Global Sun Care Market: Snapshot
As people around the world grow increasingly conscious about their appearance, the global sun care market can expected lucrative growth opportunities. Thanks to commercials and various marketing propagandas adopted by the leading companies, consumers are realizing the benefits of proper sun protection. Furthermore, doctors and physicians are also advising sun care to protect skin against harmful damages caused by UV rays. Spurred by these factors, the global sun care market will witness significant prospects for growth between 2016 and 2024. Impelled by the prevailing opportunities, market players are likely to offer novel products. Also, a shift towards organic and natural ingredients by the leading companies will ascertain the market’s growth in the coming years.
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Emerging economies in Asia Pacific and Latin America are likely to offer attractive opportunities for growth in the coming years. The rising disposable income of consumers in the regions, coupled with their growing awareness pertaining to skincare, will support the expansion of the sun care market in these regions. Spurred by these factors, the global sun care market will exhibit a CAGR of 5.8% between 2016 and 2024. At this pace, the market will progress from US$14.8 bn in 2015 to US$24.9 bn in 2024.
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Sun Protection Products to the Dominant Segment Based on Type
In the last couple of years, sun care products have graduated from exclusively being meant for skincare to being a multifunctional beauty product. This is one of the primary factors enabling growth in the global sun care product market. In terms of type, the global sun care market can be segmented into sun protection, after sun, and self-tanning. Of these, sun protection productsaccounted for the leading share in the global in 2015 and is expected to remain dominant through the course of the forecast period. However, after sun products are likely to show a higher CAGR in the coming years.
North America to Continue Offering Lucrative Growth Opportunities
Regionally, the global sun care market can be segmented into Europe, North America, Asia Pacific, and the Rest of the World. Among these regions, North America held the leading market share in 2015. It accounted for nearly 35% of the overall revenue generated by the market in the year. Furthermore, the North America sun care market is likely to expand at a steady pace due to the persistently rising demand for sun care products in the region. As per the study, the market will witness increasing demand from the U.S. Besides this, factors such as growing skin care concerns, rising consumer knowledge, and increasing research and development in the field will support the expansion of the sun care market in North America.
Encouraged by lucrative opportunities offered by the North America market, several local players have ventured in. This however has flooded the market with local and low-grade products. These products are priced low and have poor quality, which is creating hindrances for the sun care market.
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Some of the leading players operating in the global sun care market are Johnson and Johnson (U.S.), Beiersdorf AG (Germany), Coty Inc. (US), L’Oréal (France), Shiseido Company Ltd. (Japan), Estee Lauder Companies (U.S.), Bioderma Laboratories. (France), Burt’s Bees (U.K.), and Unilever (Netherlands).
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