NEWARK, Del, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The global sun care market is set to flourish throughout the forecast period by registering a CAGR of 6.3% from 2022 to 2032. The global market totalled at a revenue of USD 12,963.2 Million in 2022 to reach a valuation of USD 23,834.6 Million by 2032.
According to Future Market Insights' historical analysis, the global sun care market registered a CAGR of 4.1% from 2017 to 2021. The share of the sun care market in its parent market i.e. skin care products is 30%-35%. Growth of the market is anticipated to the rising awareness regarding the harmful effects of sun exposure on the skin among consumers is expected to drive sales in the market.
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Increasing incidents of skin-related disorders such as solar elastosis and skin cancer are underpinning the demand for effective sun care products. Furthermore, the presence of health-consciousness customers is assisting the market to grow significantly.
Customers have high concerns about their health and therefore, have a great interest in knowing about products in detail. People are rapidly becoming more aware of their health and are intrigued to know more about the ingredients and their effect on the skin. This growing interest generated among consumers compels companies to reduce the usage of synthetic chemicals in their products and opt for more natural and organic ingredients.
Although the market is facing some challenges like low availability of ideal natural preservatives, microbial contamination in personal care products, comprising of cosmetics and skin care products, leads to instability, discoloration, product separation, and odors. The low availability of appropriate natural preservatives that are effective for a range of microorganisms that guarantee prolonged shelf life without negative side effects is one of the most challenging factors impeding the growth of the global sun care products market.
Key Takeaways
- Compared to other generation types, millennials have grown up with technology due to which they make more informed and well-researched decisions. This is one of the prominent factors behind high awareness regarding beauty trends among millennials.
- Younger skincare enthusiasts are rapidly looking forward to sustainable skincare solutions. The brands cater to their needs and are transparent in communicating their offerings and also undertake efforts to reduce their environmental footprints. Besides this, the millennial generation does not hesitate in spending more on safe and reliable sun care products, which is helping the market of sun care products to grow.
- Utilizing biodegradable packaging helps in minimizing greenhouse gas emissions also known as “carbon footprints” which further adds to global warming. Sustainable packaging also helps in reducing waste and conserves natural resources for the next generation. Companies are implementing environment-friendly policies not only to sell more, but also to help take care of the planet which is benefiting them as Green marketing is always received well by the public.
- Small businesses are in a sound position to get a bigger market share if they make a switch at such an early stage. Inexpensive, generic sustainable packaging materials are widely available, waiting to be transformed by creative design. New entrepreneurs can capitalize on the increasingly popular idea before the shops get saturated.
Competitive Landscape
Key market leaders are actively focusing on new product launches along with mergers and acquisitions in order to increase their global presence and get hold of higher revenue share. In order to cater to the propelling demand for sun care products worldwide, manufacturers are focusing on acquiring domestic players. The objective of these strategies is to expand product lines or to include newer products in their respective offerings.
Estee Lauder Companies, Inc., Coty, Inc.,Revlon, Inc., Clarins Group, Clinique Laboratories, Inc., Natura & Co., Amway Corporation, Shiseido Company, Limited, AmorePacific Corporation, Revlon, Inc., Kiehl’s LLC, Others (On Request), Beiersdorf AG, The Procter & Gamble Company, Unilever PLC, L’Oreal Group
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Global Sun Care Market by Category
By Product Type:
- Sunscreen
- After Sun Care
- Self-Tanning Products
By Packaging Type:
- Bottles/Jars
- Pumps & Dispensers
- Tubes
- Other Packaging Types
By Age:
- Adult
- Kids
By Nature:
- Organic
- Conventional
By Sales Channel:
- Hypermarkets/Supermarkets
- Specialty Stores
- Multi-Brand Stores
- Pharmacy/Drug Stores
- Department Stores
- Convenience Stores
- Online Retailers
- Other Sales Channels
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
More Insights into the Sun Care Market
The rapid expansion of the chemical industry in developing countries like India is one of the major drivers of market growth. This industry is anticipated to guarantee ongoing manufacturers’ access to raw materials. This is projected to be advantageous for Indian manufacturers over the course of the forecast period. India's market is projected to benefit from expanding demand from developing cities like Mumbai, Hyderabad, Bangalore, and other states as a result of an increase in new product launches and growing worries about the damaging effects of UV radiation and skin diseases.
The surging market for sun care products is expanding rapidly in the U.K. and is predicted to exhibit an accelerated growth rate of 2.6% throughout the assessment period. Attributing to the growing knowledge about the advantages of natural and organic ingredients, consumer preference for clean- and green-labeled personal care and cosmetic goods is increasing substantially, driving the sales of sun care products in the UK market.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Product Evolution Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends In the Market
3.1.1. Trend of Growing Consciousness About Grooming Among Consumers
3.1.2. Product Premiumization
3.1.3. Consumers Selecting for At-home Services, Using e-Commerce
3.1.4. Rise in Cosmetics Trial Ups Consumption
3.1.5. Changing Retail landscape
3.1.6. Packaging, A Key To Brand Differentiation For Cosmetics
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