LONDON, Oct. 26, 2015 /PRNewswire/ -- With Western Europe and North America banning hydroquinone and its derivatives, cosmetic formulators are turning to innovative natural whitening ingredients for product development. As they look for natural plant extracts to formulate personal care products of higher quality and efficiency, demand will grow for multi-faceted ingredients that can reduce the total raw materials in the final formulation and hence decrease cost.
New analysis from Frost & Sullivan, Analysis of the Global Whitening Ingredients Market, finds that the market earned revenues of $381.0 million in 2014 and estimates this to reach $827.9 million in 2021.
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"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," said 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."
Markets such as China, India, Brazil and the Middle East are driving up the total demand for whitening ingredients among cosmetic formulators. Better economic conditions and higher earning potential have made these geographies lucrative destinations for market participants.
However, Asia-Pacific (APAC) consumers 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.
Success in the APAC market, therefore, 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.
Whitening ingredient manufacturers will also need to make clinically-proven claims rather than marketing claims to capture the attention of cosmetic formulators. For this, research will have to be performed for each region across the globe. R&D must focus on upcoming trends to keep up with end-product manufacturers' constant demands for new ingredients with cutting-edge properties.
"Close strategic partnerships with personal care product manufacturers will help whitening ingredient suppliers stay at the forefront of innovation," noted Rajagopal. "Through these partnerships, ingredient suppliers will also get a chance to offer their market knowledge and regulatory advice to customers."
Analysis of the Global Whitening Ingredients Market is part of the Chemicals & Materials Growth Partnership Service program. Frost & Sullivan's related studies include: Enzymes Gaining Importance as Sustainable Ingredients for Home and Personal Care Applications and Organic and Natural Ingredients - A New Era in Home Care and Personal Care, Analysis of the Western European organic and natural ingredients in home care and personal care. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Global Whitening Ingredients Market
SOURCE Frost & Sullivan