Sun Protection Products Market Scope
The sun protection products market to reach USD 12,329.5 Million by 2027. The market size is presumed to expand at a rate of 5.48 % from 2020 to 2027.
Major Boosters and Deterrents
The sun protection products market report stands to profit from the soaring awareness level among consumers regarding the toxic impact left by UV rays. UV rays cause adverse skin damage, giving rise to issues including wrinkles and dark spots, which can eventually lead to skin cancer. Overexposure can also result in inflammation of the cornea and conjunctiva, which can also lead to cataract development. As a result, these products are experiencing a huge demand, as these act as protective shields on the skin against UV rays.
Product innovation as well as promotional campaigns taking place across several countries are working in favour of the market for sun protection products. Manufacturers are introducing new, advanced products that accommodate every need and preference of consumers, who are today as well-informed as ever before. The latest sun protection products contain significant amounts of refined formulations, along with a host of skin care benefits and better texture. Many of these products provide extra coverage and are easy to apply, while also helping to protect against pollution. Considering these benefits, more and more consumers are opting for these products, which can mean significant market growth in the coming years.
Reputed Firms
Lotus Herbals Pvt. Ltd., Unilever, Groupe Clarins, L’Oreal S., Johnson & Johnson Services, Inc, Amway, Edgewell Personal Care Company, The Estée Lauder Companies Inc., Avon Products Inc, Shiseido Co., Ltd, Procter & Gamble Company, Beiersdorf AG, Revlon, Inc., are the top brands in the sun protection products industry.
The sun protection products industry frequently sees new launches by reputed vendors aiming to cater to the constantly changing consumer tastes and preferences. Innovative products with better features (higher SPF) as well as benefits are introduced, backed by smart marketing, thus favoring the global market. Most of the firms are focused on boosting their R&D budgets to widen their geographical reach and also foster their market share. Some other strategies include collaboration, merger, and partnerships.
Segmental Analysis
The forms in which sun protection products are sold are cream, gel, lotion, and more. Sun protection lotions witness the highest demand and therefore, the segment captured the biggest share of more than 40% in 2018. Sun protection lotions’ easy application and the presence of natural ingredients that amplify the skin’s appearance help elevate their demand among consumers.
The SPF ranges considered in the report are SPF 15, SPF 30, SPF 50, SPF 70, and others. The top spot has been secured by the SPF 30 segment.
Non-store-based as well as store-based are the primary distribution channels. The store-based distribution channels include convenience stores, supermarkets and hypermarkets, and more. The store-based segment has clinched the leading position and slated to register a decent CAGR of 5.28% from 2020 to 2027.
Regional Study
The sun protection products market trends have been geographically divided into Europe, Asia Pacific (APAC), North America, and the Middle East and Africa (MEA).
Europe is the current market leader, both in terms of volume and value. The European market is headed by Spain, France, and Italy, as the top brands in these countries carry out extensive marketing campaigns and promotions to bolster brand awareness. Strong impact of various social media channels on the consumers is leveraged by these brands to foster product sales, which helps facilitate market growth in the region.
Asia Pacific could be a highly profitable market for sun protection products in the next few years, capturing a significant growth rate of 5.49% between 2020 and 2027. Australia and India are the top performers in the region, bolstered by the frequent new launches and product innovations by well-known vendors and the surging number of consumers focused on body and skin care. Consumers are constantly on the lookout for products that provide great protection, but with no visible residue. As a result, brands in the region are coming up with sun protection products that leave no residue and gives a natural looking glow to the consumers.
Recent Developments
June 2021
Shiseido, a renowned Japanese cosmetic brand, is planning to introduce a multifunctional sun protection gel under the brand name Anessa. The UV Sunscreen Gel is a medicated sun protection gel that has brightening as well as moisturising properties. It has 50% skin care ingredients, such as m-tranexamic acid, which is a skin brightening active that is already a part of many products from the company’s brands including HAK, SENKA, and SHISEIDO. The active present in the product helps curb melanin production, in turn preventing freckles and spots. The product also has glycyrrhizate, which is an active ingredient that helps curb skin roughness.
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