The skin whitening product market is expected to reach KRW 20 trillion within the next 10 years.
As consumers' lifestyles change, the demand for functional skin care products is increasing.
According to Allied Market Research, a US market research firm, the global skin-lightening product market, which formed size of USD 7.05 billion (about KRW 9,549.2 billion) in 2021, is expected to reach 146 in 2031 through a report related to the 'skin lightening product market by product'.
It is projected to grow to US$19.77 billion. The compound annual growth rate (CAGR) is expected to be 7.7%.
The following is a breakdown by product, consumer, region, and distribution channel.
When classified by product, it was found that the cream and lotion sector occupied the highest market share at about 50% last year. The strength of creams and lotions is expected to continue going forward. Consumers often use creams and lotions to solve skin problems they face in their daily life. This is why many people choose creams and lotions for their skin whitening effect.
Breaking down by target consumers, the proportion of women in the sector is absolutely large. As of 2021, women's products accounted for about 75% of the market. The female population who is interested in beauty is also increasing, and it is analyzed that it is expected to maintain a leading position in the forecast period.
In the case of male consumers, awareness of skin care products is increasing, and per capita income and purchasing power are also growing, which is expected to lead to the rapid growth of the related market.
By region, it can be said that the Asia-Pacific region is the center. The Asia Pacific region accounted for more than 50% of the global skin-lightening product market in 2021 and is expected to maintain the lead at a CAGR of 8.7% within the forecast period to 2031.
In terms of distribution channels, the hypermarket/supermarket sector had the highest market share, exceeding 30% last year. It is expected to remain at the forefront for the next 10 years. However, the segment that is expected to see the fastest growth is online sales.
According to the report, consumers predict that as the demand for skin care products increases, packaging methods using natural ingredients and eco-friendly packaging materials will drive market growth. In detail, it shows slightly different aspects depending on the standards of the product, consumer, region, and distribution channel.
#Cosmetic #Market #Skincare