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Due to factors such as globalization and culture, the skin lighteners market is expected to reach $10 billion in the coming decade, according to Global Industry Analysts, Inc.
Skin whitening is one of the rapidly growing segments of the global beauty industry. Global skin whitening market holds vast growth potential, with maximum opportunities emerging from the rapidly expanding Asian markets. Skin lightening products that prevent or inhibit pigmentation, including brown spots and freckles, and consist of anti-aging features are gaining popularity, particularly among customers in the Western world.
Although skin-whitening products were initially aimed at facial care, the trend has changed with companies offering products for overall skin care. Another trend witnessed in the skin lighteners market is the introduction of whitening products for men.
Japan dominates the global skin lighteners market with the lion's share, as stated in the new market research report from Global Industry Analysts, Inc. (GIA). The market for skin lighteners in Asia-Pacific is projected to cross the $2 billion mark by 2012, driven by the fast growing markets of China and India. Apart from Asia, Western countries such as the United States and the United Kingdom are emerging as potential markets for skin whitening products. The growing proportion of ethnic groups—Asians, Hispanics and African Americans—in these regions is a major contributor to the enhanced demand for skin lighteners.
Ability to identify regional preferences that are often influenced by cultural and ethnic factors is a major prerequisite for global manufacturers to ensure competitive presence in various markets. Varying perceptions of customers from different parts of the world contribute to the demand for different types of products.