Global Skin Lightening Products Market: Overview
The global skin lightening products market is set to grow at a notable CAGR over the forecast period of 2020 to 2030, as per Transparency Market Research. Growing preference for fairer skin tones and its strengthening association with confidence and higher ideals is set to add to the market worth over the forecast period. A crop of untapped opportunities will also present itself to players operating in the global skin lightening products market over the stated period.
Global Skin Lightening Products Market: Notable Developments
Product innovation forms a major growth strategy for top players operating in the fragmented vendor landscape of global skin lightening products markets. Other growth measures are also being opted for to ensure a larger market share. Some of the notable developments that were noted in the market in the recent past as a result of these measures are:
2019: South Korean company called Petitcomo introduced sheet masks in the year. The two sheet masks have the purpose of lightening. These are called Aqua Mask White and Ampoule Mask Black Edition. It also has natural ingredients. This shows how significant it is to pick up on emerging trends and capitalize upon them through development of appropriate products, enduring better market share.
Some of the top players in the global skin lightening products market are:
- L'Oréal S.A.
- Beiersdorf AG
- Shiseido Company
- Himalaya Global Holdings Limited
- Kanebo Cosmetics Inc.
- Procter & Gamble Company
- Unilever PLC
- Lotus Herbals Private Limited
- VLCC Health Care Limited
- Avon Products Inc.
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Global Skin Lightening Products Market: Key Trends and Drivers
- Demand for lighter and radiant skin is high across the world and particularly in tropical countries where lighter skin is idolized and people are putting in a lot effort to reach the western beauty ideals to look their best. Social media and advertisement are pushing young girls towards this in a major way, contributing to anticipated growth in the global skin lightening products market.
- Increase in disposable income, especially in regions of the developing world, is a notable factor of growth in the global skin lightening products market. Additionally, advancement in technology and increasing research and development are propelling growth in the global skin lightening products market over the forecast period.
Global Skin Lightening Products Market: Regional Analysis
Over the last few years, the Asia Pacific (APAC) region topped the list of lucrative markets across the world with a massive share held by it in 2018. Increase in online channels for distribution of cosmetics products is one of the most notable factors of growth in the regional market. Other prominent ones include wider product availability and international brands entering the strong economies of the region to tap into an impressive potential. Additionally, as consumer in the region witness an increasing disposable income due to robust economic growth. Countries that contribute massively to the massive share of the region are Vietnam, Malaysia, Thailand, Japan, Indonesia, and China.
On the other hand, a strong compound annual growth rate would be charted over the forecast period by the North American region. Various factors that are driving growth in the market are growing preference for products that claim radiance and a notable level of disposable income. Presence of strong players in the region such as FAIR AND FLAWLESS is also a notable contributor to growth.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.