The skin lightening products market reached a valuation of around US$ 10 Bn in 2021 and is slated to accelerate at a CAGR of 7.5% to top US$ 22 Bn by 2032. Demand for creams and lotions is high and is set to increase at a CAGR of 7.5% across the assessment period of 2022 to 2032.
Due to the quick expansion of infrastructure in nations like India, China, Indonesia, and Vietnam, the Asia Pacific region accounts for a sizable portion of the global market. The demand for skin lightening products is anticipated to increase to US$ 105 Bn by 2032 as a result of the region’s growing population and housing market.
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Highly Fragmented Market Structure with Organized and Unorganized Players
The aforementioned players are mainly relying on a mix of organic and inorganic growth strategies such as product launches, acquisitions, and collaboration. Some of the key developments are:-
- For instance, Gillette, in 2021, launched shaving and skincare products under the brand name PLANET KIND. The product line-up includes face washes, moisturizers, and others.
- In 2021, with a focus on individual skincare needs, Beiersdorf launched the newly formulated face care brand OWN.
- Moreover, in 2021, L’Oreal acquired a skincare brand Theyers Natural Remedies, a US-based company. Through this acquisition, L’Oreal expects to increase its customer base by integrating it into the customer product division.
Key Companies Profiled:
- L’Oréal S.A.
- Procter & Gamble Co.
- Unilever plc.
- Beiersdorf AG
- Estee Lauder Co., Inc.
- Avon Products, Inc.
- Shiseido Company Limited
- E.T. Browne Drug Co., Inc.
- Kao Corporation
- Emami Ltd.
- Dabur India Ltd.
- Johnson & Johnson
Creams and Lotion is expected to remain high in demand, with sales accounting for about half of the total revenue share. Additionally, face mask will exhibit highest CAGR surpassing US$ 900 Mn worth in revenue by the end of forecast period. Additionally, the segment is expected to garner incremental $ opportunity of around US$ 80 Mn giving a positive outlook to the industry.
Moreover, with penetration of organic skin care products in the market creams and lotion will project an additional growth owing to wide range of product line-up coupled with growing disposable income in regions like China, India and Europe.
Online shopping is recent trend in the world of beauty and cosmetic products, while top 20 manufactures still opt for traditional sales channel such as supermarkets and retail stores, change is evident at millennial nowadays want everything at their fingertips.
For instance, in 2019 Americans spent about US$ 14 Bn on beauty and cosmetic products online. Growth of online sales can be attributed to the varied product line up it offers and over a range of brand to choose from.
It is interesting to note that the top 20 brands which captures 90% of the total sales through traditional retail channel, those same companies has just 14% of share online.
Key Segments in Skin Lightening Products Industry Research:
· By Nature :
· By Product Type :
- Creams and Lotions
- Cleansers and Toners
- Face Masks
- Other Product Types
· By Sales Channel :
- Specialty Stores
- Convenience Stores
- Online Retailers
- Other Sales Channels
· By Region :
- North America
- Latin America
- Middle East Africa
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Manufacturing companies are opting for more sustainable processes keeping in mind the needs of present consumers. Additionally, market players are investing heavily in R&D and innovative solutions to come up with more efficient cosmetic products.
Questionnaire answered in the Market outlook Report of Skin Lightening Products include:
- What is the key strategy deployed by large players to maximize Skin Lightening Products growth?
- What are the main challenges faced by players in the Skin Lightening Products Demand?
- With the advent of technological advancement, how will the Skin Lightening Products landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Skin Lightening Products size?
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