USA, Rockville MD, Aug. 15, 2022 (GLOBE NEWSWIRE) — The skin lightening products market is expected to grow at a CAGR of approximately 7.5% over the next ten years. Over the past half-decade, skin lightening products have witnessed significant growth with sales increasing at a CAGR of around 7%, attributed to the strong demand seen in countries in the Asia-Pacific region such as as India, China, Malaysia, Bangladesh and Thailand.
While the average price of skincare products has hovered around US$18, the price is expected to increase further due to the upward trend of high-end skincare products, including facials and anti-aging products.
The recent rise in demand and increased penetration of skin lightening products is attributed to the growing demand for natural and organic products, a sustainable approach from the manufacturer side and the introduction of innovative formulations in the market.
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Key insights from market research
- Depending on the product, creams and lotions capture a significant market share.
- The online sales channel has witnessed significant growth in terms of revenue, with major market players now prioritizing e-commerce platforms for the sale of their products.
- Europe is expected to dominate the market in terms of production in 2021 and also until 2031.
- The market in China is expected to grow at a high single-digit CAGR through 2031.
- Due to the COVID-19 crisis, the demand for skin lightening products has been affected in 2020, which has seen a decline. But with the growth of online sales channels, demand is expected to rebound.
insights by category
Creams and lotions are expected to remain in high demand, with sales accounting for around half of the total revenue share. Additionally, face mask will show the highest CAGR, surpassing $900 million in revenue by the end of the forecast period. Furthermore, the segment is expected to generate additional opportunities of approximately US$80 million, which gives a positive outlook to the industry.
Additionally, with the penetration of organic skin care products in the market, creams and lotions will project further growth through a wide range of products coupled with growing disposable income in regions like China, India and Europe.
Online shopping is a recent trend in the beauty and cosmetics world, while the top 20 manufacturers are still opting for traditional sales channels such as supermarkets and retail stores, the change is evident among millennials who today want everything at your fingertips.
For example, in 2019, Americans spent an estimated US$14 billion on beauty and cosmetics products online. The growth in online sales can be attributed to the diverse range of products on offer and a range of brands to choose from.
Interestingly, of the top 20 brands that capture 90% of total sales through the traditional retail channel, these same companies only hold 14% of the online share.
For in-depth information on skin lightening products marketAsk for the methodology at https://www.factmr.com/connectus/sample?flag=RM&rep_id=309
Fact.MR profiled the following major manufacturers of skin lightening products in their report:
- L’Oreal SA
- Procter & Gamble Co.
- Unilever plc.
- Beiersdorf AG
- Estee Lauder Cos. Inc.
- Avon Products, Inc.
- Shiseido Company Limited
- ET Browne Drug Co., Inc.
- Kao Corporation
- emami ltd.
- Dabur India Ltd.
- Johnson & Johnson
The aforementioned players primarily rely on a combination of organic and inorganic growth strategies such as product launches, acquisitions, and collaboration. Some of the key developments are:-
- For example, Gillete, in 2021, launched shaving and skincare products under the PLANET KIND brand. The product line includes facial cleansers, moisturizers and others.
- In 2021, with a focus on individual skin care needs, Beiersdorf launched the new face care brand OWN.
- Additionally, in 2020, L’Oréal acquired US-based skincare brand Theyers Natural Remedies. With this acquisition, L’Oréal hopes to increase its customer base by integrating it into the customer products division.
Likewise, recent developments related to companies manufacturing skin lightening products have been tracked by the Fact.MR team, which are available in the full report.
Key Market Segments Covered
- By nature
- Conventional skin lightening products
- Organic skin lightening products
- By product type
- Creams and lotions
- Cleansers and Toners
- Face masks
- Other types of products
- By sales channel
- Skin lightening products sold in specialty stores
- Skin lightening products sold in convenience stores
- Skin lightening products sold by online retailers
- Skin lightening products sold through other sales channels
- By region
- North America
- Latin America
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Manufacturing companies are opting for more sustainable processes keeping in mind the needs of today’s consumers. In addition, market players are investing heavily in R&D and innovative solutions to offer better performing cosmetic products.
More valuable information
Fact.MR, in its new offering, presents an unbiased analysis of the global Skin Lightening Products Market, presenting historical demand data (2016-2020) and forecast statistics between 2021 and 2031. The study discloses information essentials in the market based on nature (conventional and organic), product (creams and lotions, cleansers and toners, face masks, scrubs and other types of products) and sales channel (specialty stores, convenience stores, online retailers and other sales channels), in the main regions of the world (North America, Latin America, Europe, Japan, APEJ and MEA).
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