Depigmenting cosmetic products are a fast-growing segment of the health products market, driven by consumer demand to address skin hyperpigmentation. Simultaneously, interest in products with a reduced environmental impact is increasing. However, the potential environmental risks, especially in aquatic ecosystems, of depigmenting products remain unexplored. This study assesses the usage frequency of skin depigmenting agents in cosmetic products and compiles data on the biodegradability and acute aquatic toxicity of the most prevalent compounds. A market analysis of Portuguese pharmacies and parapharmacies in 2022 identified prevalent depigmenting agents. Scientific evidence on their biodegradability and acute aquatic toxicity was compiled, and when data was unavailable, in silico predictions were conducted. The study identified the ten most-used depigmenting agents in cosmetic products, including hydroxy/keto acids, as well as vitamin C and derivatives, with a usage frequency surpassing 50%. While most were naturally derived and showed low environmental risk, synthetic and highly lipophilic depigmenting agents found in 35 of 70 products (ascorbyl tetraisopalmitate/tetrahexyldecyl ascorbate and resorcinol derivatives) showed a higher potential for environmental hazard. The findings underscore the need for further research on the presence of these cosmetic ingredients in aquatic ecosystems and a reassessment of regulatory frameworks concerning their environmental impact. Mitigation strategies should emphasize biodegradable alternatives, renewable sources, and molecular modifications to reduce toxicity while maintaining depigmenting efficacy and skin safety. This study provides original insights into commonly used depigmenting agents in the health products market and their chemical structures, offering valuable opportunities for innovation in chemical/pharmaceutical industries.