature :
-Conventional 
-Organic

By Product Type :
-Creams and Lotions
-Cleansers and Toners
-Face Masks
-Scrubs
-Other Product Types

By Sales Channel :
-Specialty Stores
-Convenience Stores
-Online Retailers
-Other Sales Channels

By Region :
-North America 
-Latin America 
-Europe 
-Japan 
-APEJ 
-Middle East Africa 

Check out more related studies published by Fact.MR Research:

Skin Boosters Market: The global skin boosters market is anticipated to secure a market value of US$ 1.03 Bn in 2022, projected to reach US$ 2.5 Bn by 2032 while expanding at a CAGR of 9.26%. 

Skincare Ingredients Market: The skincare ingredients market is estimated at USD 22.5 Billion in 2022 and is forecast to reach USD 39.6 Billion by 2032, growing at a CAGR of 5.8% from 2022 to 2032.

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