According to Fortune Business Insights, the global sun care products market is set to gain traction from the increasing development of innovative devices for measuring sunlight intensity. Manufacturers are doing so to enhance sun-safety habits among people worldwide. This information is given by Fortune Business Insights™ in a new report, titled, “Sun Care Products Market, 2020-2027.” The report further states that the sun care products market size was USD 13.03 Billion in 2019 and is projected to reach USD 16.84 Billion by 2027, exhibiting a CAGR of 3.5% during the forecast period.
Fortune Business Insights™ lists out all the sun care products market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Edgewell Personal Care (Shelton, U.S.)
- L’Oreal S.A. (Paris, France)
- Shiseido Company, Limited (Tokyo, Japan)
- Beiersdorf AG (Hamburg, Germany)
- Johnson & Johnson (New Brunswick, U.S.)
- Unilever (London, U.K.)
- Procter & Gamble Co. (Ohio, U.S.)
- Natura & Co. (São Paulo, Brazil)
- The Estee Lauder Co. (New York, U.S.)
- Kao Corp. (Tokyo, Japan)
Drivers & Restraints-
Increasing Awareness Programs about Skin-related Issues to Boost Growth
The increasing prevalence of cancers, skin aging, and sunburn on account of the prolonged exposure to sunlight is a vital factor responsible for the sun care products market growth. According to the ‘Youth Risk Behavior Surveillance,’ in 2017, in the U.S., 78.8% of white surveyed female participants suffered from sunburn the previous year. This is also surging the number of awareness programs to educate the masses about skin-related issues caused by UV rays. However, sun care products exhibit the highest demand only during summer and holiday seasons. In the other seasons, people are less likely to buy these products. This factor may hamper growth in the coming years.
Regional Analysis-
Rising Popularity of Sunbathing in Asia Pacific to Propel Growth
Geographically, 2019, Europe generated USD 4.19 billion in terms of revenue. This growth is attributable to the increasing usage of sun care products during the summer season in this region. The British Beauty Council Report 2018 declared that approximately 220 million pounds were contributed to the U.K. GDP by sun care products alone in that very year.
Asia Pacific, on the other hand, is expected to showcase significant growth throughout the forthcoming years because of the rising popularity of sunbathing and surging beachside tourism activities in the region. In addition to that, subtropical conditions in New Zealand & Australia and tropical conditions in Southeast Asia & India would increase the consumption of these products.
Segment-
Need for Reapplication to Drive Growth of Sun-protection Segment
Based on product type, the sun-protection segment earned 78.81% in terms of sun care products market share in 2019. It would hold the largest share in the near future backed by the rising need to re-apply these products every 2 hours when exposed to sunlight.
Competitive Landscape-
Key Players Aim to Generate More Sales by Launching Novel Sun Care Products
The market is highly fragmented. It is mainly characterized by multi-national and local companies. They are conducting extensive research and development activities to unveil safe products equipped with natural ingredients.
Below are two latest industry developments:
- September 2020: Aegte, a provider of premium skincare products based in New Delhi, India, launched Aegte Glass Skin Sunscreen Gel SPF 50++. It is made up of 100% natural ingredients, such as Swiss garden cress sprouts and red algae extract.
- September 2020: KOCOSTAR, a Korean cosmetics company introduced its latest SPF50+ PA+++ sunscreen capsule face mask. It is eco-friendly and cruelty-free and can provide protection from harmful sunlight.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/sun-care-products-market-103821
