Skin Lightening Products Market Analysis By Key Growth Factors And Opportunities Forecast To 2031
The global skin lightening products market size is estimated to reach US$ 1586 Bn by 2031, as per a study by Future Market Insights. Manufacturers and brand holders identify a product’s efficiency and effectiveness as exceedingly important factors to convert the product’s unique selling proposition (USP) into a bigger market share. According to the report, the rising cases of melasma are among the leading factors enabling skin lightening product sales.
Melasma is characterised as acquired darkening of the skin and can be brought on by a number of factors, including hormones, ultraviolet light, genetic susceptibility, and medications. Around the world, melasma is increasingly being treated with topical treatments and minimally invasive operations. A bigger customer base is switching to topical therapies for the treatment of hyperpigmentation, while the latter is more expensive.
The term "topical therapies" refers to a variety of creams, lotions, gels, serums, and other topical treatments that are either medically prescribed or available over-the-counter. Women are increasingly choosing topical medicines to address their skin disorders as a result of the increasing prevalence of melasma around the world. A rising penetration rate of skin-lightening cosmetics has been seen among the African population in addition to the United States.
As per the World Health Organization (WHO), 77% of Nigerians use skin-lightening products on a daily basis. Improved lifestyle and a rise in the middle-class consumer group in Africa are pushing the penetration of skin care products across the countries. Women happen to cover the leading share in the market, accounting for nearly 80% of sales. FMI in its latest study has forecast the market to rise at a CAGR of 12.8% between 2021 and 2031.
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Key Takeaways of Skin Lightening Products Market Report
Skin lightening product sales will continue rising, especially in the lotion and creams category
The U.S. has emerged as a highly lucrative market, accounting for over 90% sales in North America
The presence of some of the leading market players is pushing y-o-y growth in the U.K. at 3.3%
The expansion of beauty industry will continue fuelling sales in Germany and France
Japan will remain an exceedingly lucrative market, accounting for over 50% sales in East Asia
Impact of COVID-19 & 2020 Market Analysis
The current pandemic outbreak has imposed numerous challenges on the part of supply side and demand side. The temporary regulation imposed by regional governments to restrict the movement has impacted supply chains drastically. Besides this, the shift from discretionary spending to essential goods has further negatively impacted the market growth.
Besides this, the change in consumer buying habits has encouraged a shift from store based retailing to online retailing facilitating a wider market reach. However, the market is currently entering into reviving phase across different regions, which is further an indicator that points out towards new opportunities amid economic slowdown.
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Who is winning?
Future Market Insight (FMI)’s report underlines insights into the competitive situation of the Skin Lightening Products market along with highlights of differential ways utilized by players. Some key players within the Skin Lightening Products market includes and others.
The players are aggressively investing to encourage and promote product development with an aim to gain a competitive advantage over other players operating in the market. The players are entering into strategic alliances with others to build up and strengthen in house resources and expertise.
L’Oréal S.A, Beiersdorf AG, Unilever PLC, Procter & Gamble Company, Shiseido Company, Estée Lauder Companies Inc, Avon Products Inc., VLCC Health Care Limited, Lotus Herbals Private Limited, Clarins Group, Himalaya Global Holdings Limited, Kaya Limited, Kanebo Cosmetics Inc., RichFeel Hair & Beauty Pvt. Ltd., Eveline Cosmetics, Rozgé Cosmeceutical, Bio Veda Action Research Private Limited, Civant LLC, Sabinsa Corporation, and Sanora Beauty Products, among others etc. are few prominent brands operating in the market.
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