Skin Lightening Products Market Overview
Skin lightening products, along with lightening the skin tone, are also known to eliminate blemishes and reduce pigmentation. The Skin Lightening Products Market has managed to build a base of potential customers that are interested in diverse skin lightening. There has been a growing preference of manufacturers and retailers towards launching various forms of the products due to increasing issues of acne spots and aging-related issues. In order to meet consumer needs, various lighting items are also dominating the market dynamics.
The skin lightening products market in the US has experienced robust growth, with a steady increase in demand for products aimed at achieving lighter and more even-toned skin. Market research indicates that the market size is substantial, with consistent growth projected in the coming years. Factors such as the influence of social media, celebrity endorsements, and advancements in product formulations contribute to market expansion.
The skin lightening products market size is anticipated to expand at a CAGR of 5.6% and reach USD 16.17 billion in the forecast period of 2022-2030. Since the target market perceives having fair skin as a sign of increased confidence and beauty, particularly among female customers, the market for skin lightening products is anticipated to increase at a faster rate during the current forecast period of 2022-2030.
With the change in the lifestyle of the people by the day, they are also becoming aware of the usage of environment-friendly products. This has driven the manufacturers and the producers into launching products that are plant-based. The production of bioactive extracted-based materials in the market has attracted a potential amount of customers, and this has led to driving the market dynamics. The Skin Lightening Products Market is potentially driven by the group of young women who are focussed on the well-being and maintenance of their skin and body. Products are being launched that aim at giving the highest quality of output by using affordable and significant ingredients.
The e-commerce platform has also helped the customers to conveniently choose the products of their own convenience and preference. The one-click solutions of these platforms have also helped with a widespread promotion of these alluring products and provided a high level of convenience for the customers to shop the products in their own comfort. However, despite the driving factors promoting the market dynamics, the Skin Lightening Products Market is also affected by certain restraining factors. One of the major components of the skin lightening product is mercury, and it has come out with numerous side effects. Consumers are starting to understand the heavy threat the element possesses to the human body. This has also led to so many skin-related diseases.
The global pandemic brought about scarcity in the production of skin-lightening products. Because of this, the market could not meet the customer's demand, and there was a high depletion in the growth and development of the Skin Lightening Products Market. Steady economic growth is expected for the market in its forecast period.
Market Segmentation
Based on certain factors, the Skin Lightening Products Market is categorized into product type, category, user and distribution channel.
The market is divided into cleansers and toners based on their type. There are organic and conventional types of products based on their category. By its distribution channel, it is divided into store-based and non-store based. Based on the end-user category, they are unisexual.
Regional Analysis
Geographically, the Skin Lightening Products Market is spread over areas of North America, Europe, Asia-Pacific and Australia. Asia-Pacific is accounted to hold the maximum shares of the market.
Recent Developments
The Skin Lightening Products Market has several key players functioning in its market dynamics, like Procter & Gamble, Himalaya Global Holdings Ltd., VLCC Health Care Limited, and Beiersdorf AG. A major development of the market includes:
- September 2020: Refresh Skin Science, one of the market firms, launched the brand new Biore Brightening collection into the market.
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