Published: Jul, 2018
The excellent pace of development of the global sun care market and the presence of a vast set of growth opportunities has encouraged the entry of a large number of domestic and small-scale product manufacturers, observes Transparency Market Research in a recent report. This has significantly intensified competition in the market, which has traditionally featured a concentrated competitive landscape with few international players commanding prominent positions. Nevertheless, notable names in the sun care sector such as Unilever, Beiersdorf AG, Johnson and Johnson, Shiseido Company Ltd., Groupe Clarins, Bioderma Laboratories, Coty Inc., Burt’s Bees, L’Oreal, and Estee Lauder hold sway due to their brand value and the steady inclusion of innovative products in their portfolios, thus continuing to account for a significant share in the global market
In the report, Transparency Market Research estimates that the market will exhibit a 5.8% CAGR from 2016 to 2024. With such growth prospects, the market, which valued US$14.8 bn in 2015, is expected to reach US$24.9 bn by 2024.
North America Remains Leading Contributor of Revenue
On the basis of product type, the segment of sun protection products dominated the overall market in 2015 and is likely to rise to a revenue opportunity of nearly US$15 bn by the end of the report’s forecast period. The segment of after sun products is expected to record the highest CAGR and constitute a signification share in the overall market by the end of the forecast period. Despite moderate overall growth prospects, the segment of self-tanning products is likely to survive owing to demand from Europe and North America markets.
North America is presently the leading regional market for sun care products, accounting for over 35% of the overall revenues of the global market in 2015. The presence of some of the market’s leading vendors in the region, an affluent consumer base, and considerable research and development activities observed in the U.S. sun protection products industry in the past few years will encourage steady growth of the North America sun care market in the near future as well.
Increased Expenditure of Global Middle-class Population on Skincare to Drive Growth
The rising demand for sun care products is majorly driven by the rising consumer concerns regarding the high risk of skin cancer that may potentially be triggered by exposure to the sun and UVA and UVB rays. With rising level of global warming and depletion of the ozone layer, these concerns have become more profound among the global consumer. These factors are key to establishing the importance of sun care products in daily skincare routines. The factors that are substantially encouraging the increased uptake of sun care products include the rising array of product varieties in the market, introduction of multifunctional products, and the rising consumer base of middle-class people with high disposable incomes.
Moreover, the vast rise in demand for effective sun care products has enticed market players to increase funds directed towards the research and development of novel formulations, ingredients, and easy-to-apply product varieties. The rise in research and innovation activities have thus enabled the development of multi-functional sun protection formulations and sun protection products with herbal medicines.
This analysis of the global sun care market is based on a recent market research report by Transparency Market Research, titled “Sun Care Market (Product Type - Sun Protection (SPF 6-14, SPF 15-30, SPF 30-50, and SPF 50+), After Sun, and Self-tanning; Form - Cream, Gel, Lotion, Powder, Liquid, Wipes, Spray, and Colored): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
Global Sun Care Market, by Type
- Sun Protection
- SPF 6-14
- SPF 15-30
- SPF 30-50
- SPF 50+
- After Sun
- Self Tanning
Global Sun Care Market, by Form
Global Sun Care Market, by Geography:
- North America
- Asia Pacific
- Rest of the World
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