The Global Skin Lightening Products Market size is expected to be worth around USD 15,984.29 Mn by 2032 from USD 9,720 Mn in 2022, growing at a CAGR of 5.1%
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, UNITED STATE, May 26, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Skin Lightening Products Market,” The skin lightening products market was valued at $7.05 billion in 2021, and is estimated to reach $14.60 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031. Skin lightening is the process of applying chemicals to make the skin lighter or more uniformly colored by lowering the melanin levels in the skin. It affects the skin cells’ ability to produce melanin. The skin’s pigment is caused by this melanin. To lighten the skin, a variety of procedures and products are available, including laser therapy and skin lightening lotions, creams, and other products. As they are more convenient and affordable than laser treatment, skin whitening solutions have seen a significant increase in popularity with consumers.
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The beauty and skin care industry has progressed, owing to rise in trend of attention toward physical wellbeing. Furthermore, millennials are quoted as the main drivers behind the meteoric growth of the skin lightening segment. In addition, there is an ongoing trend, citing everything from aging of millennial demographic to a focus on self-care as a coping method against a difficult political and economic climate. Unfavorable environment, pollution, and dirt are some of the factors impacting the skin health, hence, people are increasingly using skin care products including skin lightening products. Therefore, owing to factors mentioned above, demand for skincare products is on rise in the market, which fuels the skin lightening products market growth.
The skin lightening products market is highly competitive and saturated. Availability of counterfeit products and fluctuation in the price of raw material are likely to hamper the growth of the market during the forecast period. Surge in the number of small scale businesses using low-quality raw material and availability of the low price counterfeit products restrain the market growth.
The COVID-19 outbreak negatively impacted the overall growth of the skin lightening products market in 2020. Disrupted supply chain, closures of the various distribution channels including hypermarket & supermarket, specialty stores, & others physical stores, and stagnant export & import activities were some of the factors that affected the growth of the market during the pandemic. Furthermore, according to government guidelines, most of the manufacturing units stopped their operational activities, which decreased the production of the skin lightening product.
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According to the skin lightening products market analysis, the skin lightening products market is segmented into type, gender, distribution channel, and region. By type, it is segregated into creams & lotions, cleansers & toners, masks, and others. On the basis of gender, the market is categorized into men and women. By distribution channel, it is segregated into hypermarkets/supermarkets, specialty stores, pharma & drug stores, online sales channel, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia & New Zealand, South Korea, ASEAN, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Turkey, Saudi Arabia and Rest of LAMEA).
According to the skin lightening products market trends, on the basis of type, the creams & lotions segment was the highest revenue contributor to the market, with $3,284.1 million in 2021, and is estimated grow at a CAGR of 6.8% during the forecast period. The market for skin lightening products has seen a significant growth in demand for creams due to consumers’ growing skin care consciousness. In addition, a rise in consumer expenditure on skin care items to look good and natural has fueled the demand for skin lightening creams and lotions. The easy availability of skin lightening cream products in pharma & drug stores and supermarkets, its ease of use on the body & face, and the rise in trend of improving physical looks especially in men have considerably fueled the skin lightening products market demand through the cream and lotions category during the course of the projected period.
The research provides answers to the following key questions:
1️⃣ What is the estimated growth rate of the market for the forecast period 2021-2031?
2️⃣ What will be the market size during the estimated period?
3️⃣ What are the key driving forces responsible for shaping the fate of the Skin Lightening Products Market during the forecast period?
4️⃣ Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Skin Lightening Products Market?
5️⃣ What are the prominent market trends influencing the development of the Skin Lightening Products Market across different regions?
6️⃣ What are the major threats and challenges likely to act as a barrier to the growth of the Skin Lightening Products Market?
7️⃣ What are the major opportunities the market leaders can rely on to gain success and profitability?
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