Leading skin lightening products manufacturers are investing in product development efforts to generate multi-purpose offerings, to appeal to a wider range of consumer demographics.
DUBAI, UAE / ACCESSWIRE / August 7, 2020 / The skin lightening products market is expected to display a very promising 8% CAGR between the assessment periods from 2020 to 2030. The ongoing coronavirus pandemic is having a negative impact on the skin lightening products market, as consumers have reduced spending on cosmetics and personal care products, and redirected resources towards essential commodities. In addition, increasing awareness among consumers about the racial connotations of such products is hurting market prospects.
"Traditional views of consumers associating lighter skin tones to beauty has been a key influencer for the adoption of skin lightening products in APEJ and Africa. Changes in lifestyles coupled with the trend of urbanization, and higher purchasing power will continue to contribute to sales for the foreseeable future," says the FMI report.
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Skin Lightening Products - Primary Takeaways
- Skin lightening cleanser products such as toners and washes are witnessing higher demand, driven by higher spending by the female consumer demographic.
- Natural and organic skin lightening products are gaining demand, aided by high efficacy and minimal side effects.
- Asia Pacific is a dominant market for skin lightening products, driven by consumer bias towards pale skin and associations with social status and success.
Skin Lightening Products - Growth Factors
- Development of natural and organic skin lightening products, which minimize risk of side effects contributes to overall sales.
- Product development and promotion towards the male demographic is generating major lucrative growth opportunities.
Skin Lightening Products - Major Constraints
- Health concerns associated with chemical ingredients in conventional skin lightening products is a major challenge to market growth.
- Social movements towards the acceptance of darker skin tones is a major factor impacting market prospects.
The Projected Impact of Coronavirus
The beauty and cosmetics industry has been going through a downturn during the coronavirus pandemic. Discretionary expenditure towards skin lightening products has slumped as consumers focus on essentials. However, the e-commerce channel of distribution has been critical in sustaining sales, as retail outlets are forced to close, or witness fewer consumer visits. The industry is likely to witness steady recovery once lockdown restrictions are lifted.
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The skin lightening products market comprises players including but not limited to Lotus Herbals Pvt. Ltd., Loreal S.A., Himalaya Global Holdings Ltd., Beiersdorf AG, Shiseido Co., Unilever plc, and Procter & Gamble Co.
Participants in the skin lightening products market are pushing for rebranding initiatives for their product offerings to disassociate with negative racial connotations, following social initiatives favoring darker skin tones.
For instance, Unilever plc has announced the rebranding of its ‘Fair and Lovely' cream by dropping the word fair from packaging and promotional material, with the product being renamed as Glow and Lovely. Loreal has also announced the removal of the words white, light, and fairness from its products. Further, Shiseido Co. has stated that none of its products contain ingredients to bleach skin.
More About the Study
The FMI study provides detailed insights on skin lightening products. The market is broken down in terms of product (lotions & creams, foam, gels, serum & toner, scrubs, and others), end user (men and women), nature (natural, synthetic, and organic) price range (economy, mid-range, and premium) and sales channel (pharmacies, specialty outlets, supermarkets, convenience stores, beauty stores, e-retailers, and others), across seven key regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and MEA).
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SOURCE: Future Market Insights