WILMINGTON, DE, UNITED STATES, 21st Sept 2024- Lifestyle change, surge in disposable income, rise in need for skin care products, increase in demand for natural ingredients in skin care products, and change in packaging styles & attractive marketing strategies drive the growth of the global skin lightening products market. However, a rise in awareness regarding the side effects of chemical-based cosmetics and a reduction in free trade between countries restrict the market growth. Moreover, the increase in social media marketing presents new opportunities in the coming years.
According to the report, the global skin-lightening products market generated $7.05 billion in 2021, and is anticipated to generate $14.60 billion by 2031, witnessing a CAGR of 7.7% from 2022 to 2031.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than half of the global skin lightening products market, and is expected to lead the trail throughout the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 8.7% from 2022 to 2031. Rise in awareness regarding natural skin care products has led to the rise in demand for natural skin lightening products in Asia-Pacific. Increase in use of skin care products in countries such as India and China are major growth factors for the skin lightening products market in the region.
The women segment to maintain its leadership status throughout the forecast period
Based on gender, the women segment held the highest market share in 2021, accounting for nearly three-fourths of the global skin lightening products market, and is estimated to maintain its leadership status throughout the forecast period, owing to the rise in beauty-conscious female population. However, the men segment is projected to manifest the highest CAGR of 8.5% from 2022 to 2031. With increase in per capita income and rise in purchasing power, male consumers globally have become more conscious regarding skin care products, which leads to rapid growth of the global product market.