Increasing R&D on different product lines is creating significant revenue opportunities for manufacturers of skin lightening products
The global skin lightening products market includes a number of product types such as lotion and cream, foam, gel, serum and toner and scrub. According to Future Market Insights’ research report, the lotion and cream segment leads the market with a high margin. This segment is expected to reach a market value of over US$ 8,900 Mn in 2027, up from about US$ 4,800 Mn in 2017, growing at a CAGR of 6.4% during the forecast period of 2017-2027. This growth in revenue can be attributed to the wide availability of lotions and creams in the skin care industry. Increasing research and development in the skin lightening products industry is creating significant revenue opportunities for the skin lightening products market across the globe. The serum and toner market is expected to witness a comparatively higher growth rate than other product types with 6.8% CAGR in terms of revenue recorded during the forecast period. The market’s growth is also a result of rising annual expenditure on skin care products. The improving lifestyle of customers due to rapidly rising disposable income is increasing the purchasing power on personal grooming products. This is a key factor boosting global market revenue growth.
Multi-brand specialty stores and plant-extracted ingredients for products are trending the global market for skin lightening products
The use of plant extracts in skincare products is a rising trend among consumers, who are increasingly looking to buy eco-friendly products. The belief among consumers is that these bioactive extracts would take good care of their skin by providing sufficient nutrients, resulting in healthy skin, and would not cause any side effects. For instance, Organic Harvest’s Skin Lightening Cream contains the most concentrated plant-powered brightening blend to diminish the appearance of dark spots and discoloration. It uses the power of white mulberry and organic daisy flowers to promote surface cell turnover for greater skin clarity and luminosity. It also contains olive oil, rich in vitamin A and E, which removes dead skin, hydrates the skin, maintains skin elasticity, and repairs sun damages caused to the skin. It is free of parabens, mineral oil, and animal ingredients. The company also markets Organic Harvest Skin Whitening Face Wash. Also, Amaira Natural Lightening Serum is incorporated with mulberry and orchid extract, made from plant-based and natural ingredients. The use of harsh chemicals and parabens is prohibited.
Another major trend governing the global skin lightening products market is an increase in the number of multi-brand speciality stores. Personal health and beauty stores have been traditionally the most preferred distribution channels for cosmetic and skincare products such as skin whitening and lightening products and anti-ageing products. However, currently, multi-brand specialty stores have emerged as one of the top retail channels for skincare products across the Asia Pacific, due to the availability of a variety of brands offering skin lightening and whitening products, ranging from mass to premium price segments. Furthermore, the increasing demand for convenience and the growing preference towards high quality and effective skincare products have pushed consumers to buy products from multi-speciality stores and departmental stores, rather than from speciality stores. Some of the multi-brand speciality stores across the region have launched their own online platforms, mobile apps, and social networking websites in order to cater to more customers in the skin lightening products market. Such stores provide consumers a one-stop shopping experience and play an important role in brand building, thus stimulating consumers to buy skin lightening products of their choice and need. Also, the increasing retail penetration of foreign brands in the skin lightening products market such as L'Oreal, Procter & Gamble, Shiseido, and other brands has further pushed market revenue generation in the overall skin lightening products market across the globe.
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