According to the recently released report by Bekryl, ‘Global Skin Lightening Products Market’ is set to register 6.9% CAGR to create 1.9X higher revenue opportunity in 2030 than that in 2021. Growth in the market is driven by changing lifestyle and obsession with lighter and fair skin has necessitated the demand whitening cream. Additionally, increase in per capita income, changing lifestyle and higher beauty spending has boosted the market of skin lightening products worldwide.
According to the report, Asia Pacific dominated the global sales in 2021. Sales in the region was valued over US$ 6.9 billion in 2021 and is expected to register close to double digit growth throughout the forecast period. Popularity of such products can be gauged from the fact that over 55% of females in Asia Pacific use skin lightening products. Cultural and social outlook has created favorable ecosystem in the region. Beauty care product sales in Asia Pacific is highly volatile and competitive.
Companies are sensitive to regional trends and competition in order to stay agile. Large number of ethnic and cultural diversity has led companies to focus on customized product solutions. For instance, government of Indonesia directed companies to label their cosmetics products as Halal by 2020. However, in India, consumers are inclined towards plant based skin lightening and herbal products. Direct selling is quite popular in the region especially in ASEAN region. Small scale and local players adopt direct selling as a market entry strategy. The region is also characterized by presence of private labeled brands. These are generally sold through hospitality and retail centers.
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Few key trends from the global skin lightening market:
Organic skin lightening products is gaining prominence among consumers. There is very optimistic scenario related to plant based ingredients owing to its minimal side-effects and better nutrients. For instance, chemicals from Cinnamomum subavenium plant is widely used as key ingredient for skin lightening purpose. Few researchers claim it to be highly effective and project it to be 100 times more effective than chemical based ingredient. Nowadays, a range of company leverages plant based extract as key ingredient in skin whitening products. UV absorbers is another key trend noticed in the market. Demand for these products is higher in tropical regions.
In last few years, companies have launched products specific to men’s beauty products. This could be seen as a marketing strategy to capitalize addressable market and thereby generate higher ROI. Male counterparts are getting inclined towards fair skin. As such, products specific to men will help industry players to generate higher ROI.
Companies market their skin whitening products with celebrity backed model. This helps companies to reach larger mass population and at same time ensure brand popularity among consumers. Many famous personalities are roped in to advertise the products.
To procure the full report, visit: https://bekryl.com/industry-trends/skin-lightening-products-market-share-analysis
Some key global Skin Lightening Products market players are:
Procter & Gamble Company
Avon Products Inc.
VLCC Health Care Limited
Himalaya Global Holdings Limited
Lotus Herbals Private Limited
Kanebo Cosmetics Inc.
Bio Veda Action Research Private Limited
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