Skin Lightening Products Industry Overview
The global skin lightening products market is expected to reach USD 16.14 billion by 2030, registering a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. The growing preference for fair skin to enhance beauty and confidence among consumers is expected to drive global market growth. Furthermore, the rising adoption of skincare regimes to achieve an even skin tone, blemish-free skin, and reduced acne spots is expected to propel the market growth during the forecast period.
The increasing penetration of skin lighteners in the market has increased their application scope among male consumers. The shifting preference toward the skincare regime among male consumers has also influenced the gender to adopt such products to maintain healthy skin. Therefore, manufacturers are increasingly shifting their attention toward the application of such lighteners by men, which is expected to boost the market growth substantially. For instance, Oriflame Cosmetics AG addresses men’s fairness products with its brand North for Men Fairness Face Cream, which is sold across all the regions.
The rising consumer awareness regarding the harmful effects of conventional, synthetic chemical-laden products is anticipated to create new growth opportunities for organically and naturally derived raw materials and products in the market. Organically- and naturally-cultivated products such as aloe vera, sea kelp, argan oil, and jojoba oil are some of the key raw ingredients used for manufacturing skin lightening products.
Skin Lightening Products Market Segmentation
Grand View Research has segmented the skin lightening products market based on product, nature, and region.
Based on the Product Insights, the market is segmented into Creams, Cleanser, Mask, and Others
- Creams segment held the largest market share in 2021. Easy and effective penetration of cream in the skin attributes to its increased usage among consumers.
- However, the cleanser segment is projected to register the fastest growth during the forecast period with a CAGR of 6.1% from 2022 to 2030.
- Owing to its multi-functional benefits such as lightening discoloration, lessening pigmentation, and eliminating blemishes, all of which would further help in gaining traction amongst consumers.
Based on the Nature Insights, the market is segmented into Synthetic, Natural, and Organic
- Synthetic segment led the market and accounted for the largest market share in 2021.
- Chemical ingredients to de-pigment the skin are widely used in dermatology and cosmetics, which is also driving their usage in conventional products.
- Some of the chemicals used in these products include hydroquinone, retinoids, glycolic acid, and azelaic acid. These chemical ingredients help speed up the process of lightening owing to their strong effect on the skin.
- Increased research and development of new chemical compounds for skin lightening products will continue to boost the segment across regions.
- Natural segment is expected to expand at the fastest CAGR of 6.2% in the forecast period due to the increasing demand for chemical-free products.
- The shifting preference of consumers from synthetic to natural products owing to their considerable benefits with no side effects.
- The growing demand for products with zero side effects and that are free of parabens and other harmful chemicals are expected to have a positive impact on the market.
Skin Lightening Products Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The skin lightening products market is competitive with the presence of many global and regional players. These players are engaging in major acquisition, product launches, and promotional activities to increase their customer base and brand loyalty.
Some prominent players in the global Skin Lightening Products market include:
- L’Oréal S.A.
- Beiersdorf AG
- Shiseido Co., Ltd.
- Procter & Gamble
- Unilever
- Himalaya Global Holdings Ltd.
- Kanebo Cosmetics Inc.
- Lotus Herbals Pvt. Ltd.
- VLCC Health Care Limited
- Avon Products, Inc.
Order a free sample PDF of the Skin Lightening Products Market Intelligence Study, published by Grand View Research.
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