Published By : 16 Nov 2016 | Published By : QYRESEARCH
In the multi-billion dollars’ worth skin whitening products market, Asia Pacific has been a star of sorts. Its market has outdid that of developed ones in Europe and North America in terms of revenue and it is slated to outpace their growth rate too, during the period between 2016 and 2023. This because of a number of factors. The most obvious of them is the increasing desire among people in the region, especially in China, Japan, and India, to achieve a fairer and healthier skin tone. In fact, not just women, but also men have taken to applying whitening products in India. Further, rising disposable income in the region has also boosted demand for such products in the region.
Demand for Natural Ingredients in Whitening Products, an Emerging Trend in the Market
With a growing crop of discerning consumers, who prefer skin care products formulated from natural ingredients, manufacturers are increasingly experimenting with naturally derived ingredients, especially those extracted from plants. The demand for such whitening products made from natural ingredients, instead of the synthetic ones, has been pretty strong in the developed U.S. and Europe markets on account of the high purchasing power of consumers who prefer quality products.
Purveyors and manufacturers in the region are also augmenting their unique selling points with added features, which has led to a solid uptick in sales figures. Further, proliferation of retail products is also anticipated to drive the market.
Concerns about Side Effects Restrain Market
Hydroquinone, the main chemical component in most skin-bleaching products, is also the primary ingredient in most skin whitening products. However, they have been banned in Western Europe and North America, and many other countries such as Cote d‘Ivoire, South Africa, and Ghana. This is because hydroquinone is considered to be a potential carcinogen. Further such bleaching agents can result in side effects such as rashes, itchy and flaky skin, and permanent scarring. This has to some extent negatively impacted the market. Hence, the U.S. and Europe are now increasingly researching upon safe and natural ingredients for optimal results.