A recent research report by Fact.MR has projected the global skin lightening products market to represent an impressive expansion over the forecast period (2017-2022). The global market for skin lightening products is estimated to exceed US$ 20,000 Mn in revenues by 2022-end.
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The global market for skin lightening products is highly competitive, with major vendors increasingly focusing on pricing, quality, product portfolios, and product differentiation. Several vendors are shifting their concentration toward expansion of their business in emerging economies of Asia-Pacific excluding Japan (APEJ), Latin America, and Middle East & Africa (MEA). Opportunities for new market entrants is low, owing to strong foothold of leading players in the market, along with their new product launches and high expenditure on research & development activities. In a bid to enhance their presence in the market and increase their customer base, manufacturers are inclining their focus towards development of innovative skin lightening products. For example, the provision of skin lighteners that enable restoration of skin luminosity, and improvements in the skin tone.
A lot of harmful effects have been associated with skin lightening products. According to the WHO, skin lighteners are found to cause blood cancer, kidney cancer, liver cancer, and sever skin conditions. The WHO has also reported that some manufacturers employ harmful toxins such as mercury, which has the capability of blocking properties of melanin. On the back of these reasons, consumers are now inclining towards adoption of organic and natural products. This shift in consumer preference has led the manufacturers to use natural parabens, colors, and fragrances, and plant extracts for developing skin lighteners. This will provide consumers with reduced melanin production in their skin, and increased collagen production for keeping the skin spot-free and healthy.
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In terms of revenues, the skin lightening products market will remain the most-lucrative in Asia-Pacific excluding Japan (APEJ), followed by North America and Europe. The market in North America and Latin America will ride on similar CAGRs through 2022. In addition, the skin lightening products market will witness the fastest expansion in APEJ, followed by Middle East & Africa (MEA) and Japan.
Based on sales channel, modern trade will continue to be the most-lucrative, with sales poised to surpass US$ 7,000 Mn in revenues by 2022-end. Between drugstores and online retailers, the former will account for a relatively larger market revenue share, whereas the latter will witness a comparatively faster expansion in sales through 2022. Specialty stores are also projected to register an impressive expansion in the global skin lightening products market through 2022.
Face masks are anticipated to remain the fastest expanding products in the global skin lightening products market. Creams & lotions, and cleansers & toners will continue to be the most-lucrative products, with sales reflecting a parallel expansion through 2022.
Based on nature, organic skin lightening products will gain higher traction in the near future, owing to the concerns pertaining to harmful side-effects caused by synthetic ingredients present in conventional skin lightening products. However, revenues from sales of conventional skin lightening products will continue to be comparative higher than those from organic skin lightening products throughout the forecast period.
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5 Key Takeaways from Fact.MR’s Report on Skin Lightening Products Market for Forecast Period 2017 –
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