Sun Care Market - Global Industry Analysis and Opportunity Assessment; 2016 – 2024
Sun protection is no longer the sole priority and consumers look for multifunctional products that can serve a number of requirements. The growing demand for multifunctionality in products is a key factor driving the global sun care market.
Sun protection is no longer the sole priority and consumers look for multifunctional products that can serve a number of requirements. The growing demand for multifunctionality in products is a key factor driving the global sun care market.
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Development of Multifunctional Products Presents<br />
Promising <strong>Opportunity</strong> for <strong>Sun</strong> <strong>Care</strong> Product<br />
Manufacturers, says TMR<br />
The global sun care market is extremely concentrated among key players such as Beiersdorf AG, Groupe<br />
Clarins, Johnson <strong>and</strong> Johnson, Coty Inc., Shiseido Company Ltd., L’Oreal, Bioderma Laboratories, Estee<br />
Lauder, Burt’s Bees, <strong>and</strong> Unilever. Transparency <strong>Market</strong> Research has found that companies in the sun<br />
care market have been engaged in enhancing skin protecting components <strong>and</strong> working toward the<br />
development of innovative products with the hopes of reaching out to a wide customer base.<br />
In June <strong>2016</strong>, COTY Inc.’s br<strong>and</strong> Lancaster introduced a line of beauty <strong>and</strong> skin products with Full Light<br />
Technology. This technology is said to target 100% of the sun’s spectrum <strong>and</strong> absorbs, neutralizes, <strong>and</strong><br />
reflects various light waves to reduce their harmful effect on the skin.<br />
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Growing Threat of Skin Cancer Driving Sales of <strong>Sun</strong> <strong>Care</strong> Products<br />
<strong>Sun</strong> protection is no longer the sole priority <strong>and</strong> consumers look for multifunctional products that can serve<br />
a number of requirements. The growing dem<strong>and</strong> for multifunctionality in products is a key factor driving the<br />
global sun care market. “When buying a sun care product, added features <strong>and</strong> benefits, such as dark spot<br />
reduction, acne control, spot correction, skin renewal, moisturizing, <strong>and</strong> anti-aging are crucial for<br />
consumers,” the author points out. “Manufacturers are innovating their products in line with changing<br />
consumer dem<strong>and</strong>s <strong>and</strong> this has given sales a significant boost.”<br />
The growing need for sun protection, backed by the rising concerns regarding the risk of skin cancer, has<br />
also influenced the market to a great extent. “The harmful effects of UVA <strong>and</strong> UVB rays are more of a<br />
concern now owing to alarming levels of global warming <strong>and</strong> depletion of the ozone layer,” the lead analyst<br />
comments. Skin cancer due to exposure to the sun is a major threat today <strong>and</strong> to combat this, consumers<br />
have stepped up the consumption of sun care products.<br />
On the other h<strong>and</strong>, the increase in cheap synthetic products, especially in North America, has emerged as<br />
a restraint to the growth of the sun care market. In addition to this, the strict imposition of labeling rules by<br />
the US FDA has rendered it difficult for manufacturers to sell their products. This is acts as a major deterrent.<br />
Revenue-based Growth in <strong>Sun</strong> <strong>Care</strong> <strong>Market</strong> to Rise at 5.8% CAGR by <strong>2024</strong><br />
The global market for sun care products is expected to register a 5.8% CAGR during the forecast period,<br />
with the opportunity in the market rising from US$15.8 bn to be worth US$24.9 bn by <strong>2024</strong>. By type, sun
protection products led the overall market in 2015 <strong>and</strong> is projected to generate a revenue of over US$15<br />
bn by the end of the forecast period. After sun products are anticipated to register the highest CAGR of<br />
6.2% from <strong>2016</strong> to <strong>2024</strong>. Although self-tanning products are forecast to record modest growth in the coming<br />
years, their increasing dem<strong>and</strong> in North America as well as Europe is likely to help them sustain in the<br />
overall sun care market.<br />
By form, the sun care market is led by sun care creams. “However, this is a rather mature market <strong>and</strong> the<br />
growth rate of this segment will decline over the coming years,” the TMR analyst predicts. <strong>Sun</strong> care gels<br />
<strong>and</strong> sprays are likely to witness immense popularity through the forecast period, driven by rising consumer<br />
dem<strong>and</strong>. By region, North America is the leading revenue generator in the sun care market, with Asia Pacific<br />
expected to register the fastest growth.<br />
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This review is based on the findings of a TMR report titled “<strong>Sun</strong> <strong>Care</strong> <strong>Market</strong>: <strong>Global</strong> <strong>Industry</strong> <strong>Analysis</strong>,<br />
Size, Share, Growth, Trends, <strong>and</strong> Forecast <strong>2016</strong> - <strong>2024</strong>.”<br />
<strong>Global</strong> <strong>Sun</strong> <strong>Care</strong> <strong>Market</strong>, by Type<br />
<br />
<br />
<br />
<strong>Sun</strong> Protection<br />
o SPF 6-14<br />
o SPF 15-30<br />
o SPF 30-50<br />
o SPF 50+<br />
After <strong>Sun</strong><br />
Self-Tanning<br />
<strong>Global</strong> <strong>Sun</strong> <strong>Care</strong> <strong>Market</strong>, by Form<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Cream<br />
Gel<br />
Lotion<br />
Powder<br />
Liquid<br />
Wipes<br />
Spray<br />
Colored<br />
<strong>Global</strong> <strong>Sun</strong> <strong>Care</strong> <strong>Market</strong>, by Geography<br />
<br />
<br />
<br />
<br />
North America<br />
Europe<br />
Asia Pacific<br />
Rest of the World
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