Skin Lightening Products Market Set to Hit US$ 22 Billion by 2032

In 2021, the skin lightening products market achieved a valuation of approximately US$ 10 billion and is poised for robust growth, with a projected compound annual growth rate (CAGR) of 7.5% to reach a staggering US$ 22 billion by 2032. The demand for creams and lotions remains strong, with an expected CAGR of 7.5% throughout the assessment period from 2022 to 2032.

The Asia Pacific region, driven by the rapid expansion of infrastructure in countries such as India, China, Indonesia, and Vietnam, commands a substantial share of the global market. With the region's expanding population and flourishing housing market, the demand for skin lightening products is forecasted to surge to an impressive US$ 105 billion by 2032.

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Competitive Landscape:

Highly Fragmented Market Structure with Organized and Unorganized Players

The aforementioned players are mainly relying on a mix of organic and inorganic growth strategies such as product launches, acquisitions, and collaboration. Some of the key developments are:-

• For instance, Gillette, in 2021, launched shaving and skincare products under the brand name PLANET KIND. The product line-up includes face washes, moisturizers, and others.
• In 2021, with a focus on individual skincare needs, Beiersdorf launched the newly formulated face care brand OWN.
• Moreover, in 2021, L’Oreal acquired a skincare brand Theyers Natural Remedies, a US-based company. Through this acquisition, L’Oreal expects to increase its customer base by integrating it into the customer product division.

Key Companies Profiled:

• L’Oréal S.A.
• Procter & Gamble Co.
• Unilever plc.
• Beiersdorf AG
• Estee Lauder Co., Inc.
• Avon Products, Inc.
• Shiseido Company Limited
• E.T. Browne Drug Co., Inc.
• Kao Corporation
• Emami Ltd.
• Dabur India Ltd.
• Johnson & Johnson

Category-wise Insights

Creams and Lotion is expected to remain high in demand, with sales accounting for about half of the total revenue share. Additionally, face mask will exhibit highest CAGR surpassing US$ 900 Mn worth in revenue by the end of forecast period. Additionally, the segment is expected to garner incremental $ opportunity of around US$ 80 Mn giving a positive outlook to the industry.

Moreover, with penetration of organic skin care products in the market creams and lotion will project an additional growth owing to wide range of product line-up coupled with growing disposable income in regions like China, India and Europe.

Online shopping is recent trend in the world of beauty and cosmetic products, while top 20 manufactures still opt for traditional sales channel such as supermarkets and retail stores, change is evident at millennial nowadays want everything at their fingertips.

For instance, in 2019 Americans spent about US$ 14 Bn on beauty and cosmetic products online. Growth of online sales can be attributed to the varied product line up it offers and over a range of brand to choose from.

It is interesting to note that the top 20 brands which captures 90% of the total sales through traditional retail channel, those same companies has just 14% of share online.

Key Segments in Skin Lightening Products Industry Research:

·         By Nature :

• Conventional
• Organic

·         By Product Type :

• Creams and Lotions
• Cleansers and Toners
• Face Masks
• Scrubs
• Other Product Types

·         By Sales Channel :

• Specialty Stores
• Convenience Stores
• Online Retailers
• Other Sales Channels

·         By Region :

• North America
• Latin America
• Europe
• Japan
• APEJ
• Middle East Africa

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Winning Strategy

Manufacturing firms are increasingly embracing sustainable practices, with a focus on addressing the demands of contemporary consumers. Furthermore, industry participants are making substantial investments in research and development, striving to pioneer innovative solutions that lead to the creation of more efficient cosmetic products.

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