Sun Care Market is Expected to Reach US$24.9 Billion by 2024; Growing Awareness of Personal Care to Boost Global Market, Says TMR

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Dec 17, 2018, 06:30 ET

ALBANY, New York, December 17, 2018 /PRNewswire/ --

The global sun care market is expected to experience steady growth in Transparency Market Research (TMR). The market's vendor landscape features a number of small-and medium-sized players. A few established, global players command the market, making it a concentrated one. However, the entry of new players is garnering intense rivalry among the vendors.

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A key strategy adopted by vendors to beat the competition is the vertical integration of enterprises. This will help reduce operational and production costs, while maximizing profits. Several vendors are also involved in mergers and acquisitions. The sun care market has low product differentiation, due to which the competition within vendors keeps increasing. Vendors are increasingly investing in creating patents so as to gain momentum in the market by capturing large market share.

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Key vendors operating in the global sun care market are Estee Lauder, L'Oreal, Johnson and Johnson, Beiersdorf AG, and Unilever. Leading vendors are focused on maintaining their brand image. They are expected to include innovative products in their portfolio.

TMR Forecasts Global Sun Care Market to Touch US$24.9 bn by 2024

According to TMR, the global sun care market is expected to rise at a 5.8% CAGR over the forecast period 2016 to 2024. The market was valued to be at US$14.8 bn in 2015 is prognosticated to reach US$24.9 bn by 2024.

Based on product, sun protection segment accounted for a prominent share in 2015. The trend is expected to continue over the forecast period.

Geographically, North America held 35% of the share in the global sun care market in 2015. Surge in user concern is expected to drive the growth in this region, make it a leading market over the coming years.

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Growing Demand for Multi-Function Products

Multi-purpose products joining the forces of SPF with a large group of different applications are the hot trend in beauty at present. Notwithstanding offering protection from the harmful impacts of the sun, driving sun care products presently incorporate increases like anti-aging ingredients, concentrated saturating properties, or restorative improvements like cosmetics preliminary and tinting operators. Regardless of whether a consumer is searching for anti-wrinkle facial sunscreen or a waterproof cream to ensure the skin remains clear during sweating, the boom in interest for multi-functional products will drive the sun care market in the coming years.

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Organic Products to Emerge as Lucrative Market Trend

The booming organic personal care markets are additionally adding to the general development of the sun care market. As an ever increasing number of customer's demand natural ingredients in everything from cleanser to shaving cream, this interest has likewise moved onto their new sun care buys. Explicitly with characteristic sun care products, purchasers are chasing down items that are organic sunscreens (mineral-based sunscreens containing titanium dioxide and zinc oxide) and items free from synthetics like oxybenzone, avobenzone, octisalate, and homosalate.

This review is based on TMR's report titled, "Sun Care Market (Product Type - Sun Protection (SPF 6-14, SPF 15-30, SPF 30-50, and SPF 50+), After Sun, and Self-tanning; Form - Cream, Gel, Lotion, Powder, Liquid, Wipes, Spray, and Colored): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."

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The Global Sun Care Market is segmented on the basis of -

Global Sun Care Market, by Type

Sun Protection
- SPF 6-14
- SPF 15-30
- SPF 30-50
- SPF 50+
After Sun
Self-Tanning

Global Sun Care Market, by Form

Cream
Gel
Lotion
Powder
Liquid
Wipes
Spray
Colored

Global Sun Care Market, by Geography:

North America
Europe
Asia Pacific
Rest of the World

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