Skin Lightening Products Market Analysis 2019 | Growth Opportunities, Key Driven Factors, Industry Highlights Forecast to 2023
The cosmetics market constitutes of various products such as haircare, skincare, shower, fragrances, and coloring products, of which, the skincare products dominate the market. Skin lightening products is one of the most popular segments of skincare products among the consumers. The Skin Lightening Products are gaining traction in the global cosmetics market and expected to witness massive growth soon. Excessive exposure to sun rays tends to cause hyperpigmentation, dark spots, and freckles on the skin. Skin lightening products help in reducing hyperpigmentation caused by the harmful UV rays of the sun, thereby acting as an anti-ageing product. Such benefits make skin lightening products highly popular in the tropical countries where the intensity of UV rays is extremely high. Moreover, the key manufacturers are emphasizing to launch its product through e-commerce platform to reach maximum customers. These factors are directly influencing the market growth of skin lightening products globally.
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Some of the key players in the global skin lightening products market include L’Oréal S.A.(France), Beiersdorf AG (Germany), Unilever PLC (UK), Procter & Gamble Company (US), Shiseido Company (Japan), Estée Lauder Companies Inc. (US), Avon Products Inc. (UK), Kao Corporation (Japan), Lotus Herbals (India), and Clarins group (France).
The global skin lightening products market has been segmented by product type, end user, category, distribution channel, and region.
By product type, the global skin lightening products market has been classified as creams & lotions, cleansers & toners, face masks, scrubs, and others.
By end user, the global skin lightening products market has been classified as men, and women.
By category, the global skin lightening products market has been classified as conventional, and organic.
By distribution channel, the global skin lightening products market has been classified as store-based, and non-store based. Store-based distribution channel has been further segmented into supermarkets & hypermarkets, specialty stores, and others.
The North American market for skin lightening products is expected to witness a moderate growth rate during the assessment period. Increasing consumer inclination towards the premium cosmetic products is one of the major factors for the rising growth for skin lightening products in the region. The US is estimated to retain its dominance throughout the forecast period in the North American market.
Europe is expected to witness moderate growth in the global skin lightening products during the forecast period. Advancement product development along with the technological upgradations is positively impacting the growth of skin lightening products market in the European countries during the forecast period. There is an increasing demand for organic skin lightening products. Products containing plant-based and natural ingredients are gaining demand amongst consumers.
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The rest of the world is expected to observe a substantial growth rate during the forecast period of 2018-2023. Among the rest of the world, Middle East region is estimated to account for the maximum market proportion throughout the forecast period and projected to expand at a high pace as compared to the other regions which include South America, and Africa. The Middle East region has emerged as one of the fastest growing markets for cosmetics & personal care industry due to the high disposable incomes of consumers. Moreover, increasing affinity for cosmetics among the youth population coupled with the rising spending on the premium cosmetics & personal care is anticipated to upsurge the sales of skin lightening products soon. In addition, many cosmetics & personal care manufacturers are introducing new products in order to enhance the existing product portfolio. The United Arab Emirates (UAE) and Kingdom Saudi Arabia (KSA) are the major countries in Middle East region. Africa is expected to witness a slow growth during the forecast period. Low awareness regarding the benefits of skin lightening products among the consumers is of the major factors and is expected to result in less market share and low growth rate of the country during the forecast period.