Skin Lighteners Market in APAC to Grow at 10% CAGR with Increasing Demand for Anti-Aging Products: Technavio

LONDON--()--The skin lighteners market in APAC is expected to grow at a CAGR of more than 10% during the forecast period, according to Technavio’s latest report.

In this report, Technavio covers the market outlook and growth prospects of the skin lighteners market in APAC for 2016-2020. Based on product type, the market is classified into two segments: face care and body care. In 2015, the face care segment dominated the market with over 70% of the overall market share.

According to Brijesh Kumar Choubey, a lead analyst at Technavio for research on cosmetics and toiletry, “Vendors are also increasing their online presence by launching various campaigns. They also hire celebrity brand ambassadors to endorse their products. Such initiatives have increased the popularity and ownership of their brands among the consumers. Social media platforms like Facebook, Twitter, and YouTube are also becoming powerful advertising avenues.”

The key leading countries in the skin lighteners market in APAC are as follows:

  • Japan
  • China
  • India

Demand for anti-aging products driving market growth in Japan

Japan is one of the fastest growing markets for skin lightening products driven by the demand for anti-aging products. Japan accounted for almost 30% of the beauty and personal care products of the APAC market. The US is the second largest exporter of cosmetics to Japan followed by France. Individuals who are 30 years and above are being targeted by skincare product manufacturers through products like Wrinkle Smoother 35+ from Garnier. Japanese women over the age of 30 are expected to account for more the half of the beauty and personal care sector consumers in the country. It is also observed that Japanese women spend more on skincare products as compared to other women around the world.

Japanese consumers are very specific about the quality and safety of the products they purchase. Under skincare products, skin lightening, anti-aging, and moisturizing were the major segments in the country.

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Skincare products have experienced the fastest growth rate in China

Compared to other product segments, the sales of skincare products have experienced the fastest growth rate in recent years in China. Domestic products are more price competitive than imported products. Creams and lotions had the largest sales volume followed by face wash and body wash in 2015,” says Brijesh.

Products such as whitening creams, moisturizers, and sun blocks are popular among male consumers in China. In addition, the increase in awareness of skin lightening products along with the rise in affluence has added to the growth of the market in the country. Affluent customers are ready to spend more on premium skin lightening products as these products are perceived to give better results.

There are more than 3,000 cosmetic enterprises registered in China, with over 25,000 brands. Of all these brands, over 550 come from foreign countries such as France, the US, South Korea, and Japan. International players have been successful in increasing brand awareness among Chinese consumers, more so as Chinese consumers value international brands more.

India: shift from functional products to more advanced and specialized cosmetic products

In India, the premium global brands are increasing sales, as consumers are moving from functional products to more advanced and specialized cosmetic products. India is one of the growing consumer markets in the world, moving from unorganized informal market to organized retail. The demand for imported cosmetics product in India is driven by the emergence of a young urban population with increasing disposable income, along with a rise in the number of working women, and changing lifestyle-oriented and luxury products.

Many international players like Revlon, Avon, Burberry, Calvin Klein, Cartier, Christian Dior, Estée Lauder, Elizabeth Arden, Lancôme, Chambor, Coty, L'Oréal, and Oriflame are marking their presence in the market. With an increase in the number of international brands entering India, the competition has increased for popular domestic brands like Lakmé.

The top vendors in the skin lighteners market in APAC highlighted in the report are:

  • Beiersdorf
  • Estée Lauder
  • L’Oréal
  • P&G
  • Shiseido
  • Unilever

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

The skin lighteners market in APAC is expected to grow at a CAGR of more than 10% during the forecast period, according to Technavio’s latest report.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com