Sun Care Market: Snapshot
The rising awareness regarding the importance of sun protection and the launch of new products with more effective formulations have significantly driven the global market for sun care products. The growth in this market in the coming years is pinned on the development of products with natural and organic ingredients. Emerging economies in Latin America and Asia Pacific are anticipated to present lucrative opportunities for players in the sun care market as increasing disposable income and growing awareness levels direct their purchasing patterns.
The global sun care market is poised to expand at a 5.8% CAGR during the forecast period, rising from a value of US$14.8 bn in 2015 to US$24.9 bn by 2024.
After Sun Products to Expand at Rapid Pace through 2024
Sun care products have come a long way from being products exclusively meant for skin care to being a beauty necessity. One of the key factors driving the sun care market is the growing multifunctionality of almost all sun care products. Apart from sun protection, these products also serve multiple purposes. Based on type, there are three main products available in the sun care market: self-tanning, sun protection, and after sun. Among these, sun protection products held the leading share in 2015 in terms of revenue and are likely to retain their dominance through 2024. After sun products are anticipated to expand at the highest CAGR during the forecast period, followed by sun protection products.
Growing Risk of Skin Cancer Driving Sales of Sun Care Products in Asia Pacific
The global sun care market is segmented on the basis of geography into North America, Europe, Asia Pacific, and Rest of the World. North America led the overall market in 2015, contributing over 35% of the total revenue generated by the sun care market that year. Expanding at a steady pace, this market is anticipated to retain its lead throughout the forecast period. The persistent demand for sun care products in various forms is spurring the growth of this market in North America, especially in the U.S. The market is also fueled by several other factors, including rising customer knowledge, growing skin care concerns, and considerable research and development in the U.S. Sun protection products, especially cream-based and liquid sunscreen products, have been witnessing increased demand in the region. Encouraged by the massive size of the North America sun care market, several local and low-grade products have been flooding the market. However, these lowly-priced poor quality products are a restraint in the growth of the sun care market in North America.
Consumers across Asia Pacific are increasingly becoming more conscious about skin care and the use of specialized skin care products. Products with additional benefits such as anti-blemish, anti-aging, and dark spot reduction have gained much popularity in Asia Pacific and are likely to push this market to become the fastest growing regional segment during the forecast period. Owing to the harsh climatic conditions in the region, the adverse impact of sun rays and the risk of skin cancer is high. With the increased knowledge about this fact, consumers are driven to purchase more sun care products.
Some of the leading players in the sun care market are Beiersdorf AG (Germany), Groupe Clarins. (France), Johnson and Johnson (U.S.), Coty Inc. (US), Shiseido Company Ltd. (Japan), L’Oréal (France), Bioderma Laboratories. (France), Estee Lauder Companies (U.S.), Burt’s Bees (U.K.), and Unilever (Netherlands).
Sun care products are products that are in the form of cream gel lotion and sprays among others which are used to protect against harmful rays of the sun (UV rays) thus avoiding sunburn. Skin whitening products have sun protection in them as fairer skin is more vulnerable to sun burn than darker skin tone. Sun care products helps prevent skin cancer types like squamous cell carcinoma and melanoma among others. Everyday application of these products can also prevent skin ageing and wrinkles. The sun protection factor (SPF) rating is the measurement of amount of UV rays that enter the skin like in SPF 15, 1/15th of the harmful radiation will enter the skin. Conventional sunscreens as compared to broad spectrum sunscreens block nominal UVA rays whereas broad spectrum sunscreens protects both UVA and UVB radiation.
The global sun care market is primarily driven by rising concern about sun damage and harmful effect by overexposure to the sun. Increasing awareness of skin cancer due to over exposure to the sun is driving the market in a positive way. Multi functional products which serve more than one purpose is triggering the growth in the North American market. Increasing demand for self tanning products in Europe is driving the market in a positive way. Increase in drugstore products which gives better value for money and availability of specialized products in the Middle East is triggering the market growth in this region. Additional skin care properties in sun care products is triggering the growth is Asia Pacific.
Based on types of sun care products, the global market can be segmented into sun protection, after sun and self tanning. Sun protection products garnered the maximum revenue in 2015. Sun protection products are the most used products in the sun care market. With growing concern about skin protection against harmful rays of the sun and increased awareness about skin cancer, sun protection products are increasing in popularity globally and the market is increasing consistently across all the regions.
Sun care market, by form is segmented as cream, gel, lotion, powder, liquid, wipes, spray and colored. Cream form of products was the largest contributor to the market in 2015 and accounted for a substantial share of the overall market. The ease of use and moisturizing properties of cream is the reason of its high demand in the market. Additionally, it is the most common form of skin care product which is enabling this form to have such a huge market share.
Geographically, the sun care market has been classified into North America, Europe, Asia Pacific and Rest of the World. North America acquired the largest share of the market in 2015 and was followed by Europe. These two regions held more than 60% of the global market conjointly, in 2015. Asia Pacific is projected to be the fastest growing region in this market during the forecast period. Availability of personalized products according to specific needs of the consumers in the developing countries of APAC and RoW is set to boost the growth of the sun care market. RoW is also set to exhibit stable growth from 2016-2024, owing to penetration of newer formulations of sun care products in the market.
Some of the major players in the sun care market are: Beiersdorf AG, Groupe Clarins, Johnson & Johnson, Coty Inc., Shiseido Co. Ltd., L’oreal, Bioderma Laboratories, Estee Lauder, Burt’s Bees and Unilever among others.
The global sun care market has been segmented into:
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