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increase in social media marketing present new opportunities in the coming years.
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATE, September 10, 2022 /EINPresswire.com/ -- Products that lighten the skin can reduce pigmentation, lighten discoloration, promote even skin tone, and get rid of blemishes, among other advantages. The market adoption of diverse skin lighteners has grown due to customers' growing preference for a particular treatment for various skin issues, such as age spot or acne spot elimination.
Allied Market Research published a report, titled, "Skin Lightening Products Market by Product (Creams and Lotions, Cleansers and Toners, Masks, Others), by Gender (Men, Women), by Distribution Channel (Hypermarkets and Supermarkets, Specialty Stores, Pharma and Drug Stores, Online Sales Channel, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global skin lightening products industry 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.
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Change in lifestyle, 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, rise in awareness regarding the side effects of chemical-based cosmetics and reduction in free trade between countries restrict the market growth. Moreover, increase in social media marketing present new opportunities in the coming years.
Avon Products, Inc. Kao Corporation L'Orรฉal S.A. Oriflame Cosmetics S.A. Revlon, Inc. Shiseido Company, Limited Skin Food Co., Ltd. The Estรฉe Lauder Companies Inc. The Procter& Gamble Company Unilever Plc
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The beauty and skin care industry has progressed, owing to rise in trend of attention toward physical wellbeing. Furthermore, millennials are quoted as the main drivers behind the meteoric growth of the skin lightening segment. In addition, there is an ongoing trend, citing everything from aging of millennial demographic to a focus on self-care as a coping method against a difficult political and economic climate. Unfavorable environment, pollution, and dirt are some of the factors impacting the skin health, hence, people are increasingly using skin care products including skin lightening products. Therefore, owing to factors mentioned above, demand for skincare products is on rise in the market, which fuels the skin lightening products market growth.
Key findings of the study
The skin lightening products market size was valued at $7,054.3 million in 2020, and is estimated to reach $14,602.4 million by 2031, registering a CAGR of 7.7% from 2022 to 2031. In 2021, on the basis of type, the masks segment acquired $898.9 million, exhibiting 12.7% of the global market share. In 2021, by gender, the women segment was valued at $5,285.3 million, accounting for 74.9% of the market share. In 2021, on the basis of distribution channel, the specialty store segment acquired $1,715.9 million, exhibiting 24.3% of the global market share. China was the most prominent market in Asia-Pacific in 2021, and is projected to reach $2,400.4 million by 2031, growing at a CAGR of 6.8% during the forecast period.
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