Multi-benefit natural products to drive skin whitening market
In Western Europe and North America the whitening ingredient hydroquinone and its derivatives have been banned for safety purposes, meaning that cosmetic formulators are turning to innovative natural whitening ingredients for product development.
In turn, as this search goes on for natural plant extracts, demand will grow for multi-faceted ingredients that can reduce the total raw materials in the final formulation and hence decrease cost, according to research firm Frost & Sullivan.
Market demand
In its latest Analysis of the Global Whitening Ingredients Market, the London-based company finds that the market earned revenues of $381.0 million (€348m) in 2014 and estimates this to reach $827.9 (€756.4m) million in 2021.
“Consumer keenness to have a uniform skin tone is driving cosmetic formulators to develop whitening products for the neckline, arms and feet, in addition to the face,” says Frost & Sullivan Chemicals, Materials & Food Team Leader Dr.Nandhini Rajagopal.
“Whether it is used to formulate anti-ageing solutions for the West or create a lighter, blemish-free skin tone in Asian regions, whitening ingredients are increasingly finding the spotlight.”
In China, India, Brazil and the Middle East, these ingredients are increasingly popular to meet demand, and better economic conditions and higher earning potential have made these regions lucrative destinations for market participants.
APAC challenges
In Asia-Pacific (APAC), which sees the skin whitening trend really take off, consumers do admit however, that they find it somewhat difficult to choose the right brands due to low awareness on the harmful effects of most synthetic whitening ingredients.
They are also unable to justify the pricing difference between brands in the natural whitening ingredients segment, meaning that success here hinges on competitive pricing.
With the lack of regulations stoking competition in this region, whitening ingredient manufacturers will be compelled to consider this strategy for sustained growth, says Frost & Sullivan.
This means there needs to be a focus on clinically-proven claims rather than marketing claims to capture the attention of cosmetic formulators, meaning research will have to be performed for each region across the globe.
“Close strategic partnerships with personal care product manufacturers will help whitening ingredient suppliers stay at the forefront of innovation,” adds Rajagopal.
“Through these partnerships, ingredient suppliers will also get a chance to offer their market knowledge and regulatory advice to customers.”
