The global skin lightening products market is estimated to reach US$ 1586 Bn by 2031, as per a study by Future Market Insights. Manufacturers and brand holders identify a product’s efficiency and effectiveness as exceedingly important factors to convert the product’s unique selling proposition (USP) into a bigger market share. According to the report, the rising cases of melasma are among the leading factors enabling skin lightening product sales.
Melasma can be defined as acquired hyperpigmentation on the skin and occurs due to a number of reasons, such as genetic predisposition, ultraviolet radiation, hormonal factors, and drugs. Topical therapies and minimally invasive surgeries are becoming extremely popular in treating melasma across the globe. However, the latter being expensive, a larger consumer base is adopting topical therapies for the treatment of hyperpigmentation.
Topical therapies include medically prescribed or over-the-counter drugs, including several creams, lotions, gels, serums, and other topical therapies. The rising prevalence of melasma across the globe is shifting women to opt for topical therapies for treating their skin conditions. Apart from the U.S., the adoption of skin-lightening products has also demonstrated an increasing penetration rate among the African population.
As per the World Health Organization (WHO), 77% of Nigerians use skin-lightening products on a daily basis. Improved lifestyle and a rise in the middle-class consumer group in Africa are pushing the penetration of skin care products across the countries. Women happen to cover the leading share in the market, accounting for nearly 80% of sales. FMI in its latest study has forecast the market to rise at a CAGR of 12.8% between 2021 and 2031.
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Key Takeaways of Skin Lightening Products Market Report
Skin lightening product sales will continue rising, especially in the lotion and creams category
The U.S. has emerged as a highly lucrative market, accounting for over 90% sales in North America
The presence of some of the leading market players is pushing y-o-y growth in the U.K. at 3.3%
The expansion of beauty industry will continue fuelling sales in Germany and France
Japan will remain an exceedingly lucrative market, accounting for over 50% sales in East Asia
Impact of COVID-19 2020 Market Analysis
The current pandemic outbreak has imposed numerous challenges on the part of supply side and demand side. The temporary regulation imposed by regional governments to restrict the movement has impacted supply chains drastically. Besides this, the shift from discretionary spending to essential goods has further negatively impacted the market growth.
Besides this, the change in consumer buying habits has encouraged a shift from store based retailing to online retailing facilitating a wider market reach. However, the market is currently entering into reviving phase across different regions, which is further an indicator that points out towards new opportunities amid economic slowdown.
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