Skin Whitening Products
Skin whitening products have seen tremendous growth over the last half-decade, with sales rising at a yearly rate of roughly 1.8%, owing to strong demand from Asia Pacific countries such as China, India, Malaysia, Thailand, and Bangladesh. The market penetration of natural skincare products has resulted in a multifold increase in expenditure on skin whitening products.
Furthermore, increased expenditure on natural products has boosted the market, with skin whitening products rising at a promising growth of roughly 1.8% per year.
The increasing preference for light skin as an issue of enhanced beauty and confidence, particularly among female customers, will increase product demand. Furthermore, the increased use of organic products, which brighten the skin without harming it, is anticipated to drive growth in global demand.
A number of advantages of using whitening treatments include reducing coloration, lightening discoloration, skin tone evening, and eliminating blemishes. Growing consumer demand for particular solutions to specific skin problems such as acne spot or age spot removal has increased the acceptance of different skin whiteners on the market.
As a result, producers are introducing skin whiteners to meet the diverse needs of consumers worldwide. For example, L’Oreal S.A., under its trademark L’Oreal Paris, manufactures Skin Perfect Whitening Cream and anti-imperfections, among other things.
This product emphasizes acne spot elimination while also providing a fairer appearance and providing sun protection. Consequently, they offer straight answers to various skin concerns for a small period of time, which is a significant element propelling the market growth for skin whitening products forward.
The media has a role in emphasizing these whiteners’ role in combating colorism and racism towards dark-skinned individuals worldwide. Consequently, marketers employ a variety of marketing methods to reach consumers in various geographic locations. Among other things, skin whitening products are frequently associated with sun protection and lightening skin. In nations such as China, Japan, and the Philippines, light skin is linked with marriageability and attractiveness.
In Korean countries, skin whitening products are associated with youth and beauty. In North America, manufacturers such as Neutrogena, L’Oreal, Pond’s, and Dove avoid using the term “skin lightening” in their marketing, instead emphasizing on the marketing of brightening and spot treatments.
Furthermore, since skin whiteners have been more widely available on the market, their potential applications among male consumers have grown significantly. The shift in male consumers’ preferences toward skincare has led men to embrace such products in order to preserve healthy skin.
Furthermore, in Middle Eastern and Asian countries, persistent preference toward fair-skinned individuals has persuaded male consumers to buy such products. As a result, producers are increasingly focusing their efforts on the male use of such whiteners, which is likely to result in significant market growth.
Which region has the most potential for skin-whitening product sales?
The Asia Pacific area is predicted to be the most profitable market for skin whitening products, owing to a growing awareness of one’s appearance combined with the growth of disposable income in this region. The Asia Pacific market is predicted to grow steadily in the coming years.
Asia Pacific has emerged as a promising market for skin whitening products, with a CAGR of roughly 8%.
Furthermore, market competitors are focusing on niche markets such as India, China, and Malaysia, where the influx of young people entering the workforce is boosting skincare products demand. For example, the female workforce in Malaysia is about 45%, facilitating the skincare industry rapid growth.
Analyses by Country
Germany is Europe’s largest beauty products market, worth over $15 billion, with the skincare sector witnessing the most growth. Due to the fact that Germany has one of the world’s fastest aging populations, skin whitening products are in great demand throughout the country.
Furthermore, natural products are becoming more popular in Europe as consumers become more aware of the advantages they bring and the dangers that synthetic products pose. Organic products account for about 15% of overall cosmetic product sales in the country.
Furthermore, the purchasing behavior in Germany is expected to continue, as German buyers are spending 1.2 times more on skincare goods than the European average.
Skincare contributes nearly half the total revenue for cosmetic sales in China, which is two times the global average in revenue, making it a long-term profitable market.
Furthermore, revenue growth is primarily attributable to foreign brand penetration in China, with Korean and Japanese products contributing around 47% of the total market share.
Furthermore, Chinese consumers prefer facial products that contain whitening agents, and the growing demand for natural products is accelerating the rise of skin whitening products in China.
The U.S. is expected to continue leading the North American market. Millennials are driving the move toward clean and healthy products, both in terms of their purchasing habits and the number of consumers.
In 2015, millennials surpassed the boomer generation as the biggest demographic group in the U.S. Millennials like finding new products and developing genuine relationships with brands. They seek things that reflect their environmental and ethical values.
Japan is a major cosmetic and beauty market. Japan has one of the most intense market competition for skin whitening products due to its long history of using skincare products. Japanese consumers want high-quality skincare. Due to the recession and job insecurity in the country, customers are becoming more choosy and value-sensitive when purchasing skincare products.
Other factors have enabled consumers to spend more on skincare. To reach more consumers, big skincare producers are aggressively launching low-cost, high-value skincare products.
As a result of increased skincare products exports, particularly skin whitening treatments, major Japanese cosmetic companies like Kanebo Corporation and Shiseido Company Limited are employing ‘Made in Japanese labels as a marketing strategy.
With increasing awareness of true beauty, India’s multi-billion dollars skin whitening sector has come under scrutiny. A large population is concerned about the relevance of white skin as promoted by beauty companies. The younger generation is slowly waking up to the issue of color and skin tone discrimination. The ban on skin whitening creams is a tremendous reform, but it destroys a global economy.
What are the main opportunities for manufacturers of skin lightening products?
Various polls discuss the emotional benefits that customers experience after using skincare products. For example, a recent survey done by Cosmetics Europe found that over 72% of those polled thought that cosmetics increase the quality of life.
Customers are also willing to pay a premium for organic skincare products that are backed up by scientific proof. According to a recent poll, around 54% of customers prefer the lack of unwanted ingredients over the presence of beneficial ingredients.
Furthermore, industry players have significantly increased their catalogs over time by incorporating new items such as retinol creams and serums into their regimens. These reasons have all played a role in driving up demand for and consumption of skin whitening products, hence moving the market forward.
What are the Challenges Facing Skin Whitening Product Manufacturers?
Due to the increase in online sales, retail shops’ sales of skin whitening products have fallen over the years. Furthermore, scientifically backed and authentically proven local products are getting popular, giving industry heavyweights tough competition.
Furthermore, consumers currently want paraben-free skin whitening products, which has resulted in a significant drop in traditional product sales. People prefer products that are free of artificial fragrances, sulfates, phthalates, among others.
These new trends have resulted in a decrease in sales growth for enterprises with limited product line-ups, posing a barrier to the expansion of skin whitening product sales.
Will Natural Ingredients Skin Whitening Products Gain Popularity?
Organic beauty products are slowly gaining popularity, despite their slow start. Organic cosmetic products, including organic skin whitening products, currently account for around 5% of the total market.
Furthermore, sales of natural cosmetics have increased by 15%, owing to a shift in customer preferences combined with growing knowledge of the negative consequences of using artificial products.
Furthermore, the use of specific components like avocado oil and charcoal in beauty products, particularly for skincare, has resulted in a significant yearly increase in sales, giving the sector a favorable outlook.
Will the demand for lotions and creams increase?
Creams and lotions are likely to remain in high demand, accounting for over half of total revenue.
Furthermore, as natural skincare products become more widely available, creams and lotions will see increased demand due to a broad product line-up combined with rising disposable income in Europe, China, and India.
What effect has COVID-19 had on the demand for skin-whitening products?
Short-term effect: As a result of the lengthy lockdowns in many parts of the world, beauty and cosmetic sales have decreased dramatically in key countries such as China, having a negative effect on the sales of skin whitening products.
This might be due to a drop in consumer spending power and a shift in consumer preference for healthcare products. During the epidemic, however, online cosmetic sales increased by 21% in China.
Long-term effect: As digital platforms such as eCommerce continue to grow in popularity, cosmetic companies must prioritize online platforms in order to keep up with the market. Manufacturers must expand their product lines through innovation and partnerships to facilitate smooth sales.