The global sun care products market size was valued at USD 13.97 billion in 2022 and is anticipated to grow from USD 14.40 billion in 2023 to USD 19.65 billion by 2030, exhibiting a CAGR of 4.5% growth during the forecast period of (2023-2030).
Increasing cases of severe melanomas due to UVA I, UVA II, and UVB radiation on the skin surface are expected to create demand for high-value SPF products. Shift towards luxury cosmetic products will increase the demand for premium quality products which will propel market growth. Fortune Business Insights™ shares this information in its report titled “Sun Care Products Market, 2023-2030.”
List of Key Players Profiled in the Market Report: –
- The Edgewell Personal Care Company (U.S.)
- L’Oréal S.A. (France)
- Shiseido Co. Ltd. (Japan)
- Beiersdorf AG (Germany)
- Johnson & Johnson Services Inc. (U.S.)
- Unilever Plc. (U.K.)
- The Procter & Gamble Company (U.S.)
- Natura & Co. (Brazil)
- The Estee Lauder Companies Inc. (U.S.)
- Kao Corporation (Japan)
Segmentation
Sun-Protection to Lead Due To Greater Product Usage
On the basis of product type, the market is divided into sun-protection, after-sun, and tanning. The sun-protection segment dominates with the largest market share as sun-protection products are applied to exposed body parts before going into sunlight. The need to re-apply has prominently resulted in greater product usage.
Lotion/Cream To Lead Due As It is Traditional Forms Of Skincare Products
On the basis of form, the market is divided into lotion/cream, sprays, stick/roll-on, and others (gels, masks, etc.). The lotion/cream segment dominates with the largest market share as it is one of the traditional forms of skincare products.
0-29 SPF To Lead As It Is One Of Cost-Effective SPF Products
On the basis of SPF, the market is divided into 0-29, 30-50, and >50. 0-29 SPF segment dominates with the largest market share as it is one of cost-effective SPF products.
Hypermarkets/supermarkets To Lead As People Prefer Buying Products in Bulk
On the basis of distribution channel, the market is divided into hypermarkets/supermarkets, pharmacies, online, and others. The hypermarkets/supermarkets segment dominates as customers prefer buying the necessary grocery items in one place in bulk. Bulk purchasing also allows customers to avail of benefits such as discounts.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Availability of Formulations with SPF+ Moisturizer Benefits Augment Growth
Availability of formulations with SPF+ Moisturizer benefits is anticipated to drive the sun care products market growth. Women populace is seeking products which are multi-functional such as a whitener equipped with sun protection, or a moisturizer with sun protection, and others. Market players in the personal care market have been developing products that caters to changing consumer preferences.
However, people are less likely to purchase these products in other seasons as much as they do in holidays and summer periods which is expected to hamper the market growth.
Regional Insights
Europe to Lead Due To Greater Product Usage in Holidays and The Summer Season
Europe holds the largest part of the sun care products market share due to greater product usage in holidays and the summer season. The market stood at USD 4.31 billion in 2022 with the spike in the sale of self-tanning products.
Asia Pacific has a significant market share due to the high consumption of sun care products due to subtropical conditions in Australia and New Zealand. Surge in the travel and beachside activities is also increasing product sales in the region.
Competitive Landscape
Market Players Have Been Focusing On Safe, Green, and Highly Active Ingredients
The key market players are Beiersdorf AG, Edgewell Personal Care, and Johnson and Johnson, and local players. The market players have been focusing on safe, green, and highly active ingredients. BASF and Galaxy Surfactants are the suppliers of active ingredients or UV filters such as would play a vital role in the supply chain of sun care products.
Key Industry Development
- May 2023- CJ Olive Young Corporation launched its own Greentea Cica Mild suncare stick products in the Japanese market. CJ Olive Young Corporation is a South Korean health and beauty products store. The product is available at Plaza, the Japanese lifestyle store.
Reference Link:
https://www.fortunebusinessinsights.com/sun-care-products-market-103821