Skin Lightening Products Market

Market Overview

The Global Skin Lightening Products Market Size was valued at USD 9.88 billion in 2021 and is predicted to reach at USD 16.08 billion by 2030, increasing at a CAGR of 5.56% from 2022 to 2030.

These treatments, known as skin lightening or skin whitening, are used to lighten the complexion. It's possible to get your hands on skin-whitening products in a variety of ways. Among them, the growth of skin lightening goods such as creams, bleaches and deodorants has been rapid, in part due to the rising accessibility and affordability of these products for consumers a.

The growing popularity of skin lightening products around the world, as well as rising disposable incomes, are credited with propelling the global market for skin lightening products forward. As one's disposable money rises, so does their ability to pay skin lightening treatments. Increased access to fast internet as well as a rising preference for online shopping are all contributing to the expansion of the global market for skin lightening solutions. As a result of technological developments like new formulations and packaging formats as well as the unique positioning of various products, their aesthetic appeal and market share have all increased. Products with bioactive extracts, such as those that promote skin renewal without causing negative effects, are becoming increasingly popular with consumers. Skin lightening creams are becoming increasingly popular among men, thus expanding the market's potential.

Market Dynamics

Global Skin Lightening Products Market Drivers

• A Growth in Disposable Income and The Widespread Use of Internet Shopping

Products for whitening the skin are becoming more affordable as people's discretionary money increases. Global Skin Lightening Market expansion is being fueled by the increasing popularity of online shopping and the availability of high-speed Internet. Additionally, the development of new technologies and distinctive positioning of products serves to increase their desirability and, as a result, market growth.

As a result, a distinctive product positioning that aims to mitigate the image of people of color, such as marketing itself as a skincare and skin glowing alternative rather than a skin whitening one, also contributes to the market's growth. For example, Herbals WhiteGlow and numerous herbal facewashes are popular because they contain herbal ingredients that make them more appealing.

• Increased Social Media Awareness and Interest in Organic Products

Skin lightening products are in high demand, and consumers are spending more money on them than ever before, both of which are contributing to the market's growth. With the rise of the beauty and personal care e-commerce market, skin lightening products are also seeing a boom. Skin lightening products are benefiting from increased public awareness due to the widespread use of social media platforms such as Facebook, Instagram, Twitter, and other fashion blogs.

As consumers increasingly prefer natural and organic products, the natural and organic market share is likely to grow substantially over the projection period. Furthermore, this is due to the fact that it contains no harsh chemical ingredients. It is predicted that the synthetic segment will continue to rise steadily because synthetic skin care products contain powerful and allergic ingredients that are not good for all types of skin. There are also long-term adverse effects to consider.

Global Skin Lightening Products Market Restraints

• Restricting Growth Due to Toxic Ingredients

Consumers are concerned about skin whitening products containing greater levels of mercury. Mercure concentrations exceeding 1mg/kg are strictly prohibited by the FDA. A lighter skin tone can be achieved through the use of skin whitening treatments that contain mercury salts. Recalls of skin lightening products due to high amounts of mercury additives are now underway.

In the US, a skin whitening product, Crema Piel De Seda (Silky Skin cream), was recalled because it was manufactured in Mexico by Viansilk, a firm that also manufactures other products. There is a risk of mercury poisoning with this cream, according to the U.S. Food and Drug Administration. The neurological and renal systems are both damaged as a result of skin product exposure.

In addition, it retards the growth of children's brains. This problem may be alleviated, however, if formulations are improved and organic and natural components are used.

Global Skin Lightening Products Market Key Future Opportunities

• Commercial Opportunities as A Result of Rising Innovations

In the coming opportunities, new skin lightening agents will be introduced, and this bodes well for the industry's future profitability. Manufacturers of skin whitening creams and other treatments have been ramping up production capacity in the last few years. Manufacturers are releasing simple and cost-effective ingredients that give large profit margins to corporations.

For example, Sirona Biochem, which is a Canadian-based maker of skin lightening compounds, subjected its skin lightening compound, SBM-TFC-1067, for extra safety and efficacy research, which will assist the company put its compound close to a licensing arrangement. Many skin lightening formulations are now able to use these chemicals thanks to such programs, which are available in markets including Asia Pacific, Europe and North America.

Regional Analysis

The Global Skin Lightening Products Market is segmented by geography into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

In 2021, Asia Pacific held the largest share of the global market for skin lightening products, accounting for close to 55 percent of the total revenue. The dominant firms in the region are implementing a variety of different methods in an effort to achieve maximum customer penetration in the country. For instance, in December 2020, L'Oréal SA signed an agreement to acquire Takami Co., a Japanese company that develops and markets the Takami skincare brand and offers Takami Whitening Cream SPF45 that can be used on a portion of the body. Takami Co. is owned by Takami Inc., which is a subsidiary of Takami Inc., which is owned by L'Oréal SA. The customer base, product penetration, and overall visibility among consumers were all areas in which the two brands' owners hoped to see improvements as a result of the acquisition. During the time of the forecast, the market in the area will experience growth thanks to the efforts of key companies who are expanding their operations.

It is anticipated that North America will see a compound annual growth rate (CAGR) of 5.71 percent over the course of the projection period. This makes it the market that is expanding at the second-fastest rate. It is anticipated that the presence of well-established skin-lightening product manufacturers in North America, such as Procter & Gamble and Unilever, in conjunction with the expansion of infrastructural facilities for retailers, will boost the growth of the market in the region. In addition, people from the United States and Canada are willing to spend a high amount for products that promise to make them look younger and give their skin a brighter and more radiant appearance. For instance, in March 2021, a survey from SkinStore indicated that on a yearly basis, the average amount that Americans spent on skincare was 322.88 United States Dollars. As a result, there is a considerable possibility that the market in the region will experience growth in the not-too-distant future.

Segmental Analysis

The Global Skin Lightening Products Market is divided into different segments according to the Product, Nature, and Region (Geography).

By Product, the Global Skin Lightening Products Market is segmented into Creams, Cleanser, Mask, and Others. In 2021, the sector of the market devoted to creams held the highest proportion of the market. The fact that cream can be absorbed into the skin quickly and efficiently is largely responsible for the rise in popularity of this product among consumers. Lightning creams containing cutting-edge technology are being introduced to the market by industry participants in an effort to boost the products' efficacy. For instance, in April 2022, Neutrogena India introduced its New Bright Boost product line in an effort to combat the growing issue of skill dullness. Gel Cream, Resurfacing Micro Polish, and Illuminating Serum are some of the products that are offered in this line. The combination of the ingredients is said to boast a surface skin renewal process that is 10 times more effective than normal, which contributes to the attainment of a smoother, brighter, and more even tone.

However, it is anticipated that the cleanser segment will experience the most increase during the projection period, with a compound annual growth rate (CAGR) of 6.23 percent from 2022 to 2030. Because it has multiple uses, such as removing blemishes, reducing pigmentation, and lightening discoloration, it will be easier to get traction with customers. Less pigmentation and less discoloration will make it easier to remove blemishes. For instance, Astaberry Biosciences released a brand-new whitening face wash in December 2019, with the goal of providing users with skin that is brighter and more radiant. The product contains active natural components like mulberry and liquor ice extracts, which help in thorough cleansing, hydrating, minimizing tanning, and improving skin color and texture.

By Nature, the Global Skin Lightening Products Market is segmented into Synthetic, Natural, and Organic. In 2021, the synthetic segment was the most profitable and held the biggest market share. This sector also led the market. The widespread application of chemical compounds in dermatology and cosmetics for the purpose of lightening the skin's pigmentation is also driving their use in conventional items. Hydroquinone, retinoids, glycolic acid, and azelaic acid are just a few of the substances that are utilised in the production of these products. As a result of the powerful effect that these chemical components have on the skin, they contribute to the acceleration of the lightening process. However, extended exposure to these chemicals may represent a danger to the health of the skin if they are used in large quantities. Nevertheless, ongoing research and development of new chemical compounds for use in skin lightening treatments will continue to enhance the industry throughout geographies.

The natural sector is predicted to expand at the quickest CAGR of 6.31 percent over the course of the projection period due to the increasing demand for products that do not contain any chemicals. The preference among customers is moving away from synthetic products and toward natural products as a result of the significant benefits that natural products offer without any negative consequences. For example, in July of 2020, Vestige introduced Assure Natural, a line of natural, vegan, and cruelty-free personal care products. This line comprises a sunscreen, a lightening cream, a day cream, a face scrub, a charcoal peel-off mask, a sleeping mask, and a body mask. It is anticipated that the growing demand for products that have no negative side effects, do not contain parabens or other harmful chemicals, and are paraben-free will have a positive impact on the market. Moreover, the market is anticipated to benefit from the increasing demand for natural and organic goods.

By Region or Geography, the Global Skin Lightening Products Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, the global skin lightening products market was dominated by Asia Pacific, accounting for about 55% of the market. The major players in the region are employing a variety of tactics in order to achieve maximum market share. The North American market is predicted to increase at a CAGR of 5.71% throughout the projected period, placing it second only to Asia. North American skin-lightening product companies like Procter & Gamble and Unilever, as well as expanding retail infrastructure, are projected to boost the market's expansion.

Recent Developments

April 2022 - The chairman of the wellness and healthcare organisation VLCC Health Care announced that the company will begin its initial public offering around the middle of this year. The corporation anticipates that by then the continuing Russia-Ukraine war's impact on the world markets will have subsided. From the IPO, the company hopes to raise between 850 and 900 crores.

March 2022 - P&G Ventures has relaunched the Bodewell brand of skin care products, which are specifically formulated for individuals who suffer from psoriasis and eczema. Bodewell empowers you to take charge of your skin and prepares you to face any challenge.