Affluence and Health Consciousness: Key Growth Influencers in Sports Sun Care Market
Sports athletes and health-conscious consumers are now the engine for the worldwide growth of the sports sun care market. The rapidly expanding section of affluent sports personalities, coupled with a small coterie of wealthy consumers, is giving traction to sports sun care products such as gels, powders, creams, sprays, and lotions. In 2018, the burgeoning sports sun care market witnessed a spurt in spending to the tune of ~US$1.6 Bn, with maximum penetration in Asia Pacific, which has seen a modest growth outlook. The chunk of this spending can be attributable to the increasing affinity of consumers toward outdoor sports, as well as increased consciousness surrounding skin-related diseases and cancer.
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Sports Sun Care Market Gathering Impetus through Consumer-driven Organic Trends
With an influx of sporting activities and outbound travel, a shift in preference toward the utilization of organic products is foreseen. A majority of consumers are now swaying toward sports sun care products that are rich in polyphenols, vitamins, and antioxidants. Awareness and affordability will continue to remain the two most important marketing touch points for manufacturers in an industry that is brimming with opportunity. While this bustling market is seeing youthful spenders with deep pockets, there has simultaneously also been an uptick in the demand for natural sun care products.
The booming organic personal care market is riddled with purchasers who are chasing down organic and mineral-based sunscreens that are high on titanium oxide and zinc oxide, and devoid of synthetics such as oxybenzone and homosolate. A key trend that is acting as a driving force behind the growth of the sports sun care products market is the proliferation of self-tanning. Products that are ancillary to self-tanning are being introduced in a big way. These refreshed product lines are creating an aura of novelty, and propelling the sports sun care market to grow at a rock-steady CAGR of ~5% over the forecast period (2019 – 2027).
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FDA Bans and Competitive Pricing: Roadblocks to Market Growth
The FDA has come down hard on skin care products, and has banned 14 out of 16 chemical ingredients that are commonly used in sunscreens. While chemical ingredients provide maximum protection against the harmful UVB and UVA rays of the sun, the FDA is not oblivious to their harmful side effects. Till such time the efficacy of mineral ingredients is proven, there will be a lag in the demand for synthetic, chemical ingredients. Moreover, competitive pricing owing to a fragmented market in developing regions will act as a major barrier in the adoption of sports sun care products.
Sales of Lotions and Sprays Soar as Outdoor Sports Gather Momentum
In 2019, lotions and sprays together accounted for ~60% of the overall sports sun care market. These two forms are gaining enormous traction on the back of their water-resistant and sweat-resistant features, and their increased preference by professional sportspersons, athletes and swimmers. Sun care creams and lips balms will be on a steady course, and clock two-fold growth over the forecast period.
The extreme sports segment is poised as a frontrunner and holds a majority of the market share of around 47% in terms of value. Those involved in athletics, rappelling, cycling, beach volleyball, and rock climbing are more likely to appreciate product nuances within the sports sun care market. An upswing in the market is observed by swimmers and surfers who are using water-resistant, anti-tanning, and eco-friendly sun care products. Sports influencers are showing greater luxury discernment. As a result, the demand for premium and mid-range sports-centric sun care products is anticipated to expand rapidly over the forecast period.
Asia Pacific to be Hotbed of Opportunity
The demand for sports sun care products in Asia Pacific is estimated to outpace other regions in the near future. A spurt in sporting activities and scorching temperatures that are increasing the incidence of skin diseases are some of the fuelling factors of the market in the region. Europe and North America continue to hold a major market share of ~61%, with anti-skin burn products re-vitalizing their markets. South America, although, on a slower growth trajectory, is slowly buckling up. Within this region, Brazil is anticipated to be a prominent market for sports sun care products in Latin America.
Online Commerce & Brand Strengthening: Winning Imperatives
Shiseido and Banana Boat are two of the leading players in the sports sun care market. The first nine months of 2018, saw Shiseido’s revenue rising by 10%, with sales improving across all segments. Its cutting-edge marketing strategy has enabled the company to maintain its brand identity as an innovation-driven cosmetic giant. The company boasts of an astounding 8 research centres, worldwide, and has a long-term vision of aiming at net sales that surpass 2 trillion Yen from the year 2022.
Banana Boat, headquartered in Connecticut, U.S., is targeting different groups such as kids, babies, and sports for general skin protection. The company offers innovative and high quality products that provide UVA and UVB protection against the sun. The company crossed a revenue of US$ 2.2 Bn in the year 2018. It is focusing on business expansion, using e-Commerce for greater penetrative reach.
Emerging players such as Coppertone, SoleRX Sunscreen, La Roche-Posay, and EltaMD Inc are expanding their global footprint through R&D, product innovation in higher-margin skin care products, acquisitions, and mergers.