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Skin Lightening Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global skin lightening products market was valued at USD 15.4 billion in 2022 and is projected to grow at a CAGR of 7.2% from 2023 to 2030. Rising concerns over skin lightening among the population is fuelling the demand for skin lightening products. In addition, there is an increasing trend of people preferring natural skin lightening products over those with harsh chemicals. This is contributing to the growth of the market.
The market is segmented on the basis of product types and regions. The products are classified into topical lightening products, oral lightening products, and laser lightening products. Topical lightening products are further sub-segmented into creams, gels, and pastes. Oral lightening products are segmented into whitening toothpastes, whitening gels, and whitening pastes. Laser lightening products are classified into ablative, non-ablative, and combination laser lightening products.
The Asia-Pacific region is projected to be the fastest-growing region in the global skin lightening products market. This is due to the rising awareness about skin lightening products and the increasing demand for natural products. In addition, the growth of the market is also being aided by the increasing number of skin lightening clinics in the region.
The global skin lightening products market is dominated by five key players. These players are L’Oreal, Unilever, Johnson & Johnson, Procter & Gamble, and Kyowa Hakko Kirin.
The global skin lightening products market is segmented into topical lightening products, oral lightening products, and laser lightening products. Topical lightening products are further sub-segmented into creams, gels, and pastes. Oral lightening products are segmented into whitening toothpastes, whitening gels, and whitening pastes. Laser lightening products are classified into ablative, non-ablative, and combination laser lightening products.
The global skin lightening products market is projected to grow at a CAGR of 7.2% from 2023 to 2030. This is due to the rising concerns over skin lightening among the population and the increasing trend of people preferring natural products over those with harsh chemicals.
Product Insights
The skin lightening segment led the market and accounted for a share of around 33.3% in 2022. Increasing awareness among males regarding personal hygiene and grooming globally has been driving the demand for skin lightening products over the years. According to an article published by Tiege Honley, in January 2020, 83% of men aged 65 and up agreed that guys need to get serious about taking care of their skin. Furthermore, macro-level factors such as rising disposable income among consumers and mushrooming growth of distribution channels are bolstering the demand for skin lightening brands worldwide.
The hair styling segment is anticipated to expand at the fastest CAGR of 8.8% over the forecast period. Growing adoption of organic hair styling products, rising trends for grooming and styling, and the emergence of various hair colorants and hair styling brands are some of the key factors driving the hair styling market growth revenue. According to an article published by the University of Halmstad, in November 2019 23% said hair styling is as important for men as it is for women. In addition, increasing fashion trends and beauty awareness among individuals is another factor driving the growth of the market.
Distribution Channel Insights
The skin lightening products market is expected to grow at a CAGR of over 15% during the forecast period. This is mainly due to the increasing demand for skin lightening products among people of color, especially in the APAC region. This is in line with the increasing awareness of skin lightening products among the general population, and the increasing demand for products that offer immediate results.
The skin lightening products market is segmented into topical lightening products, injectables, and laser treatments. Topical lightening products are expected to dominate the market due to their easy application and low cost. Injectables are expected to grow at a higher CAGR due to their versatility and the increasing popularity of aesthetic procedures such as liposuction and botox. Laser treatments are expected to grow at a slower rate due to their high cost and the need for a trained professional to perform the procedure.
The skin lightening products market is dominated by a few key players. These players are L’Oreal, Unilever, and Procter & Gamble. L’Oreal is the leading player in the topical lightening products market, followed by Unilever and Procter & Gamble in the injectables and laser treatments markets, respectively.
Type Insights
The skin lightening products market is projected to grow at a CAGR of 7.1% from 2019 to 2024. The increasing awareness about skin lightening products among the consumers is expected to boost the market growth during the forecast period. For instance, in September 2019, Johnson & Johnson launched a skin lightening product called Just for Men, which is a lightening cream designed for men. This product is expected to boost the skin lightening products market. The increasing trend of skin lightening products among women is also expected to contribute to the growth of the market.
The skin lightening products market is segmented on the basis of type, application, and region. The skin lightening products market is segmented on the basis of type into hydroquinone, kojic acid, and tretinoin. The skin lightening products market is segmented on the basis of application into face, neck, and hands. The skin lightening products market is segmented on the basis of region into North America, Europe, Asia Pacific, and Rest of the World.
The hydroquinone segment is anticipated to account for the largest share of the skin lightening products market in 2024. The hydroquinone segment is anticipated to grow at the highest CAGR of 8.2% during the forecast period. This growth is attributed to the increased demand for skin lightening products among the consumers. The increasing trend of skin lightening products among the women is also contributing to the growth of the hydroquinone segment.
The kojic acid segment is anticipated to grow at the highest CAGR of 6.5% during the forecast period. The kojic acid segment is expected to grow due to the increasing demand for skin lightening products among the consumers. The increasing trend of skin lightening products among the women is also contributing to the growth of the kojic acid segment.
The tretinoin segment is anticipated to account for the smallest share of the skin lightening products market in 2024. The tretinoin segment is expected to grow at the lowest CAGR of 2.5% during the forecast period. This growth is attributed to the high penetration of skin lightening products among the consumers. The increasing trend of skin lightening products among the women is also contributing to the growth of the tretinoin segment.
Regional Insights
Asia Pacific dominated the market and accounted for the largest revenue share of over 38.6% in 2022. An increase in awareness regarding personal care among consumers is a key factor behind this growth in the region. Over the past years, the skincare routine has become more elaborate for men of all ages and this factor has led to the emergence of several startups serving the unmet needs and growing demand in this field. For instance, in September 2021, Macscaped expanded its business to the men’s grooming market in the Asia Pacific.
North America is expected to witness the second-fastest growth in the coming years. Rising demand on account of the rising metrosexual culture in the region is expected to drive the growth of the market. North America is home to prominent players, such as Louis Vuitton, Beiersdorf, and Estée Lauder, who manufacture luxury and high-quality products, which is further expected to increase product visibility among consumers. For instance, in April 2022, intimate men’s brand Balls launched the Hero trimmer for men in the U.S. with a three-month automatic blade renewal.
Financial Projections
In this part of the skin lightening products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your skin lightening products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a skin lightening products business comes from memberships, casual usage, sales at retail stores, and licensing agreements. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, food & beverage, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the skin lightening products business running will be described. The list of operating expenses includes advertising, shipping, import duties, packaging, and others.
Key companies & market share insights
Some of the major companies operating in the skin lightening products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In September 2022, Valeant Pharmaceuticals International, Inc. launched a skin lightening serum called Belecitin.
– In October 2022, Clinique, Inc. launched a skin lightening serum called Ceylon.
– In December 2022, Neutrogena, Inc. launched a skin lightening serum called Neutrogena Hydro Boost.
Some of the prominent players in the skin lightening products market include:
– Valeant Pharmaceuticals International, Inc.
– Clinique, Inc.
– Neutrogena, Inc.
– Amway Corporation
– Johnson & Johnson
– Lafarge SA
– Unilever NV
– Procter & Gamble Co.
– Johnson & Johnson Consumer Inc.
– Henkel AG
– Shiseido Co., Ltd.
Global Skin Lightening Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global skin lightening products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Face Care
– Body Care
– Sun Care
– Anti-Aging
– Skin Lightening
–
Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Pharmacies
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Creams
– Gels
– Serums
– Lotions
– Powders
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: With technology breakthroughs accelerating, businesses are implementing cutting-edge production methodologies to improve productivity and output while also instilling excellent manufacturing standards and product innovation. Product positioning and customer-specific category specification has been a source of worry for the manufacturer. However, the simple introduction of extra functionalities within the product is increasingly raising its demand from customers.
In the retail industry, design innovation is on the rise. Innovations in skin lightening products are expected to influence the skin lightening products market. Consumers are interested in items that bring simplicity, convenience, and speed to their normal routine, whether they be product improvements, design innovations, feature additions, or smart feature add-ons.
[Q]: Who are the Key Players in the Skin Lightening Products Market?
[A]: Edgewell Personal Care Co, The Estée Lauder Companies Inc., The Kroger Co, Coty, Inc., L’Oréal S.A., Johnson & Johnson Consumer Inc., and Koninklijke Philips N.V.
[Q]: Which Region Offers the Largest Opportunity for Sales of Skin Lightening Products?
[A]: With an absolute dollar opportunity of $27 B (USD), North America is expected to be lucrative for skin lightening products market.
[Q]: What are the factors driving the skin lightening products market?
[A]: Key factors such as the increase in the number of skin lightening products retailers, increased spending on skin lightening products, and the popularity of skin lightening products are expected to drive market growth over the forecast period.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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