According to Future Market Insights, the global skin lightening/whitening products market is expected to reach US $24 billion by the end of 2027, expanding at a CAGR of 6.1% between 2017 and 2027. These products are largely popular in Asian countries including China, India, Japan, Korea, Indonesia and other Asian countries.
Serum and toner forms are expected rise at comparatively higher rates than other types, as they are registering a 6.8% CAGR. Drivers include improving consumer lifestyles due to rapidly rising disposable incomes.
In addition, the firm attributes this growth to the wide availability of products, plus increasing research and development in their efficacy. Generally speaking, they even skin's complexion by reducing melanin content and hyperpigmented spots, unifying the complexion.
However, the firm's analysis indicates the market could face limitations in future growth due to the lack of documented evidence pertaining to the clinical efficacy of skin lightening products. This is one area where R&D initiatives can focus.
As an example, in this video, Sudhir Baswan, a research scientist at Amway, presents new findings on the efficacy of cytidine as a new skin whitening agent. He shared this work during the May 2018 International Investigative Dermatology (IID) event. Ideas like this can make headway for the future of this market.