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.
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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 2024.
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.
Global Sports Sun Care Market: Overview
- According to Transparency Market Research’s latest market report on the global sports sun care market for the period of 2019 – 2027 (wherein, the period from 2019 to 2027 is the forecast period and 2018 is the base year), increasing awareness about harmful UV radiation and the growing trend of using natural and organic skin products are expected to drive the sports sun care market.
- Globally, revenue generated by the sports sun care market accounted for ~US$ 1.6 Bn in 2018, which is expected to expand at a CAGR of ~5% in terms of value throughout the forecast period.
- The global sports sun care market is projected to reach a valuation of ~US$ 2.6 Bn by the year 2027.
Increasing Awareness about Harmful UV Radiation: Key Driver of Sports Sun Care Market
- Over exposure to UV radiation causes various skin problems such as skin irritation, acne, wrinkles, aging, and skin cancer. People are concerned about their skin health due to increasing skin troubles. Nowadays, consumers are opting for sun care products rather than normal products because of huge social media exposure. Growing skin care concerns is a major factor driving the sports sun care market, globally.
- Moreover, government organizations and manufacturing companies are running campaigns to educate people about the adverse effects of sunrays, and urging them to inculcate the habit of using sun care products. The sports industry has been experiencing rapid growth over the past few years. People in the sports industry are also adopting sun care products to protect themselves from the harmful rays of the sun, which is expected to boost the sports sun care market.
Rise in Demand for Natural & Organic Products: Opportunity for Sports Sun Care Market
- Product innovation and portfolio expansion offer considerable opportunities in the sports sun care market, globally. Consumers are more likely to opt for natural and organic products with the growing awareness about the harsh chemicals used in skin care products and their harmful effects on the skin. The demand for natural and organic sun care products is rising in the market, which is expected to create favorable opportunities in the sports sun care market.
- The sports sun care market comprises a wide range of product types, such as creams, gels, lotions, sprays, lip balms, and wipes with different SPF ranges. Companies are focusing on manufacturing products that are rich in vitamins, antioxidants, and moisturizing agents, which provides better chances of catering to the varying needs of the global sports sun care market.
Legislations Regarding Ingredient Usage to Hamper Growth of Sports Sun Care Market
- Chemical ingredients used in sun care products increase their ability to withstand harmful UV radiations. However, researchers have found that, the use of chemical-based products might have harmful side effects. The FDA has restricted the use of almost 14 out of 16 ingredients that are used in sunscreen products. Thus, the ban and restriction on chemicals can hamper the growth of the sports sun care market.
- As the global sports sun care market is highly fragmented, the affordability of sun care products is another major challenge for the growth of the sports sun care market in developing countries. Higher cost can create barriers in the adoption of sun care products. The high cost of premium sun care products is a major issue, especially in developing economies.
Sports Sun Care Market: Competition Landscape
- Detailed profiles of the manufacturers of sports sun care products have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies.
- Key players operating in the global sports sun care market are –
- Shiseido Co., Ltd
- Neutrogena
- Coppertone
- Banana Boat
- SolRX Sunscreen
- Solskyn Personal Care LLC
- La Roche-Posay
- EltaMD, Inc.
- COOLA LLC
- VLCC Personal Care
- Fresh LLC
Sports Sun Care Market: Key Developments
- Prominent manufacturers in the sports sun care market are increasing investments on research & development to undertake new innovation & enhancements of products, so as to fulfill the demand in the market. Manufacturing companies are also planning to expand their product portfolio presence in various geographies through mergers & acquisitions and tie-ups with distributors and retailers in the sports sun care market space.
Some other key developments in the global sports sun care market are highlighted below:
- Solskyn Personal Care is making heavy investments in research & development to innovate new products and upgrade its existing products. The company is very specific about its ingredients and packaging. Its sports sun care products are packed with antioxidants, vitamins, and skin repair nutrients.
- In January 2018, L’ORÉAL announced the acquisition of La Roche-Posay. It was an irrevocable offer for the acquisition of the totality of the shares of the company. This acquisition enables La Roche-Posay to sustain and reinforce the dermatologic position of the company by developing existing indications and making the thermal station a flagship for the brand. The thermal station is exclusively dedicated to treat dermatological issues. The thermal water offered by La Roche-Posay has therapeutic anti-inflammatory, healing, and soothing properties to treat skin conditions such as eczema, psoriasis, burn scars, and the cutaneous side effects of cancer treatments.
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