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.
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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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