Proliferation of sun care protection creams with anti-aging benefits has witnessed a significant demand from millennials which has augmented the growth of sun protection product market. The forecasted growth for sun protection products is pegged at a stellar CAGR of nearly 7% from 2024-2030. However, impact of COVID-19 has shrunk the growth of the sun care products market in several regions. North America and some countries of Europe have witnessed a sluggish demand for sun protection products.
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The impact of COVID-19 is expected to remain for the first two quarters and is expected to recover by the end of the third quarter. In countries like Indonesia, China, Japan, and in other Asian countries, demand has remained intact
Untapped Opportunity lined-up for Players in Female Sun Protection Products Segment
Female consumers are frequent users of sun protection products and are highly conscious of physical changes in their bodies. As per consumer orientation, the female sun protection product consumption is expected to dominate the market, expected to grow at a CAGR of nearly 7% during 2024-2030. However, in the recent past, the manufacturers are equally focusing on men’s sun protection products owing to growing demand from this category.
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Key takeaways of Sun Protection Market Study:
- The North American market is expected to grow at a CAGR of nearly 7% during 2024-2030 owing to the growing per capita spending on cosmeceutical products.
- Self-tanning care products are expected to grow at a CAGR of nearly 7% by 2024-2030, owing to per capita spending for self-tanning products in regions like Europe and Asia.
- East Asia is set to clock an absolute $ opportunity of nearly US $ 3 Bn. during 2024-2030, owing to the rising demand for products with anti-aging and anti-pollution ingredients.
- The European market for natural oil as a sun protection product is expected to grow by 2X during 2024-2030, owing to the convenience of applying the product.
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“The South Asian market is expected to be more lucrative owing to the investments made by leading players in innovations. Moreover, tourist spending is anticipated to increase on sun protection products owing to humidity in the region.” says a Fact.MR analyst.
Innovative Product Launches to Provide Competitive Edge to Key Market Players
The market of sun protection products is highly consolidated with Tier 1 players holding nearly 70% of the market share with active participation in research and development. However, tier 2 and emerging players are continuously working on new technologies and innovations to satisfy consumer demand. Players are focusing on new product launches to gain market share and spur the growth of the market. For instance, in April 2024, Shiseido launched four products under its brands Shiseido, Elixir, Anessa and Ipsa, focusing on the travel retail market.
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