The global sun care market is largely centered among key players, states a recent study by Transparency Market Research. Leading players in the market such as Beiersdorf AG, Johnson and Johnson, Shiseido Company Ltd., Bioderma Laboratories, Burt’s Bees, Groupe Clarins, Coty Inc., L’Oreal, Estee Lauder, and Unilever are engaged in enhancing the concentration of skin protecting components and developing innovative products to serve a wide customer base.
For example, in June 2016, Coty Inc. introduced a line of skin care and beauty products with Full Light Technology. The technology works by targeting 100% of the sun’s spectrum and is effective to absorb, neutralize, and reflect light waves of varying wavelength to reduce their harmful effect on the skin.
The global sun care market is poised to display a CAGR of 5.8% between 2016 and 2024. As a result, the market’s valuation will increase from US$14.8 bn in 2015 to US$24.9 bn by 2024.
After Sun Products to Display Leading Growth Rate in Future
In terms of type, sun protection segment led the global market in 2015; the segment is estimated to generate a handsome revenue by the end of the forecast period in 2024. However, after sun products are expected to register the leading growth rate between 2016 and 2024. While self-tanning products are expected to display moderate growth in the near future, their increasing demand in North America and Europe is expected to result in substantial revenue contribution to the overall sun care market.
By form, sun creams is the leading segment of the market. However, being a mature market the growth of this segment is expected to decline in the forthcoming years. Sun care gels and sprays are expected to display substantial growth driven by rising consumer demand. Geography-wise, North America is the leading market for sun care products with the region contributing more than 35% revenue to the global market in 2015. The relentless demand for sun care products along with rising consumer knowledge about providing a barrier on the skin from harmful UV rays is fuelling the growth of this regional market.
Asia Pacific expected to display the fastest growth in the near future. Consumers in this region are increasingly recognizing the importance of sun protection products.
Measures to Combat Risk of Skin Cancer Leads to Increased Demand for Sun Care Products
Sun protection is no longer the only criterion that consumers look for while purchasing sun care products. Consumers are looking for multifunctional products with added properties for dark spot reduction, spot correction, moisturizing, acne control, skin renewal, and anti-aging. “Manufacturers are developing products in sync with changing consumer demand which has helped boost sales,” says a TMR analyst.
Apart from sun protection, the rising concerns regarding developing skin cancer has also positively impacted the growth of this market. People across the world are increasingly understanding the harmful effects of UVA and UVB, which is now more of a concern due to depletion of the ozone layer and alarming degree of global warming. Today, skin cancer is a major threat due to exposure to the sun and to combat this the use of sun care products is on the rise.
On the flip side, the manufacture of cheap synthetic products is posing as a challenge to the growth of sun care market. While cheap products are in demand, strict labelling requirements for skin care products especially in developed countries, is rendering difficult for manufacturers to sell these products. This acts as a deterrent to the market’s growth.
The review presented is based on the findings of Transparency Market Research report, titled “Sun Care Market (Type - SPF 6-14, SPF 15-30, SPF 30-50, SPF 50+; Form - Creams, Gel, Lotion, Powder, Liquid, Wipes, Spray, Colored) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The global sun care market is segmented as follows:
Global Sun Care Market, by Type
Global Sun Care Market, by Form
Global Sun Care Market, by Geography
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