The global skin lightening products market is expected to reach US$ 5,800 Mn by the end 2020, as per a new study published by Future Market Insights (FMI).
The skin lightening products market will continue to exhibit growth at a positive pace as consumers continue to experiment with new skincare products. Higher willingness among consumers to spend on grooming products will enable growth in the market.
Premium skin lightening products are recording a rapid growth as compared to products in other categories. Category consisting of premium products is expected to contribute significantly to the growth witnessed in the market, says the report published by FMI.
These products offer a high degree of effectiveness and have better quality as compared to more pocket-friendly formulations. Driven by the rising demand for premium products and various other factors, the skin lightening products market is anticipated to register impressive growth. The market is estimated to rise at a CAGR of ~7% between 2020 and 2030, Future market insights foresees high growth for the market.
Key Takeaways from the Skin Lightening Products Market Study
- North America holds the highest market share due to early launch of new and innovative products in the region
- Online sales channel is estimated to register rapid growth during the forecast period due to increasing manufacturers partnership with online retailers
- Premium skin lightening products are expected to witness increasing demand during the forecast period owing to increasing purchasing power among consumers in high potential markets
- Middle East & Africa to witness significant growth due to increasing product penetration in the region
Beauty products account for the largest share in travel retail channels, which often encourage customers to splurge in diverse beauty products offered at airports and other travel retail channels across the globe.
For More Detailed Insights on Skin Lightening Products Market
Airports function as transportation hubs, boosted by rapidly increasing international travellers. Popular services offered at such locations include beauty services, fashion and accessories, wines and spirits, and others. Therefore, an increasing number of beauty product manufacturers are tying up with beauty service providers in order to attract a large base of customers for increasing their revenue share in the global market.
For example, in 2016, L’Oréal S.A., and Koninklijke Philips N.V., launched a men grooming club at the Singapore Changi Airport, delivering a range of skincare services and products to travellers. Apart from this, they are also delivering shaving and grooming services to travellers.
“Companies are focusing on product advertisement through celebrity endorsements. They are experimenting with various strategies to gain competitive edge and create brand image. Some of them have even started roping in social media influencers to spread the word about their brands in online platforms” says an FMI analyst.
Who is Winning?
Some of the key players operating in the skin lightening products market are L'Oréal S.A.; Beiersdorf AG; Shiseido Company; Unilever PLC; Kanebo Cosmetics Inc.; Procter & Gamble Company; Lotus Herbals Private Limited; Himalaya Global Holdings Limited; VLCC Health Care Limited; Avon Products Inc. and others. Key players in global skin lightening products market are focused on research & development, partnership and merger to come up with innovative technologies which can change the landscape of Skin Lightening Products market.
- In 2017, a natural whitening system called Zeta White was launched by Helpful Cosmetics Ltd. including face wash, night cream, and moisturizer which is 100% natural and 95% organic.
Get Valuable Insights into Skin Lightening Products Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global skin lightening products market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the skin lightening products market based on product (lotions & creams, foam, gels, serum and toner, scrubs, and others), nature (natural, synthetic and organic), price range (economic, mid-range and premium), end user (men and women), sales channel (pharmacies, supermarkets/hypermarkets, specialty outlets, convenience stores, beauty stores, e-Retailers and others), across seven major regions
About Retail & Consumer Products division of FMI
Expert analysis, in-depth insights, and strategic recommendations - the Retail & Consumer Products team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 500+ reports, the team has analyzed the consumer goods industry lucidly in 80+ countries for over a decade. We provide end-to-end research database on retail & consumer products market and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.