Global Sun Care Market: Growing Demand for Multi-functional Products to Offer Lucrative Opportunities for Players, says TMR
The global sun care market is extremely concentrated in nature and is projected to witness stiff competition in the next few years, states a new research report by Transparency Market Research (TMR). Unilever, Estee Lauder, Coty Inc., Bioderma Laboratories, Shiseido Company Ltd., Johnson and Johnson, Groupe Clarins, Burt’s Bees, Beiersdorf AG, and L’Oreal are some of the leading players operating in the global sun care market. Key players in the market are emphasizing on research and development activities in order to introduce innovative products and expand their product portfolio. In addition, the rising number of collaborations and mergers and acquisitions is projected to contribute towards the growth of the market.
According to the research report, in 2015, the global sun care market was worth US$15.83 bn and is projected to reach a value of US$24.91 bn by the end of 2024. The market is estimated to register a 5.80% CAGR between 2016 and 2024.
Growing Awareness about Skin Cancer to Bolster Growth of Sun Care Market in North America
From a geographical perspective, in 2015, North America led the global sun care market and is projected to remain in the leading position throughout the forecast period. “The growing demand for sun protection and the rising awareness about skin cancer are the key factors driving the demand for sun care products in North America,” states a TMR analyst. The North America sun care market is estimated to reach a value of US$8.68 bn by the end of 2024, thanks to the substantial research and development activities by companies in the U.S.
On the basis of product type, the sun protection segment led the global sun care market and is estimated to reach a value of US$15.80 bn by the end of 2024. Consumers are waking up to the damage that overexposure to UV rays can potentially cause. This is one of the primary factors estimated to drive the demand for sun protection products in the next few years.
Increasing Advertising and Marketing Activities to Bolster Global Sun Care Market
The rising demand for multi-functionality in products is considered a primary factor boosting the demand for sun care products in the global market, states a TMR analyst. Several benefits offered by sun care products such as spot correction, dark spot reduction, anti-aging, skin renewal, acne control, and moisturizing are attracting a large number of consumers, thus augmenting the growth of the market. In addition, key players are spending an enormous amount on advertising campaigns and marketing activities to boost their sales and gain a competitive advantage in the market.
Furthermore, the use of skin-friendly ingredients in sun care products is expected to drive demand in the next few years. Innovations and attractive packaging are also projected to contribute extensively towards the growth of the global sun care market.
Availability of Counterfeit Products to Curtail Growth of Global Sun Care Market
The use of cheap synthetic products in sun care products and stringent labeling rules imposed by FDA are some of the key factors restricting the growth of the global sun care market. In addition, rigid government regulations imposing a ban on animal testing are acting as a challenge for the growth of the market. The availability of counterfeit products, especially in Asia Pacific is estimated to curb the growth of the market in the coming years. Nonetheless, the rising number of products and use of organic ingredients are expected to generate lucrative opportunities for key players operating in the global sun care market.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Sun Care Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024.”
The global sun care market has been segmented as below:
- Sun Protection
- SPF 6-14
- SPF 15-30
- SPF 30-50
- SPF 50+
- After Sun
- North America
- Asia Pacific
- Rest of the World
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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