Skin Whitening Products Market Size, Share, and Analysis, By Product Form (Creams, Lotions, Gels, and Others), By Material Type (Synthetic and Natural), By End-user (Men and Women), and Regional Forecast, 2024-2032

Youngsters use skin whitening products to overcome their facial skin pigmentation and discoloration issues. Hence, the growing awareness regarding skin health benefits of such products and the increasing prevalence of facial skin issues, such as acne, dark spots, and others, are mainly driving the global market growth.

• According to surveyed data presented by the European Academy of Dermatology and Venereology (EADV), as of 2020, nearly 47.9% of the Europeans aged 18 years and above were suffering from at least one kind of dermatological condition related to skin disorders.


• According to a survey data presented by the National Library of Medicine, National Centre for Biotechnology Information (NCBI)
  
  
  
  • As of 2021, nearly half of the Koreans, Malaysians, and Filipinos prefer some kind of skin lightening treatment to overcome skin pigmentation.
  
  
  • In addition, to avoid such issues, nearly 77% of the Nigerian women population use skin whitening products on a regular basis.
  
  
  
  

Nowadays, aged people suffer from skin wrinkles and skin redness issues due to their poor skin conditions. Hence, rising population aging will likely fuel the skin whitening products demand globally.

• As per the data presented by the World Bank Group, an international financial institution, globally, the population aged above 65 years and above increased from 9.10% of the total population in 2019 to that of 9.32% in 2020.

Furthermore, the presence of many beauty salon and spa clinics preferring advanced formulation-based face lightning products in many countries further supports the global market growth.

• According to data presented by the Small Business Development Centers Organization (SBDCNet), as of May 2020, there were 77,000 beauty salons and 4,500 barbershops in the U.S.

In addition, the rising consumer demand for face whitening cosmetics made of sustainably sourced ingredient-based formulations such as orange & honey extract, papaya & oatmeal, and others will offer newer market growth opportunities.

• According to the data presented by the Soil Association, a British charity association, in 2019, total sales of organic and natural beauty products in the U.K. reached USD 145.22 million, 23% up over the previous year.

Impact of COVID-19 on the Skin Whitening Products Market

Nowadays, companies face issues in supplying cosmetic and personal care products to their wholesale and retail channel partners due to COVID-19-related lockdown restrictions. This aspect has significantly posed challenges to the key companies in managing their supply chain operations, thereby impacting the consumption rate of such products globally. Furthermore, the closure of beauty retailing shops & cosmetic stores and shortage of raw material supplies due to such restrictions hampered the key players' sales of such products.

• According to the data presented by the Office of National Statistics, Government of U.K., the retail sales index of the cosmetic and toiletries in the U.K. were significantly reduced from 90.1 in March 2020 to 54.8 in April 2020 due to the COVID-19 related lockdown restrictions in the country.

However, growing awareness regarding maintaining health and well-being worldwide supported market growth during the pandemic. In addition, the rising adoption of online shopping for cosmetic goods amid the COVID-19 pandemic is accelerating product revenues globally.

• For instance, in 2021, L'Oreal S.A., a global cosmetic goods maker, reported more than 25.7% growth in its e-commerce sales of cosmetic goods due to the increasing adoption of online shopping of such goods globally.

Key Insights

The report will cover the following key insights:

• Rising prevalence of the skin diseases globally


• Rising population aging globally for the skin whitening products market


• Overview of the skin care products industry


• Recent industry developments – product launch, expansion & partnership, merger & acquisition for the skin whitening products market


• Impact of COVID-19 the skin whitening products market

Analysis by Product Form

Users can instantly and flexibly apply skin whitening creams on their faces without spilling them off from the users' skin surface. This factor results in the creams segment holding a leading market share. In addition, consumers' accessibility to the creams offering multiple skincare benefits, such as skin moisturizing, cleansing, sun-tanning, whitening, and sunscreen, further supports the creams' segmental growth.

Analysis by Material Type

The synthetic segment is anticipated to hold a significant market share due to enhanced and instant skincare benefits of skin whitening products made of synthetic materials such as retinoid, hydroquinone, glycolic acid, and others. Synthetic material-based cosmetics are increasing among spa clinics and hospitals.

Hence, the rising consumer demand for skincare treatments in various settings, such as spa clinics and skincare specialty clinics, favors segmental revenues. Furthermore, such products' higher durability and cost-effectiveness are likely to increase the consumer demand for the products globally.

Analysis by End-user

The women segment is anticipated to exhibit a leading share of the global market as women are mainly inclined toward their physical appearance and personal grooming. In addition, easy consumers' accessibility to skincare and cosmetic goods addressing women-specific skin care needs, such as wrinkles, dark sports, loss of skin elasticity, and others, further supports women's segmental growth.

Regional Analysis

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The Asia Pacific region is expected to hold a major market share due to the significant Chinese and Japanese consumers' demand for skin care products to address their skin whitening needs.

• For instance, Shiseido Co. Ltd., a Japanese skin whitening products maker, reported 7.5% jump in its overall sales revenues in its first quarter of 2021.

Nowadays, companies are expanding their brand presence to increase their product reach in the Indian and Chinese markets. These companies' efforts will accelerate the product consumption rate in the region.

• In December 2019, Lotus Herbals Pvt Ltd expanded its brand portfolio with the launch of the 'Lotus Organics+' brand in India. The brand consists of skin whitening products made of various ingredients such as cold-pressed oils, botanical extracts, and fresh and pure butter.

Key Players Covered

The report includes key players such as L'Oreal S.A, Beiersdorf AG, Unilever Plc, the Procter & Gamble Co., Shiseido Co., Ltd., Avon Products Inc., Himalaya Global Holdings Ltd., Estée Lauder Companies Inc., VLCC Health Care Limited, Advanced Clinical, and others.

Segmentation

Key Industry Developments

• In April 2022, Neutrogena, a subsidiary brand of Johnson & Johnson, launched 'Neutrogena Bright Boost’, a line of skin whitening products to address Indian consumers' skin dullness issues. The product range includes gel cream, illuminating serum, and resurfacing micro polish.


• In August 2020, Joellyne Naturals (JNS), a U.S.-based skincare product maker, launched an innovative skin whitening and firming formula for users with perfect skin tones.