Sun Care Market
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
Press Release :
Global Sun Care Market: Snapshot
As people around the world grow increasingly conscious about their appearance, the global sun care market can expected lucrative growth opportunities. Thanks to commercials and various marketing propagandas adopted by the leading companies, consumers are realizing the benefits of proper sun protection. Furthermore, doctors and physicians are also advising sun care to protect skin against harmful damages caused by UV rays. Spurred by these factors, the global sun care market will witness significant prospects for growth between 2016 and 2024. Impelled by the prevailing opportunities, market players are likely to offer novel products. Also, a shift towards organic and natural ingredients by the leading companies will ascertain the market’s growth in the coming years.
Emerging economies in Asia Pacific and Latin America are likely to offer attractive opportunities for growth in the coming years. The rising disposable income of consumers in the regions, coupled with their growing awareness pertaining to skincare, will support the expansion of the sun care market in these regions. Spurred by these factors, the global sun care market will exhibit a CAGR of 5.8% between 2016 and 2024. At this pace, the market will progress from US$14.8 bn in 2015 to US$24.9 bn in 2024.
Sun Protection Products to the Dominant Segment Based on Type
In the last couple of years, sun care products have graduated from exclusively being meant for skincare to being a multifunctional beauty product. This is one of the primary factors enabling growth in the global sun care product market. In terms of type, the global sun care market can be segmented into sun protection, after sun, and self-tanning. Of these, sun protection productsaccounted for the leading share in the global in 2015 and is expected to remain dominant through the course of the forecast period. However, after sun products are likely to show a higher CAGR in the coming years.
North America to Continue Offering Lucrative Growth Opportunities
Regionally, the global sun care market can be segmented into Europe, North America, Asia Pacific, and the Rest of the World. Among these regions, North America held the leading market share in 2015. It accounted for nearly 35% of the overall revenue generated by the market in the year. Furthermore, the North America sun care market is likely to expand at a steady pace due to the persistently rising demand for sun care products in the region. As per the study, the market will witness increasing demand from the U.S. Besides this, factors such as growing skin care concerns, rising consumer knowledge, and increasing research and development in the field will support the expansion of the sun care market in North America.
Encouraged by lucrative opportunities offered by the North America market, several local players have ventured in. This however has flooded the market with local and low-grade products. These products are priced low and have poor quality, which is creating hindrances for the sun care market.
Some of the leading players operating in the global sun care market are Johnson and Johnson (U.S.), Beiersdorf AG (Germany), Coty Inc. (US), L’Oréal (France), Shiseido Company Ltd. (Japan), Estee Lauder Companies (U.S.), Bioderma Laboratories. (France), 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