High Sales of Organic Skincare Products to Give Major Boost to Skin Lightening Products Market, Evaluates Fact.MR
United States, Rockville MD, Aug. 15, 2022 (GLOBE NEWSWIRE) -- The skin lightening products market is anticipated to expand at a CAGR of around 7.5% over the next ten years. Over the past half-decade, skin lightening products have witnessed significant growth with sales increasing at a CAGR of around 7%, attributed to high demand seen from countries in the Asia Pacific region such as India, China, Malaysia, Bangladesh, and Thailand.
While average price of skin care product has hovered around US$ 18, the price is expected to rise further owning to the rising trend of premium skin care products which includes facial treatments and anti-aging products.
Recent demand hike and increased penetration of skin lightening products is attributable to the rising demand from the natural and organic products, a sustainable approach on the manufacturer’s end, and introduction of innovative formulations into the market.
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Key Takeaways from Market Study
Based on product, creams and lotions capture major market share.
Online sales channel has shown significant growth in terms of revenue, with major market players now prioritizing e-Commerce platforms for the sale of their products.
Europe is set to dominate the market in terms of production in 2021 and also through 2031.
The market in China is expected to rise at a high single-digit CAGR through 2031.
Due to the COVID-19 crisis, demand for skin lightening products was hit in 2020, which saw a decline. But with the growth of online sales channels, demand is expected to bounce back.
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.
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Fact.MR has profiled the following key skin lightening product manufacturers in its report:
L’Oréal S.A.
E.T. Browne Drug Co., Inc.
Aforementioned players are mainly relying on mix of organic and inorganic growth strategies such as product launches, acquisitions and collaboration. Some of the key developments are:-
For instance, Gillete, 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 focus on individual skincare needs, Beiersdorf launched newly formulated face care brand OWN.
Moreover, in 2020, L’Oreal acquired a skin care brand Theyers Natural Remedies, a US based company. Through this acquisition L’Oreal expects to increase their customer base by integrating it into customer product division.
Similarly, recent developments related to companies manufacturing skin lightening products have been tracked by the team at Fact.MR, which are available in the full report.
Skin Lightening Products Sold at Specialty Stores
Skin Lightening Products Sold at Convenience Stores
Skin Lightening Products Sold by Online Retailers
Skin Lightening Products Sold through Other Sales Channels
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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.
Fact.MR, in its new offering, presents an unbiased analysis of the global skin lightening products market, presenting historical demand data (2016-2020) and forecast statistics between 2021 and 2031. The study divulges essential insights on the market based on the nature (conventional and organic), product (creams and lotions, cleansers and toners, face masks, scrubs, and other product type) and sales channel (specialty stores, convenience stores, online retailers, and other sales channels), across major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).
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