Global Skin Lightening Products Market to Accrue $14.57 Billion by 2030, Driven by Burgeoning Consumer Focus On Skincare, States Kings Research

DUBAI, UAE , Feb. 13, 2024 /PRNewswire/ -- As per a recent report published by Kings Research, the global Skin Lightening Products Market size was valued at USD 9.90 billion in 2022 and is set to garner revenue of USD 14.57 billion by 2030, growing at a 5.04% CAGR from 2023 to 2030. The demand for skin lightening products is propelled by a combination of societal norms, cultural inclinations, and marketing strategies. Evolving beauty standards, amplified by the influence of social media, along with the pursuit of flawless skin, are significant driving forces behind this trend. Moreover, increasing disposable income, particularly in emerging markets, has broadened the consumer base for these products, fostering market expansion.

Skin lightening products are various cosmetics and skincare items made to make skin lighter and smoother. They include creams, serums, lotions, soaps, and masks with ingredients that help brighten the skin. Over the recent years, these products have garnered considerable interest as individuals pursue avenues to attain a brighter and more uniform skin tone. Commonly referred to as skin bleaching or whitening products, their primary objective is to mitigate melanin production in the skin, thereby diminishing pigmentation and enhancing luminosity.

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Trending Now: Univar Solutions and ImDerma Laboratories Forge Exclusive Partnership

In December 2023, Univar Solutions Inc., a prominent global solutions provider specializing in specialty ingredients and chemicals, inked an exclusive distribution agreement with ImDerma Laboratories, Co. Ltd. in the United States. ImDerma Laboratories is recognized as a leading producer of cosmetic actives for the beauty & personal care industry, boasting a diverse portfolio of botanical actives and functional ingredients.

The partnership between Univar Solutions and ImDerma Laboratories is likely to transform the distribution landscape in the U.S., especially in skincare, sun care, and color cosmetics.

Competitive Landscape

Key participants in the skin lightening products market are investing heavily in manufacturing innovative products to address the growing demands among end users. Major businesses are also concentrating on creating and introducing cutting-edge technological innovations, along with other methods, including collaboration, mergers & acquisitions, and strategic alliances to stay one step ahead of the competition.

For instance, in April 2023, Oriflame conducted a thorough assessment of its assets in Russia as part of its strategic review. Following this evaluation, Oriflame entered into a binding agreement with Arnest. Under the terms of the agreement, Arnest was set to acquire complete ownership of Cetes Cosmetics Russia by acquiring 100% of its shares.

Key players profiled in the global skin lightening products market include:

• L'Oréal S.A.
• Beiersdorf AG
• Shiseido Co., Ltd.
• Procter & Gamble
• Unilever
• Himalaya Wellness Company
• Kanebo Cosmetics Inc.
• Avon Products, Inc.
• Revlon
• Oriflame Cosmetics Global SA
• VLCC Personal Care Private Limited

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Demand for Skin Lightening Creams Among Women to Drive Product Sales

Based on type, the skin lightening products market is divided into cream, cleanser, mask, and others. The cream segment is anticipated to depict steady progress at a 6.48% CAGR through the forecast period. This surge was primarily fueled by a notable rise in demand for skin lightening creams among women. Several factors contributed to this trend, such as a soaring focus on beauty among women, greater awareness of long-term skincare, and shifts in lifestyle habits. Advancements in skincare, evolving beauty standards, and changing lifestyles are driving the growth of the market for skin lightening creams.

Convenience Offered by Online Channels to Foster Skin Lightening Products Market Outlook

Based on distribution channel, the skin lightening products market is bifurcated into supermarkets/hypermarkets, specialty stores, pharmaceutical stores, online channels, and others. The online channels segment is poised to experience rapid growth over the anticipated timeframe to reach USD 2.78 billion by 2030. This surge is indicative of a broader trend within the beauty & cosmetics industries, as consumers, particularly millennials, increasingly opt for the convenience and accessibility offered by online shopping. While traditional sales channels such as supermarkets and retail stores remain popular among major manufacturers, there is a clear and significant uptick in online sales, reflecting the evolving preferences of today's consumers.

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Burgeoning Consumer Focus On Skincare to Promote Skin Lightening Products Market Growth

The burgeoning consumer focus on skincare as well as the quest for a youthful and glowing complexion are poised to propel the growth of the skin lightening products market. As individuals become increasingly conscious of the importance of skin health, they actively seek products capable of addressing concerns like hyperpigmentation, acne scars, and sunspots. This heightened awareness among consumers stands as a significant driving force behind the escalating demand for skin lightening products.

Moreover, with consumers placing greater emphasis on health and embracing eco-friendly practices, there is a surging demand for products that incorporate safe and sustainable ingredients. Manufacturers can capitalize on this trend by developing skin lightening solutions that not only deliver exceptional results but also resonate with these consumer preferences, tapping into the shifting consumer inclination toward clean beauty. By catering to the growing demand for natural and eco-friendly options, businesses can position themselves for success in the skin lightening products industry.

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Strong Cultural Preference for Fair Skin in APAC to Spur Skin Lightening Products Demand

Asia Pacific is anticipated to retain its dominance in the global skin lightening products market through the review period, capturing a valuation of USD 6.24 billion by 2030. This regional industry growth is driven by several factors, including a growing population, rising incomes, and a strong cultural preference for fair skin. Countries such as India, China, South Korea, and Japan, where fair skin is traditionally seen as beautiful and successful, have a high demand for skin lightening products. Additionally, urbanization and westernization trends in the region are further fueling the demand for skincare and beauty products.

Furthermore, the skincare industry in the Asia Pacific is known for its innovative approach. Companies are constantly introducing new formulations and product lines to address the needs and concerns of diverse skin types. These innovations, coupled with the region's substantial market potential, have made APAC a focal point for both local and international skin lightening product manufacturers.

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Table of Content

Chapter 1 Introduction of The Global Skin Lightening Products Market

1.1 Market Definition

1.2 Market Segmentation

1.3 Research Timelines

1.4 Limitations

1.5 Assumptions

Chapter 2 Executive Summary

Chapter 3 Research Methodology

3.1 Data Collection

3.1.1 Secondary Sources

3.1.2 Primary Sources

3.1.3 Research Flow

3.2 Subject Matter Expert Advice

3.3 Quality Check

3.4 Final Review

3.5 Bottom-Up Approach

3.6 Top-down Approach

Chapter 4 Global Skin Lightening Products Market Outlook

4.1 Market Evolution

4.2 Overview

4.3 Market Dynamics

4.3.1 Drivers

4.3.2 Restraints

4.3.3 Opportunities

4.3.4 Challenges

4.4 Pricing Analysis

4.5 Porter's Five Forces Analysis

4.6 Value Chain Analysis

4.7 Macroeconomic Analysis

Chapter 5 Impact of Russia-Ukraine War

Chapter 6 Global Skin Lightening Products Market, By Type

Chapter 7 Global Skin Lightening Products Market, By Nature

Chapter 8 Global Skin Lightening Products Market, By Distribution Channel

Chapter 9 Global Skin Lightening Products Market, By Geography

Chapter 10 North America

Chapter 11 Europe

Chapter 12 Asia Pacific

Chapter 13 Middle East & Africa

Chapter 14 Latin America

Chapter 15 Global Skin Lightening Products Market Competitive Landscape

15.1 Overview

15.2 Key Developments

15.3 Key Strategic Developments

15.4 Company Market Ranking

15.5 Regional Footprint

15.6 Industry Footprint

Chapter 16 Company Profiles

16.1 L'Oréal S.A.

16.1.1 Key Facts

16.1.2 Financial Overview

16.1.3 Type Benchmarking

16.1.4 Recent Developments

16.1.5 Winning Imperatives

16.1.6 Current Focus & Strategies

16.1.7 Threat from competition

16.1.8 SWOT Analysis

16.2 Beiersdorf AG

16.2.1 Key Facts

16.2.2 Financial Overview

16.2.3 Type Benchmarking

16.2.4 Recent Developments

16.2.5 Winning Imperatives

16.2.6 Current Focus & Strategies

16.2.7 Threat from competition

16.2.8 SWOT Analysis

16.3 Shiseido Co., Ltd.

16.3.1 Key Facts

16.3.2 Financial Overview

16.3.3 Type Benchmarking

16.3.4 Recent Developments

16.3.5 Winning Imperatives

16.3.6 Current Focus & Strategies

16.3.7 Threat from competition

16.3.8 SWOT Analysis

16.4 Procter & Gamble

16.4.1 Key Facts

16.4.2 Financial Overview

16.4.3 Type Benchmarking

16.4.4 Recent Developments

16.4.5 Winning Imperatives

16.4.6 Current Focus & Strategies

16.4.7 Threat from competition

16.4.8 SWOT Analysis

16.5 Unilever

16.5.1 Key Facts

16.5.2 Financial Overview

16.5.3 Type Benchmarking

16.5.4 Recent Developments

16.5.5 Winning Imperatives

16.5.6 Current Focus & Strategies

16.5.7 Threat from competition

16.5.8 SWOT Analysis

Continued...

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