Global Body Whitening Market Overview
The global body whitening market is expected to witness a significant growth in the coming years. This is mainly due to the increasing demand for skin whitening products, rising awareness about skin health, and the growing popularity of natural and organic products. The market is expected to reach a value of USD 10.7 billion by 2023, growing at a CAGR of 8.3% during the forecast period.
Drivers of the Body Whitening Market
The increasing demand for skin whitening products is one of the major drivers of the body whitening market. This is mainly due to the growing awareness about skin health and the desire to look more attractive. The rising popularity of natural and organic products is also driving the market growth. Consumers are increasingly opting for natural and organic products as they are considered to be safer and more effective than chemical-based products.
The increasing number of beauty salons and spas is also driving the market growth. These establishments offer a wide range of skin whitening treatments, which are becoming increasingly popular among consumers. Furthermore, the growing popularity of social media and the increasing number of influencers promoting skin whitening products are also driving the market growth.
Restraints of the Body Whitening Market
The high cost of skin whitening treatments is one of the major restraints of the body whitening market. These treatments are expensive and not affordable for many consumers. Furthermore, the availability of counterfeit products is also restraining the market growth. These products are often of inferior quality and can cause skin irritation and other side effects.
Regional Analysis
The body whitening market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to be the largest market for body whitening products, due to the increasing demand for skin whitening products in countries such as India, China, and Japan. The increasing number of beauty salons and spas in these countries is also driving the market growth.
North America is expected to be the second-largest market for body whitening products, due to the increasing demand for natural and organic products in the region. The growing popularity of social media and the increasing number of influencers promoting skin whitening products are also driving the market growth in the region.
Competitive Landscape
The body whitening market is highly competitive and is dominated by a few major players. These players are focusing on product innovation and marketing strategies to gain a competitive edge in the market. Some of the major players in the market are L’Oreal, Unilever, Shiseido, Beiersdorf, and Procter & Gamble.
Key Developments
• In 2019, L’Oreal launched a new range of skin whitening products, which are formulated with natural ingredients.
• In 2018, Unilever launched a new range of skin whitening products, which are formulated with natural ingredients.
Future Outlook
The body whitening market is expected to witness a significant growth in the coming years, due to the increasing demand for skin whitening products, rising awareness about skin health, and the growing popularity of natural and organic products. The increasing number of beauty salons and spas is also expected to drive the market growth. Furthermore, the growing popularity of social media and the increasing number of influencers promoting skin whitening products are also expected to drive the market growth.