Market Size and Overview:

In 2023, the Global Anti-Pigmentation Product Market was valued at $1.67billion, and is projected to reach a market size of $2.44 billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 5.54%.

Consumer motivation to adopt skincare products early on is increasing due to heightened awareness of skin conditions and the availability of treatments, thereby fueling market growth.

ANTI-PIGMENTATION

Skin appearance and maintenance are enhanced through the utilization of skincare merchandise. Key components such as alpha-hydroxy acids, beta-hydroxy acids, and retinol feature prominently in various products available in the market, including cleansers, toners, body lotions, oils, serums, and creams. These formulations facilitate the natural turnover of aging skin cells, combating wrinkles, fine lines, and age spots while promoting overall skin health. The global skincare products market exhibits considerable diversity owing to regional disparities and the wide array of skin types prevalent worldwide.

Skin ranks among the organs most susceptible to damage from external factors such as ultraviolet (UV) radiation and pollution. Consequently, there has been an upsurge in the general populace's inclination toward maintaining regular skincare regimens, deeming it integral to personal well-being. Consequently, a plethora of products incorporating diverse chemical and herbal constituents has emerged to enhance and sustain overall skin health. Urban areas, in particular, witness heightened consumer preference for various skincare products, attributed to increased disposable incomes, vigorous marketing endeavors, and the introduction of novel offerings by manufacturers. The escalating demand for anti-aging products, which constitute a substantial segment of the skincare products industry, further propels market growth.

MARKET DRIVERS:

Boosting demand through heightened awareness of personal grooming across all age cohorts

Growing concerns regarding skin nourishment stemming from issues like acne, black spots, scars, dullness, and tanning have spurred the need for skincare nutrition products. While the younger demographic leans towards skin-brightening products, toners, and scrubs, the elderly increasingly seek wrinkle-alleviating products and remedies for conditions like cracked heels. Anticipated shifts in consumer purchasing patterns and lifestyles are poised to catalyze overall market expansion. Additionally, as awareness of the adverse effects of prolonged sun exposure grows, the demand for anti-pigmentation lotions and creams is on the rise. For instance, a survey conducted by Unilever in February 2021 among 10,000 respondents across nine nations, including the U.S., India, and China, revealed that 74% of participants favored the beauty and personal care industry, underscoring its emphasis on enhancing individuals' well-being. Moreover, the surging popularity of men's grooming products, coupled with aggressive marketing campaigns by manufacturers and the digitalization trend, has heightened consumer awareness of skincare products, leading to heightened demand for items such as fairness creams and aftershave creams among male end-users.

Market expansion is expected to be fueled by growing consumer demand for sustainable products

Consumers, now focusing on their well-being, are increasingly drawn to environmentally friendly products alongside skincare nutrition. Notably, plastic beads found in exfoliating skincare products pose a significant threat to plastic pollution, prompting consumers to opt for alternatives. Companies like BioPowder are undertaking initiatives to develop biodegradable microbeads for exfoliating products, thus minimizing waste. Furthermore, businesses are striving to reduce their carbon footprint by embracing production techniques that conserve energy and resources. There's also a notable preference for new, eco-friendly product packaging that is recyclable or refillable. Additionally, consumer preferences have shifted towards vegan ingredients, sourced exclusively from plant-based materials, owing to heightened awareness of animal rights. Consequently, industry players are focusing on developing vegan products to attract a larger customer base and bolster profits.

MARKET RESTRAINTS:

Misuse and excessive usage may damage cells and hinder growth

Prolonged use of anti-pigmentation products can adversely affect the skin, leading to rashes, discoloration, burning sensations, and accelerated aging of skin cells. Some skincare nutrition products, tailored for specific skin types such as dry or oily skin, are overlooked in favor of brand recognition during purchases, resulting in detrimental effects on the skin. Certain products may trigger allergic reactions and the formation of acne due to unsuitable chemical compositions for individual users. Moreover, excessive usage may culminate in severe issues such as skin cancer and melanoma, constituting significant impediments to market expansion.

Segmentation Analysis

ANTI-PIGMENTATION PRODUCT MARKET – BY PACKAGING TYPE:

• Tube
• Bottle
• Jar
• Others

In terms of packaging type, the anti-pigmentation product market is categorized into tubes, bottles, jars, and other packaging options. Tubes are expected to hold a considerable market share due to their convenience, ease of handling, and compact size. Their lightweight nature makes them easily portable, occupying less space compared to bottles, and facilitating easier product application compared to jars and bottles. Unlike jars, tubes prevent the exposure of the product to air and light upon opening, reducing the risk of contamination or degradation of active ingredients. While bottles are ideal for liquid formulations such as serums, oils, and toners, tubes offer versatility across various product types and provide a more hygienic option. Additionally, it is projected that the skincare market segment utilizing bottle packaging will witness significant growth. Manufacturers are focusing on creating distinctive and attractive lotion and serum bottles using recyclable and biodegradable materials, enhancing product shelf life and durability. Jars, available in diverse sizes and shapes, are commonly employed for packaging cosmetic products, offering ample space for lotions and serums and available in glass or plastic materials.

ANTI-PIGMENTATION PRODUCT MARKET – BY GENDER:

• Men
• Women

The anti-pigmentation product market is segmented by gender into men and women categories. Increased awareness among the female population regarding the variety of products available for various purposes is driving product demand. For instance, a Benchmarking Company study conducted in the U.S. in 2018 revealed that over 50% of women aged 18–24 expressed a desire to incorporate anti-pigmentation products into their daily skincare routines for enhanced hydration. However, factors such as evolving consumer preferences and heightened awareness among men about skincare and grooming practices have led to the development and introduction of new products.

The male segment is also poised to occupy a significant market share due to rising awareness of personal grooming and healthcare. The expanding interest in facial products among men is contributing to market growth, reflecting the increasing significance of appearance in their lives. Consequently, the skincare industry is witnessing greater opportunities for expansion.

ANTI-PIGMENTATION PRODUCT MARKET - BY DISTRIBUTION CHANNEL:

• Cosmetic stores
• Supermarkets/Hypermarkets
• Online Channel
• Others

The anti-pigmentation product market, categorized by distribution channels, includes cosmetic stores, supermarkets/hypermarkets, online channels, and other outlets. Cosmetic stores, specializing in offering a wide range of cosmetic products, allow customers to physically examine product information. These establishments offer personalized kits comprising various cosmetic products bundled together at discounted prices to attract customers. Compared to hypermarkets and supermarkets, cosmetic stores tend to carry the latest products and employ trained staff capable of assisting customers in selecting suitable products. Hence, factors such as these are expected to propel the expansion of the cosmetic retail segment.

Supermarkets and hypermarkets are also anticipated to contribute significantly to the market due to the extensive availability of various personal care products under one roof. The convenience and ease of purchasing such products from supermarkets and hypermarkets are likely to drive segment growth. Additionally, online channels play a significant role in segment expansion, given the widespread availability of branded skincare products on platforms like Myntra, Amazon, and Flipkart. These platforms offer easy access to products, attractive discounts, cashback policies, and hassle-free return procedures, all of which facilitate segment growth.

ANTI-PIGMENTATION PRODUCT MARKET - BY REGION

• North America
• Europe
• The Asia Pacific
• South America
• The Middle East and Africa

Geographically, the Anti-Pigmentation Product Market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Asia Pacific is expected to hold a considerable market share owing to improving living standards, a growing working-class population, and increasing purchasing power. For instance, a study by THE India Brand Equity Foundation on FMCG stated that consumer spending in India reached USD 1,595 billion in 2018 and is projected to rise to USD 3,600 billion in the coming years. Moreover, individuals in countries such as China, India, and Japan are spending more on personal care and wellness products due to changing lifestyles and rising disposable incomes, driving demand for these products. Additionally, the availability of a wide range of brands and increasing awareness of skincare products are expected to fuel market growth in the Asia Pacific. For example, the Japan Cosmetics Industry Association reports that skincare products accounted for the largest market share among all cosmetics shipments in Japan, comprising 50.1% of total shipments.

Europe is expected to hold a significant share of the international market. Both men and women in Europe prioritize enhancing their overall skin condition, placing greater emphasis on appearance. Additionally, the presence of key market players and higher purchasing power among the local population contribute to market growth.

ANTI-PIGMENTATION PRODUCT MARKET - BY COMPANIES

Leading players in the Anti-Pigmentation Product Market include:

THE PROCTER & GAMBLE COMPANY (OLAY)

THE ESTÉE LAUDER COMPANIES INC.

L'ORÉAL S.A.

BEIERSDORF AG

SHISEIDO COMPANY, LIMITED

HINDUSTAN UNILEVER LIMITED (LAKME)

COLGATE-PALMOLIVE COMPANY

JOHNSON & JOHNSON INC.

KAO CORPORATION

REVLON, INC

COVID-19 IMPACT ON THE ANTI-PIGMENTATION PRODUCT MARKET

The beauty and personal care products market experienced disruptions akin to other industries during the COVID-19 pandemic. Various countries implemented lockdown measures, leading to the cessation of operations at factories and manufacturing facilities across different sectors. Supply chains were severely disrupted due to these lockdown measures adopted by numerous companies. Consequently, the market for cosmetics and personal care products witnessed a sharp decline during the pandemic. For instance, according to L'Oréal, a leading player in the beauty and personal care industry, the global cosmetics market experienced an 8% year-over-year decrease in 2020. During the early phases of the pandemic, cosmetic retail sales plummeted by 32%, as reported by BAIRD, an American international independent investment bank. However, with the majority of the global population receiving vaccinations and countries easing lockdown measures, the market for personal care and beauty products is expected to witness significant growth over the forecast period of 2022–2030.

NOTABLE EVENTS IN THE ANTI-PIGMENTATION PRODUCT MARKET

PRODUCT LAUNCH - In 2022, KVD Beauty, a division of LVMH, introduced the New Good Apple Lightweight Full-Coverage Concealer. The concealer features ultra-concentrated InterLace Pigments that blend seamlessly into the skin, providing crease-resistant coverage and maximum brightness.

PRODUCT LAUNCH - Beiersdorf launched the Personalized Face Care New Brand O.W.N. in 2021. "Only What's Needed" (O.W.N) utilizes components specifically tailored to each customer's unique skincare requirements.

ACQUISITION - On December 8, 2021, L'Oréal announced its acquisition of California-based skincare firm Youth of the People. Youth of the People specializes in producing and selling high-performance skincare products formulated with a blend of science and premium vegan superfood ingredients.

PRODUCT LAUNCH - In December 2019, e'quipe, LTD., a subsidiary of Kao Corporation, announced the debut of its new brand, 'athletic,' on February 19, 2020.