The global skin lightening market is predicted to reach $10 billion by 2015, driven by new markets in the West and sustained growth in Asia-Pacific, a report by Global Industry Analysts (GIA) has revealed.
The research confirmed the dominance of the Asian market for skin lightening products, but also highlighted a number of new trends in the West which had contributed to this growth on a global scale.
Increasingly used in men’s products
The document entitled ‘Skin lighteners: a global strategic business report’ includes claims that there has been a recent increase in the market for men’s whitening products.
The report also finds that skin lightening products are now being used in skin care for the body, whereas it has been previously used as a product for the face.
According to the GIA, skin lighteners are becoming more popular in the West as an anti-ageing product, since they can inhibit skin pigmentation or ‘brown spots’.
Traditionally, the biggest demand for skin lighteners has been from Asian consumers. However, the growth in ethnic population in UK and US is now said to have accelerated demand for lightening products in the West.
Companies urged to look at regional preferences
Nevertheless, the market for skin lighteners in Asia-Pacific still remains the strongest area of growth. Japan dominates the market, while India and China are the fastest growing markets. According to GIA, the Asian market for skin lighteners will consequently cross the $2 billion mark by 2012.
The report identifies skin lighteners as a multi-usage cosmetic products. For example, consumers in the West often use lighteners for their anti-aging benefits, while the Asian consumer uses them to lighten the overall color and tone of their skin.
According to the report, in order to make the most of marketing, promotional and distribution strategies companies need to recognize the regional preferences of their consumer while still maintaining a strong and expanding market on a global scale.