Sun Protection Products Market Overview
Supply for sun protection products market increased at a CAGR of 5.48 percent from 2020 to 2027, and By 2027, sales are predicted to grow at a 5.48 percent compound annual growth rate (CAGR).
Longer skin protection, as well as resistance to perspiration and water, is highly valued by consumers. One of the main reasons for their increased spending on sun protection goods is this. Consumers are more interested in the products' long-term impacts, which has increased in the world market.
Sun protection products come in various formats, including sprays, lotions, and gels. Customers are actively employing sun protection creams for various reasons, the most common of which is self-tanning. Other advantages of utilizing sun protection goods include the temporary control of wrinkles and the slowing of skin ageing. As a result, the need for anti-ageing sun protection lotions is increasing.
The need for innovation and the incorporation of more value into products is estimated to induce the global sun protection products market trends to constructively expand in the forecast period. The tumultuous nature of global markets is currently estimated to create significant hindrances to the development of the market in the forecast period. The production technology and processes are estimated to undergo a considerable overhaul to be able to meet the expectations of the new reality in the business domain. The market is estimated to be further motivated by the policies that will be framed to create a conducive working atmosphere in the coming period. The inducement provided by governments is estimated to create a positive outlook for the development of the market in the impending period. The benefits of mergers and collaborations are likely to be more pronounced in this context, as pooling resources and capabilities can lead to the creation of a stronger competitive advantage for companies in the market.
Competitive Analysis
The sun protection products key market players are L’Oreal S.A. (France), The Estée Lauder Companies Inc. (US), Revlon, Inc. (US), Shiseido Co., Ltd (Japan), Avon Products, Inc. (UK), Groupe Clarins (France), Amway (US), Lotus Herbals Pvt. Ltd. (India), Johnson Johnson Services, Inc. (US), Edgewell Personal Care Company (US), Beiersdorf AG (Germany), Procter Gamble Company (US), and Unilever (UK).
Market segmentation
Sun protection products on the market in the form of lotions are in high demand.
Cream, lotion, gel, and other forms have all been examined for the market. Since 2018, the lotion sector has led the industry with more than 40% sun protection products market share. Sun protection lotions are growing in popularity among millennials and Gen Z since they are simple to use and contain natural ingredients that improve the appearance of the skin.
SPF 30 Range Secures the Leading Spot
The sun protection industry caters to SPF 70, SPF 15, SPF 50, SPF 30, and other SPF ranges. With 387.9 million units sold in 2018, the SPF 30 sector has remained at the top end of the sun protection products market.
Non-store-based distribution channels are expected to grow at a rapid rate.
The leading distribution channels included in the MRFR sun protection products market report are non-store-based and store-based. Convenience stores, supermarkets, and hypermarkets are examples of store-based channels. The store-based segment took the top spot in 2018 and is expected to grow at a 5.28 percent annual rate between 2020 and 2027.
Regional Analysis
Shortly, Asia Pacific is expected to be highly profitable for the size of the sun protection products market, with a growth rate of 5.49 percent during the forecast period. Australia and India dominate the APAC market, thanks to frequent product advancements by major companies and a growing awareness of sun protection products amongst consumers interested in the body and skincare within the two nations.
Europe is on the verge of making incredible progress.
Since 2018, Europe has been leading in sun protection products market trends, volume, and value. in light of the growing stringency of marketing programmes and promotions by the participants to enhance brand awareness. Italy, Spain, and France are the top donors.
Industry news
Growing health concerns and awareness of the negative impacts of artificial and chemical products have increased the demand for organic products in both developed and emerging nations. The green-label sun protection products market has become increasingly popular among consumers, increasing worldwide sun protection product manufacturing.
The industry is focusing on addressing consumer demand by providing multifunctional sun protection solutions that also nurture the skin. Because suncare creams and lotions offer comprehensive skin nourishment while also shielding the skin from UV rays, demand for after-sun goods like skin creams and lotions is predicted to increase.
Most producers attempt to target health-conscious consumers worldwide by using organic and natural components instead of chemicals when creating sun protection products.
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