Global Sun Care Market with 5.8% CAGR to Grow Due to Surging Concerns Regarding Skin CAncer
The global sun care market is prognosticated to witness significant growth in the span of coming years. The exceptional growth rate of the global sun care market, along with the emergence of huge scope of opportunities has propelled the advent of huge range of small-scale and product manufacturers. This has majorly stiffened the market competition. This in general signifies a focused competitive scenario with some of the global players leading the key positions. Nevertheless, significant names in the global sun care market are Unilever, Johnson and Johnson, Beiersdorf AG, Shiseido Company Ltd., Bioderma Laboratories, Groupe Clarins, Coty Inc., L’Oreal, Burt’s Bees, and Estee Lauder. These firms account for major share owing to the brand value, coupled with the steady comprising of innovative items in their product portfolios.
According to the recent report by Transparency Market Research (TMR), the global sun care market is expected to expand at a steady CAGR of 5.8% within the forecast period 2016 to 2024. The sun care market is anticipated to be valued around worth of US$24.9 bn by the end of 2024. The figure in 2015 was around worth US$14.8 bn.
On the basis of type, the global sun care market is classified as self-tanning, and after sun. Among these, in 2015, the sun protection products segment held the maximum share in the global sun care market and is foreseen to grow within the forthcoming years. Moreover, the segment of after sun products are estimated to depict an elevated CAGR in the upcoming years. Geographically, North America accounted for the maximum share of global sun care market in 2015. It held around 35% of entire revenue produced by the market, annually. Moreovre, the region is also estimated to sustain its lead in the forthcoming years as well owing to consistently growing demand regarding sun care products and rise in disposable income of the people in the mentioned region.
Increased Awareness About Personal Care to Propel Growth in Market
The rising buyer concerns with respect to the high danger of skin tumor that may possibly be activated by exposure to the sun UVB and UVA beams significantly determine the surging demand for sun care items. With rising dimension of depletion of the ozone layer and global warming, these issues have turned out to be increasingly significant among the global buyer. These major factors are critical to setting up the significance of sun care items in routine skincare schedules. The other factors that are significantly promising the expanded growth of sun care products incorporate the rising cluster of item type in the market, emergence of multifunctional items, and the rising purchaser base of working class individuals with high disposable income.
Surged Concerned Regarding Sun Protection to Support Market Demand
Over the most recent few years, sun care products have moved from solely being intended for skincare to being a multifunctional marvel item. This is one of the essential components empowering development in the global sun care item market. In addition, the immense surge in popularity of strong sun care items has tempted market players to expand finances coordinated towards the innovative work of ingredients, novel plans, and simple to-apply item varieties. The surge in research and advancement activities have consequently stimulated the improvement of multi-useful sun care details and sun protected items with natural drugs.
The review is based on the findings of a report by Transparency Market Research, 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 has been segmented into:
- Sun Protection
- SPF 6-14
- SPF 15-30
- SPF 30-50
- SPF 50+
- After Sun
- Self Tanning
- North America
- Asia Pacific
- Rest of the World
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