The global sun care products market is projected to reach 10.4 billion USD by 2024, registering a CAGR of 2.15%
NEW YORK, Jan. 13, 2020 /PRNewswire/ --
Market Overview
The global sun care products market is projected to reach 10.4 billion USD by 2024, registering a CAGR of 2.15% during the forecasted period. The sun care products market is anticipated to be the fastest growing segment within the personal care industry, driven by the rise in consumer awareness related to skin cancer and ageing associated with exposure to UV rays. The demand for self – tanning products is expected to surge in the foreseeable future, and majority of the demand is likely to be concentrated across North America and Europe. The boom in natural and organic, personal care products in particular, is predicted to contribute to the growth of the market.
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Scope of the Report
The Global Suncare market is segmented by type into Self-tanning Products, After-Sun Products and Sun Protection Products. By Distribution Channel the scope includes Offline Retail Stores and Online Retail Stores. Offline stores include specialty stores, supermarkets/hypermarkets, drug stores, pharmacies.
Key Market Trends
Growing Popularity Of Outdoor Recreational Activities
The past few years have seen an increase in the participation of sports, especially in outdoor games. A recent trend growing across Europe is the immense response towards outbound tourism. The emerging trend for beach volleyball has also helped in the growth of the market. 57% of the total beach volleyball participation are males and 27% of them were falling between the age group 25-34. It is estimated that Americans spend more than 600 billion USD each year in outdoor recreational activities. Consumers from Western countries prefer using sun care products during their outdoor activities, especially in beaches. Hence the higher participation rate in the outdoor recreational activities has contributed to the rise in the sales of sun care products.
Middle East And Africa are the Fastest Growing Market
The increasing prevalence of non-melanoma and melanoma skin cancers due to significant UV radiation is majorly affecting outdoor laborers and athletes due to the high exposure to the sun. Hence, people are increasingly using sun care products according to the recommendations of dermatologists for protecting the skin against the harmful effects of the sun's rays. Companies are also tapping the Saudi Arabian market by introducing products with new formulations, such as the incorporation of active ingredients for maximum protection. Online retailers, such as BasharaCare are offering sun care products in KSA. People in Israel are interested in a tanned look and heavily use tanning beds in salons as a solution to achieve the look. The extensive distribution channels of international players such as Beiersdorf in countries, such as Turkey, Kenya, Morocco, Ghana, etc., are leading to product availability and shelf visibility of products in stores, thereby enabling consumers to choose the required product with ease.
Competitive Landscape
Global suncare market is a highly competitive market with the presence of various international players. The major players of the market are having a wide distribution network across the world. Players are also focusing on expanding the product portfolio by understanding the various requirements of the segment. L'Oréal International, Groupe Clarins, Unilever PLC, Shiseido Co. Ltd, and Johnson & Johnson are the major players of the market.
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