Friday, 26 August 2016

Development of Multifunctional Products Presents Promising Opportunity for Sun Care Product Manufacturers, says TMR

The global sun care market is extremely concentrated among key players such as Beiersdorf AG, Groupe Clarins, Johnson and Johnson, Coty Inc., Shiseido Company Ltd., L’Oreal, Bioderma Laboratories, Estee Lauder, Burt’s Bees, and Unilever. Transparency Market Research has found that companies in the sun care market have been engaged in enhancing skin protecting components and working toward the development of innovative products with the hopes of reaching out to a wide customer base. 

In June 2016, COTY Inc.’s brand Lancaster introduced a line of beauty and skin products with Full Light Technology. This technology is said to target 100% of the sun’s spectrum and absorbs, neutralizes, and reflects various light waves to reduce their harmful effect on the skin. 
Growing Threat of Skin Cancer Driving Sales of Sun Care Products

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. “When buying a sun care product, added features and benefits, such as dark spot reduction, acne control, spot correction, skin renewal, moisturizing, and anti-aging are crucial for consumers,” the author points out. “Manufacturers are innovating their products in line with changing consumer demands and this has given sales a significant boost.”

The growing need for sun protection, backed by the rising concerns regarding the risk of skin cancer, has also influenced the market to a great extent. “The harmful effects of UVA and UVB rays are more of a concern now owing to alarming levels of global warming and depletion of the ozone layer,” the lead analyst comments. Skin cancer due to exposure to the sun is a major threat today and to combat this, consumers have stepped up the consumption of sun care products.

On the other hand, the increase in cheap synthetic products, especially in North America, has emerged as a restraint to the growth of the sun care market. In addition to this, the strict imposition of labeling rules by the US FDA has rendered it difficult for manufacturers to sell their products. This is acts as a major deterrent.

Revenue-based Growth in Sun Care Market to Rise at 5.8% CAGR by 2024

The global market for sun care products is expected to register a 5.8% CAGR during the forecast period, with the opportunity in the market rising from US$15.8 bn to be worth US$24.9 bn by 2024. By type, sun protection products led the overall market in 2015 and is projected to generate a revenue of over US$15 bn by the end of the forecast period. After sun products are anticipated to register the highest CAGR of 6.2% from 2016 to 2024. Although self-tanning products are forecast to record modest growth in the coming years, their increasing demand in North America as well as Europe is likely to help them sustain in the overall sun care market.

By form, the sun care market is led by sun care creams. “However, this is a rather mature market and the growth rate of this segment will decline over the coming years,” the TMR analyst predicts. Sun care gels and sprays are likely to witness immense popularity through the forecast period, driven by rising consumer demand. By region, North America is the leading revenue generator in the sun care market, with Asia Pacific expected to register the fastest growth.

This review is based on the findings of a TMR report titled “Sun Care Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.” 

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