SAN FRANCISCO, Dec. 8, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Skin Lighteners - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 18; Released: November 2021
Executive Pool: 5301
Companies: 123 - Players covered include Beiersdorf AG; CavinKare Pvt. Ltd.; Emami Limited; Hindustan Unilever Ltd.; Jolen Inc.; Kanebo Cosmetics Inc.; Shiseido Company Limited; The Procter & Gamble Company and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Creams, Cleansers, Masks, Other Product Types)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Skin Lighteners Market to Reach US$11.8 Billion by the Year 2026
Skin lightening (also known as skin whitening) refers to a set of cosmetic techniques used for whitening the skin. Skin whitening products are available in numerous forms including soaps, lotions, creams and pills. Of these, skin lightener products such as creams, bleaches and deodorants among others have been growing at a brisk pace, in part driven by increasing accessibility and affordability of consumers to these products. The expansion of the global skin lightening market is attributed to the increasing awareness about skin lightening products and the increase in disposable income in different nations. The ability to afford skin lightening products increases with the expansion of disposable income. The availability of high-speed internet, growing trend of online shopping also encourages sales and build the growth of the world market of skin lightening products. The technological advancements, development of innovative formulations and packaging formats, and exclusive positioning of different products also help in enhancing their visual appeal and market growth. Consumers are selecting products with bioactive extracts that have advanced skincare properties like skin health rejuvenation without side effects. More and more males are also getting interested in skin lightening products adding to market potential.
Amid the COVID-19 crisis, the global market for Skin Lighteners estimated at US$8 Billion in the year 2020, is projected to reach a revised size of US$11.8 Billion by 2026, growing at a CAGR of 6.6% over the analysis period. Creams, one of the segments analyzed in the report, is projected to grow at a 7% CAGR to reach US$6.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cleansers segment is readjusted to a revised 7.4% CAGR for the next 7-year period. This segment currently accounts for a 21.7% share of the global Skin Lighteners market. Creams accounts for a significant share of the market, mainly on account of its easy application process, low cost and faster skin penetration capability along with several other benefits. Companies are constantly involved in research and development (R&D) efforts for producing skin lightening creams with technologically advanced properties that can help in enhancing the product effectiveness. Cleansers assist in targeting a particular area in the skin with several skin problems, which are generally treated by using night applications. Female consumers are specifically driving the demand for the product as they spend substantial amount in such products.
The U.S. Market is Estimated at $327.6 Million in 2021, While China is Forecast to Reach $5.5 Billion by 2026
The Skin Lighteners market in the U.S. is estimated at US$327.6 Million in the year 2021. The country currently accounts for a 3.92% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$5.5 Billion in the year 2026 trailing a CAGR of 8.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR while Rest of European market (as defined in the study) will reach US$127.4 Million by the end of the analysis period. Cultural factors and media's obsession with the fair skin in Asia, South America and Africa continues to fuel the demand for skin lightening/whitening products in these regions. Increasing obsession with fair skin among Asian men and women is a major driving force for the regional market, prompting manufacturers to launch a variety of products to address the needs of this population. The market in Asia is also fueled by explosive increase in the population along with rising influence of western culture and expanding middle class. In developed regions like North America and Europe, the high disposable incomes of consumers and wide access to both online and offline channels along with a wide bracket of product offerings contribute to the market growth.
Masks Segment to Reach $1 Billion by 2026
On account of most consumers being at home due to the pandemic related lockdown restrictions, the 'self-care' products, for example at-home face masks, is expected to witness steady demand. In the global Masks segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$593.7 Million in the year 2020 will reach a projected size of US$856.8 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$156.7 Million by the year 2026. More
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SOURCE Global Industry Analysts, Inc.