The Global Market for Skin Lighteners is Projected to Reach US$31.2 Billion by 2024
Obsession With Lighter Skin Tones in Asia, the Middle
East & Africa Drives Opportunities in the Global Skin Lighteners Market,
According to a New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size, and
demand forecasts on the global Skin Lighteners market. The global market for Skin Lighteners is projected to
reach US$31.2 billion by 2024, driven
by the still rampant darker skin stigma and rigid cultural perception that correlates
lighter skin tone with beauty and personal success in several communities in Asia,
the Middle East & Africa.
Skin
whitening is a global phenomenon and has been in practice since ancient times
by people from various ethnic backgrounds. The desire
for light-colored and even-toned skin has remained the underlying driving force
for skin whitening products worldwide, which has helped transform it into a
multi-billion dollar industry today.
As fairer
complexion is considered a symbol of beauty in most countries skin whitening
products form an important part of the skin care industry, with significant
share in markets such as Asia, Africa, and the Caribbean. While globalization and cultural differences continue
to be major contributors to the rising demand for skin whitening products, the
purpose for which these products are used differs by region. For instance, in
the West, skin lighteners are used for their anti-aging benefits to minimize
blemishes, freckles and hyperpigmentation that is common with aging. In Asia
and Africa, the product is used for its fairness benefits, where it turns dark
skin into lighter tones. Growth in the skin lightener products market is in
part driven by increasing accessibility and affordability of consumers to these
products. The market today is more fragmented and inundated with several
product options with multiple attributes and formulations addressing the needs
of varying skin types. Also with personal
grooming gaining significance among men, demand for male skin brightening and
lightening products is on the rise, particularly in Asia-Pacific.
Although
skin-whitening products were initially aimed at facial care, the trend has changed
with companies offering products for lightening various other areas of the
body. Presently, the market comprises products that lighten skin on the face,
body, armpits and intimate areas. The market is also witnessing an increasing
number of skin care companies developing anti-ageing products containing
whitening ingredients and UV filters to minimize dark spot formation, a common
sign of ageing. Another popular trend is the increasing use of natural
ingredients in skin lighteners against the backdrop of growing concerns over side
effects of cheaper skin lightening ingredients such as hydroquinone or mercury.
Herbal and organic skincare products are hence gaining
wide popularity particularly in the developed markets following the continuing
cases of ingredients scares.
As stated by the new
market research report on Skin Lighteners,
Asia-Pacific represents the largest and the fastest growing market worldwide
with a CAGR of 10.5% over the analysis period. The growth in the region is led
by factors such as continued prevalence of colorism in most Asian communities; preference
for less invasive and safer alternatives to surgeries; robust penetration of
fairness products for men; increased use of skin whitening ingredients in deodorants,
soaps, toners, masks, anti-aging formulas and body moisturizers; and increased
spending on cosmetics among the growing base of affluent middle class population.
In
the developed countries, particularly the U.S. and European countries, demand
for skin whiteners is mainly attributed to the surge in immigration and the
resulting expansion of ethnic communities.
Major players in the market
include Beiersdorf AG, CavinKare Pvt. Ltd., Clarins SA, E.T. Browne Drug
Company Inc., Emami Limited, Hindustan Unilever Ltd., Jolen Inc., Kanebo
Cosmetics Inc., Shiseido Company Limited, and The Procter & Gamble Company,
among others.
The research report titled
“Skin Lighteners: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides
a comprehensive review of trends, growth drivers, restraints, market share,
size and demand projections and forecasts. Major geographic regions covered
include the US, Japan, Europe, Asia-Pacific (China, India and Rest of
Asia-Pacific) and Rest of World.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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