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Skin Lighteners: A Global Strategic Business Report

Global skin lighteners market: $20 billion industry by 2018


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2014-03-14 12:57:00 - Skin Lighteners: A Global Strategic Business Report - a new market research report on companiesandmarkets.com

The global Skin Lighteners market is projected to reach US$19.8 billion by 2018, driven by the growing desire for light-colored skin among both men and women primarily from the Asian, African and Middle East regions.

Skin whitening products represents one of the rapidly growing segments in the global beauty industry. With the concept of beauty in the 21st century revolving around a flawless and fair complexion, there is rising discrimination based on skin color, also known as Colourism. The scenario generates opportunities for products that capitalize on skin color discrimination such as skin whitening products, especially in regions like Asia, South America and Africa. The desire for fair and white skin is rooted in the culture and traditions of these

 

 

countries and obsession for fair skin can be traced to almost all sections of the society. Although skin-whitening products were initially aimed at facial care, the trend has changed with companies offering products for overall skincare. Presently, the market comprises products that lighten skin on the face, armpits and feet. Also, the market is emerging from its traditional stronghold of women´s into the men´s segment. With personal grooming gaining significance among men, demand for male skin brightening and lightening products is on the rise, particularly in Asia.

Driven by consumer demand for safe products with superior effectiveness, the skin lightening market is witnessing several advances in ingredient formulations. Given the numerous side effects associated with the use of conventional, cheaper skin lightening ingredients such as hydroquinone or mercury, manufacturers are focusing on developing natural options that can deliver similar results. Use of hydroquinone or mercury in skincare products is banned in several countries including the UK.

Japan represents the largest market worldwide. Consumers in Japan, especially women, are known to spend more on skin lightening products than women in other countries. In Japan, demand for bihaku products is high among older women. Asia-Pacific is forecast to grow at a CAGR of 13.3% over the analysis period led primarily by India and China. India´s obsession for fairness is aptly represented by the dominance of fairness products in the domestic skincare market. Fairness products account for over 45% of the skincare market and is continuing to grow at double-digit rates annually. Global Industry Analysts ©

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