Development of Multifunctional Products Presents Promising Opportunity for Sun Care Product Manufacturers
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.
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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.
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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).
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