The global sun care products market is forecast to reach a valuation of US$ 1.3 Bn in 2022. Increasing expenditure on personal care and beauty products across the globe will boost sales at a 6.9% CAGR, with the total valuation reaching US$ 2.6 Bn by 2032.
FMI analysts opine that organic - which has made deep inroads into many F&B and cosmetics categories - is also making a mark in the sun care products landscape, with many consumers diligently checking labeling to know the ingredients.
The market has witnessed steady growth in the past few years, especially on the account of active ingredient incorporation, and the development of multifunctional formulations, which not only protect the user from the sun, but also provide skin lightening and anti-aging characteristics, which are also likely to boost growth.
Nanoparticles such as zinc oxide and titanium dioxide are finding application in sun care product formulations, enabling uniform application, lower residue and higher product efficacy, which is considered to help in popularity of these products among potential buyers.
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Strict regulations associated with ingredients and labeling in the North American and European industries, coupled with lower awareness about the risks of sunlight exposure in rural areas and developing countries are key challenges for market players.
FMI's report offers an exhaustive overview, covering key market dynamics. Some of the takeaways from the report include,
- Market valued at valuation of US$ 1.3 Bn in 2022, with demand slowing down during the coronavirus pandemic
- Sun care creams expected to remain highly sought-after on the back of easier application, and potential for optimized skin nutrition profiles
- Sales of sun care products higher in women as compared to men
- US and EU4 key to growth. However, many countries in Asia Pacific are displaying highly lucrative opportunities for manufacturers for geographical expansion.
"Manufacturers have transitioned to natural and organic ingredients to appeal to new consumer demographics. In addition, the extraction of natural ingredients provides better margins through cheaper raw materials," said a lead analyst at FMI.
Covid-19 Impact on Sun Care Products Market
The global personal care and cosmetic industry has felt a substantial impact of the coronavirus crisis. Sales in the first half of 2020 have been largely weak. In addition, the large number of retail store closures have also affected the market.
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Consumer priorities to spend discretionary income on essential commodities, coupled with the reduction in travel and outdoor recreational activities during the crisis are likely to hold back sales.
On the other hand, online sales of sun care products will witness strong growth, partially offsetting losses incurred by in-store sales.
Recovery of conventional sales and distribution is likely to be gradual. Market players are pushing for changes in promotion including significant discounts to move unsold seasonal inventory in the near term.
Who is Winning?
In its study, FMI has scrutinized the different strategies deployed my major companies participating in the sun care products market. Leading market players are focused on the development of novel formulations and strategic geographical and capacity expansion with acquisitions being a major area of focus.
Some of the key players in the market include Johnson & Johnson, Shiseido Company Limited, Beiersdorf AG, Loreal SA, The Procter & Gamble Company, Unilever, The Estee Lauder Companies Inc., Lotus Herbal Pvt. Ltd., Avon Products Inc., and Bayer AG, among others.
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Sun Care Products Market by Category
- Lotions, Gels & Oils
- Wholesalers and Distributors
- Online Retailers
- Hypermarkets and Supermarkets
- Pharmacy Stores
- Specialty Stores
- Convenience Stores
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding China & Japan
- Middle East & Africa
Explore FMI's Extensive Ongoing Coverage on Consumer Product Domain:
BRICS Oral Care Market :The personal care industry broadly comprises bath and shower products, colour cosmetics, skin care, hair care, oral care, and others. In recent years, personal care products are finding profound use in day to day life of consumers.
Baby Personal Care Market : The Baby Personal Care Market is likely to hold the global market at a moderate CAGR of ~5% during the forecast period. The global market holds a forecasted revenue of US$ 5.8 Billion in 2022 and is likely to cross US$ 8.31 Billion by the end of 2032.
Professional Hair Care Products Market :The professional hair care products market is set to flourish its space in the market with a CAGR of 4.4% between 2023 and 2033. The market holds a value of US$ 23.06 Billion in 2022, while it is anticipated to reach a valuation of US$ 35.47 Billion.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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