Skin Lightening Products Market to Reach $14.60 Billion, Globally, by 2031 at a CAGR of 7.7%: Allied Market Research
Lifestyle changeincreased disposable income, increased need for skin care products and increased demand for natural ingredients in skin care products driving the growth of the global skin lightening products market.
PORTLAND, Oregon., September 1, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Skin Lightening Products Market By Product (Creams & Lotions, Cleansers & Toners, Masks, Others), By Gender (Male, Female), By Distribution Channel ( Hypermarkets & Supermarkets, Specialty Stores, Pharmacies & Pharmacies, Online Sales Channel, Others): Global Opportunities Analysis and Industry Forecast, 2022-2031”. According to the report, the global skin lightening products industry generated $7.05 billion in 2021, and should generate $14.60 billion by 2031, with a CAGR of 7.7% from 2022 to 2031.
Main determinants of growth
Change in lifestyle, increase in disposable income, increase in need for skin care products, increase in demand for natural ingredients in skin care products and change in styles attractive packaging and marketing strategies are driving the growth of the global skin lightening products market. However, increased awareness about the side effects of chemical-based cosmetics and reduced free trade between countries is limiting the market growth. Additionally, the rise of social media marketing presents new opportunities in the coming years.
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- The outbreak of the Covid-19 pandemic has negatively impacted the global skin lightening products market, due to the implementation of a global lockdown which has resulted in the temporary closure of all production facilities and severe supply chain disruptions.
- The demand for skin lightening products has also decreased to some extent as people do not leave their homes and wear less makeup.
- Hypermarkets and supermarkets were closed in 2020, which hampered product sales. Rising sales via e-commerce sites created a recovery in revenue.
The hypermarket/supermarket segment to maintain its leading position over the forecast period
Based on the distribution channel, the hypermarket/supermarket segment accounted for the largest share in 2021, contributing more than one-third of the global skin lightening products market, and is expected to maintain its leading position during the forecast period. This is due to the availability of a wide range of consumer goods under one roof, with ample parking and convenient operating hours. However, the online sales segment is expected to show the largest CAGR of 10.2% from 2022 to 2031. Increasing penetration of various online portals in developing regions and an increase in the number of offers and Discounts entice consumers to purchase cosmetic products through online channels, which drives the segment.
The Creams & Lotions Segment to Maintain Its Leading Status Throughout the Forecast Period
Based on product, the creams and lotions segment held the highest market share in 2021, accounting for almost half of the global skin lightening products market, and is expected to maintain its leading status throughout the forecast period. People face skin problems on a daily basis, so there are a large number of creams and lotions available in the market. It is seen that people often choose creams and lotions over other products because they contain skin lightening function. However, the cleansers and toners segment is expected to show the highest CAGR of 9.0% from 2022 to 2031, due to its wide use for removing makeup without damaging the skin.
The female segment to maintain its leading status throughout the forecast period
Based on gender, the women’s segment held the highest market share in 2021, accounting for almost three-quarters of the global skin lightening products market, and is expected to maintain its leading status throughout the period. forecast, due to the increase in the number of beauty-conscious people. female population. However, the male segment is expected to show the highest CAGR of 8.5% from 2022 to 2031. With rising per capita income and increasing purchasing power, male consumers globally have become more aware of skin care products, resulting in rapid growth of the global products market.
Asia Pacific maintain dominance by 2031
Based on the region, Asia Pacific held the highest market share by revenue in 2021, accounting for more than half of the global skin lightening products market, and is expected to lead the way throughout the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 8.7% from 2022 to 2031. Increased awareness of natural skin care products has led to an increase in demand for natural skin lightening products in Asia Pacific. Increase in the use of skin care products in countries such as India and China are major growth factors for the skin lightening products market in the region.
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Major Market Players:-
- Avon Products, Inc.
- Kao Corporation
- L’Oreal SA
- Oriflame Cosmetics SA
- Revlon, Inc.
- Shiseido Company, Limited
- Skin Food Co., Ltd.
- The Estee Lauder Companies Inc.
- The Procter & Gamble Company
- Unilever Plc
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