Illuminating Beauty : Skin Lightening Products Market is Projected to Shine with 7.0% CAGR in 2033 | FMI

The skin lightening products market is estimated to be valued at US$ 19,225.9 million in 2023 and is expected to reach US$ 37,913.6 million by 2033. The adoption of skin lightening products is likely to advance at a CAGR of 7.0% during the forecast period.

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 can be defined as acquired hyperpigmentation on the skin and occurs due to a number of reasons, such as genetic predisposition, ultraviolet radiation, hormonal factors, and drugs. Topical therapies and minimally invasive surgeries are becoming extremely popular in treating melasma across the globe. However, the latter being expensive, a larger consumer base is adopting topical therapies for the treatment of hyperpigmentation.

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Topical therapies include medically prescribed or over-the-counter drugs, including several creams, lotions, gels, serums, and other topical therapies. The rising prevalence of melasma across the globe is shifting women to opt for topical therapies for treating their skin conditions. Apart from the U.S., the adoption of skin-lightening products has also demonstrated an increasing penetration rate among the African population.

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.

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

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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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Skin lightening Products Market by Category

Product Type

Lotions and Creams
Foam Skin lightening Products
Gels Skin lightening Products
Serum and Toner
Scrubs
Others

End User

Men
Women

Price Range

Economic (US$ 10-50) Skin lightening Products
Mid-range (US$ 50-200) Skin lightening Products
Premium (US$ 200 & Above) Skin lightening Products

Nature

Natural/Herbal Skin lightening Products
Synthetic Skin lightening Products
Organic Skin lightening Products

Sales Channel

Pharmacies
Hypermarkets/ Supermarkets
Specialty Outlets
Convenience Stores
Beauty Stores
E-Retailers
Others

Region

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa (MEA)

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.