The global skin lightening products market can expect to accrue massive gains at a healthy growth rate during the forecast period (2018-2023).
Market Drivers and Key Restraints
Skin lightening products generally contain natural or synthetic ingredients that help lighten the skin tone or bring down the skin’s melanin content. A host of lightening agents are used for achieving an even skin tone by lessening skin pigmentation. Few skin lightening products also possess anti-aging properties, which elevates its demand among the age conscious population.
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The prime reason for the superlative growth of the market can be the rising consumer consciousness with respect to their physical appearance. Skin lightening creams and lotions are sold at the fastest rate in the skin lightening products market, as they are easily available. Plus, lifestyle changes combined with the rising disposable income is presumed to favor the market in the coming years. Another prominent trend slated to induce market growth can be the surge in the number of multi-brand specialty stores.
Personal health and beauty stores are the most preferred distribution channels for skin lightening products as well as anti-aging products. On a different note, strict government regulations could curb product demand, working against the skin lightening products market in the upcoming years. With that said, the rising popularity of skin whitening products among women and men will present several lucrative opportunities for the manufacturers in the skin lightening products market.
The skin lightening products market has been segmented based on product type, category, end-user, and distribution channel.
The global skin lightening products market, depending on the product type, include creams & lotions, cleansers & toners, face masks, scrubs, and others.
The global skin lightening products market, with respect to the category, covers conventional, and organic.
The end-users in the skin lightening products market are women and men.
The distribution channels in the market are store-based and non-store based. The types of store-based distribution channels are supermarkets & hypermarkets, specialty stores, and others.
The skin lightening products market is split into the key regions of Europe, Asia Pacific, North America, and the rest of the world (RoW).
Asia Pacific is expected to maintain its lead in the global skin lightening products market since the region consists of densely populated countries. Increasing disposable income of consumers in India, Indonesia and China will accelerate the sales of skin lightening products in the subsequent years. India and China emerged as the significant markets in 2018 for skin lightening products, with the trend expected to continue even during the evaluation time frame.
Europe controls about 20% to 30% share of the global skin lightening products market. France and Germany are the most profitable markets for skin lightening products in the region. The stupendous market growth is the result of the strong demand for high quality and effective skincare products among consumers. Also, the high preference for multi-specialty stores and departmental stores, instead of specialty stores could work in favor of the regional market. In addition, various multi-brand specialty stores in the region are launching their own mobile apps, social networking websites and online platforms for extending their reach to a higher number of customers.
North America is projected to have a considerable growth rate in the near future as the region is home to highly developed countries like Canada and the United States (U.S.). These countries note soaring demand for organic skin lightening products as customers want to enhance their aesthetic appeal, without any side effects.
Some of the leading vendors in the worldwide skin lightening products market are Kao Corporation (Japan), Unilever PLC (UK), Procter & Gamble Company (US), Shiseido Company (Japan), L’Oréal S.A.(France), Lotus Herbals (India), Avon Products Inc. (UK), Clarins group (France), Estée Lauder Companies Inc. (US), Beiersdorf AG (Germany), among others.
April 2019 Lotus Herbals is looking for acquisitions and is discussing with investment bankers to score in potential targets. The company is known for its effective skin lightening products line across India and is in the process of acquiring mid-sized domestic brands to expand its customer base.