Skin Lightening Products Market Expected to Reach $14.60 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Skin Lightening Products Market," The skin lightening products market was valued at $7.05 billion in 2021, and is estimated to reach $14.60 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.

Skin lightening is the process of applying chemicals to make the skin lighter or more uniformly colored by lowering the melanin levels in the skin. It affects the skin cells' ability to produce melanin. The skin's pigment is caused by this melanin. To lighten the skin, a variety of procedures and products are available, including laser therapy and skin lightening lotions, creams, and other products. As they are more convenient and affordable than laser treatment, skin whitening solutions have seen a significant increase in popularity with consumers.   

The beauty and skin care industry has progressed, owing to rise in trend of attention toward physical wellbeing. Furthermore, millennials are quoted as the main drivers behind the meteoric growth of the skin lightening segment. In addition, there is an ongoing trend, citing everything from aging of millennial demographic to a focus on self-care as a coping method against a difficult political and economic climate. Unfavorable environment, pollution, and dirt are some of the factors impacting the skin health, hence, people are increasingly using skin care products including skin lightening products. Therefore, owing to factors mentioned above, demand for skincare products is on rise in the market, which fuels the skin lightening products market growth.

The skin lightening products market is highly competitive and saturated. Availability of counterfeit products and fluctuation in the price of raw material are likely to hamper the growth of the market during the forecast period. Surge in the number of small scale businesses using low-quality raw material and availability of the low price counterfeit products restrain the market growth.

According to the skin lightening products market analysis, the skin lightening products market is segmented into type, gender, distribution channel, and region. By type, it is segregated into creams & lotions, cleansers & toners, masks, and others. On the basis of gender, the market is categorized into men and women. By distribution channel, it is segregated into hypermarkets/supermarkets, specialty stores, pharma & drug stores, online sales channel, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia & New Zealand, South Korea, ASEAN, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Turkey, Saudi Arabia and Rest of LAMEA).

According to the skin lightening products market trends, on the basis of type, the creams & lotions segment was the highest revenue contributor to the market, with $3,284.1 million in 2021, and is estimated grow at a CAGR of 6.8% during the forecast period. The market for skin lightening products has seen a significant growth in demand for creams due to consumers' growing skin care consciousness. In addition, a rise in consumer expenditure on skin care items to look good and natural has fueled the demand for skin lightening creams and lotions. The easy availability of skin lightening cream products in pharma & drug stores and supermarkets, its ease of use on the body & face, and the rise in trend of improving physical looks especially in men have considerably fueled the skin lightening products market demand through the cream and lotions category during the course of the projected period.

According to the skin lightening products market analysis, on the basis of gender, men segment was the significant contributor to the market, with $1,769.0 million in 2021 and is expected grow at a CAGR of 8.5% during the forecast period. A wide range of men skin lightening products is available in the market for nourishing skin, such as lotions, creams, and soaps. In addition, the rise in consciousness about personal well-being and appearance has increased among men, which drives sales of skin lightening products. Moreover, owing to hectic lifestyles and varying climatic conditions, men consider using skincare products including skin lightening products. Furthermore, the male population is more concerned with hygiene and skin care, which is expected to generate revenue for stakeholders. Furthermore, the global growth in demand for skin lightening goods is ascribed to surge in the need to preserve a strong identity and self-image.

By distribution channel, the hypermarket & supermarket segment was the highest contributor to the market in 2021 and is estimated to reach $4,438.8 million by 2030, at a CAGR of 6.3% during the forecast period. The skin care and cosmetics sections in hypermarkets and supermarkets are separated, making it simpler for customers to find and buy the product. They give customers a significant edge by making a variety of beauty care goods available, including skin lightening products, offering discounts on certain brands, helping customers with sales, and facilitating simple checkouts. Consumers and manufacturers now have the opportunity to learn more about the skin-lightening solutions available in the market owing to growth of new hypermarkets/supermarkets in the suburbs.

According to skin lightening product market opportunities, region wise, Asia-Pacific garnered the significant skin lightening products market share in 2021, and is expected to maintain its market share throughout skin lightening products market forecast period. During the forecast period, Asia-Pacific is anticipated to maintain its huge market share for skin lightening products. This is mostly attributable to rise in skin-related worries, significant environmental change, and growth in pollution, which causes skin to become duller and develop more black patches. In addition, a few micro factors, such as rise in disposable income and the surge in proportion of men who purchase skin care products promote market expansion. Hence, during the anticipated time, the aforementioned elements are likely to increase the skin lightening products market share during the forecast period.

The players operating in the global skin lightening products industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report are Avon Products, Inc., Kao Corporation, L’Oréal S.A., Oriflame Cosmetics S.A., Revlon, Inc., Shiseido Company, Limited, Skin Food Co., Ltd., The Estée Lauder Companies Inc., The Procter& Gamble Company and Unilever Plc..

Key findings of the study

• The skin lightening products market size was valued at $7,054.3 million in 2020, and is estimated to reach $14,602.4 million by 2031, registering a CAGR of 7.7% from 2022 to 2031. 

• In 2021, on the basis of type, the masks segment acquired $898.9 million, exhibiting 12.7% of the global market share. 

• In 2021, by gender, the women segment was valued at $5,285.3 million, accounting for 74.9% of the market share. 
• In 2021, on the basis of distribution channel, the specialty store segment acquired $1,715.9 million, exhibiting 24.3% of the global market share. 
• China was the most prominent market in Asia-Pacific in 2021, and is projected to reach $2,400.4 million by 2031, growing at a CAGR of 6.8% during the forecast period.