Global Sun Care Products Market

The global market for sun care products was valued at USD 11.1 bn in 2022 and is projected to grow at a CAGR of 4.0%. It is expected to reach USD 16.43 bn.

NEW YORK CITY, NEW YORK, UNITED STATES, March 9, 2023 /EINPresswire.com/ -- Market Overview:

The Sun Care Products market is highly competitive, with the presence of several large and small players. Sunscreen lotions and creams are the most popular products in the Sun Care Products market. The largest market for Sun Care Products is North America, followed by Europe and Asia-Pacific. However, the Asia-Pacific region is expected to witness the highest growth rate during the forecast period. The trend of natural and organic products is gaining popularity in the Sun Care Products market.

Market Evolution:

The Sun Care Products market has evolved significantly over the years. Earlier, sun protection products were limited to basic creams and lotions with low sun protection factor (SPF). However, with increasing awareness about the harmful effects of UV rays, consumers have become more conscious about protecting their skin from sun damage. This has led to the development of a wide range of sun care products with high SPF, water resistance, and other added benefits.

The market for Sun Care Products is growing at a steady pace, driven by factors such as increasing consumer awareness about skin cancer and the harmful effects of UV rays, rising disposable income, and the growing trend of outdoor activities. According to a report by Market.us, The global market for sun care products was valued at USD 11.1 billion in 2022 and is projected to grow at a CAGR of 4.0%, between 2023 and 2032. It is expected to reach USD 16.43 billion in the forecast period.

The market is highly competitive, with the presence of several large and small players. The largest market for Sun Care Products is North America, followed by Europe and Asia-Pacific. However, the Asia-Pacific region is expected to witness the highest growth rate during the forecast period, due to the growing awareness about sun protection and the increasing adoption of western lifestyles.

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Key Takeaways:

1. Increasing awareness about skin cancer and the harmful effects of UV rays is driving the growth of the Sun Care Products market.

2. The market is highly competitive, with the presence of several large and small players.

3. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period.

4. Sunscreen lotions and creams are the most popular products in the Sun Care Products market.

5. The trend of natural and organic products is gaining popularity in the Sun Care Products market.

Market Demand and Trend:

The demand for Sun Care Products is increasing due to rising awareness about skin cancer and the harmful effects of UV rays. Consumers are increasingly looking for sun care products that offer high SPF, water resistance, and other added benefits. The trend of natural and organic products is also gaining popularity in the Sun Care Products market, as consumers become more conscious about the ingredients used in their skincare products.

Drivers:

Increasing Awareness about Skin Cancer and Harmful Effects of UV Rays: Rising awareness about skin cancer and the harmful effects of UV rays is driving the growth of the Sun Care Products market.

Rising Disposable Income: The growing disposable income of consumers is driving the demand for premium sun care products.
Growing Trend of Outdoor Activities: The growing trend of outdoor activities such as sports and travel is driving the demand for Sun Care Products.

Restraints:

Availability of Counterfeit Products: The availability of counterfeit sun care products is a major restraint for the market, as they can cause skin damage and harm to consumers.

Price Sensitivity: The price sensitivity of consumers is a major restraint for the market, as they may opt for cheaper alternatives over premium sun care products.

Opportunities:

Growing Popularity of Natural and Organic Products: The growing popularity of natural and organic sun care products presents a significant opportunity for companies in the market.

Expansion into Emerging Markets: The expansion into emerging markets presents a significant opportunity for companies in the market, as these markets are expected to witness high growth rates during the forecast period.

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Challenges:

Regulatory Compliance: Regulatory compliance is a major challenge for companies in the Sun Care Products market, as they need to comply with regulations and standards related to sun care products in different countries.

Intense Competition: The market is highly competitive, with the presence of several large and small players, which can make it difficult for new entrants to establish a foothold in the market.

Fluctuating Raw Material Prices: The fluctuating prices of raw materials such as zinc oxide and titanium dioxide used in sun care products can affect the profit margins of companies in the market.

Market Segmentation

By Product Type
Adult Sun Creams
Baby Sun Creams
After Sun
Fake Tan/Self Tan
Tanning

By Application
Hypermarkets & Supermarkets
Pharmacy & Drug Stores
Specialty Stores
Online
Other Distribution Channels

Kеу Маrkеt Рlауеrѕ:

Beiersdorf AG
Groupe Clarins
Johnson & Johnson
Coty Inc.
Shiseido Co. Ltd.
L’oreal
The Estee Lauder Companies Inc.
Burt’s Bees
Bioderma Laboratories
Unilever
Clarins Group
Other Key Players

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Recent Developments:

In May 2020, L'Oréal announced the launch of its new sun care brand, La Roche-Posay, in India.

In January 2021, Johnson & Johnson announced the launch of its new sun care brand, OGX, in India.

In February 2021, Estée Lauder announced the acquisition of the sun care brand, Dr. Jart+, as part of its strategy to expand its presence in the skincare market.

FAQs:

What are Sun Care Products?

Sun Care Products are products used to protect the skin from the harmful effects of UV rays, including sunscreens, after-sun products, and self-tanning products.

What is the global market size for Sun Care Products?

The global Sun Care Products market size was valued at USD 9.8 billion in 2020 and is expected to reach USD 15.1 billion by 2026, growing at a CAGR of 7.3% during the forecast period.

What is driving the growth of the Sun Care Products market?

The growth of the Sun Care Products market is driven by factors such as increasing consumer awareness about skin cancer and the harmful effects of UV rays, rising disposable income, and the growing trend of outdoor activities.

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