Sun Protection Products Market, Growth Opportunities & Technology Developments by 2029

Posted on 2019-10-03 by Mark Hub in Retail // 0 Comments

Sales of sun protection products accounted for the revenues worth US$ 13 Bn in 2018.

Between 2019 and 2029, the global sun care products market revenues are likely to expand at a healthy 7% CAGR.

Sun care products continue to account for 60% of the overall sales of sun protection products.

A majority of sun protection products sales is accounted by female consumers. However, the demand from sun protection products registered by an expanding male consumer pool, is witnessing growth at a healthy pace.

Driven by rampant growth in the rate of urbanization and an equally thriving rate of industrialization of urban areas, the sun protection products market is set to witness an impressive growth outlook during 2019-2029. The global revenues of sun protection products market are expected to gain a significant incremental opportunity over the assessment period.

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Competition Landscape Analysis: Sun Protection Products Market

While market leaders like Unilever PLC, L’Oréal S.A., and P&G have remained focused on maintaining a broad-range, strong portfolio of offerings, the study reveals that market challengers, such as Kao Corporation, and Avon Products, Inc., among others are strategizing on stronger production capabilities and overseas presence. It has been observed that a sizeable number of regional and local players remain among the consumers’ favorites, majorly owing to competitive price points and accessibility.

In resonance with the thriving trend of multi-functionality, brands are likely to direct a sizably large portion of their investments to research & development of novel products that deliver multiple benefits, including anti-aging, tinting, and moisturizing, thereby saving consumers on costs and time. Leading companies are investing more in R&D and introducing innovative sun protection products, that provides multiple skin benefits such as hydration, acne control, dark spot removal and spot correction.

While SPF has been the lasting and most practical norms for formulating skin care and related products, companies active in the sun care products market are investing efforts in stretching the functionality of their offerings beyond the SPF rim. This, in turn, is seemingly squeezing the traditional sun care regime, recently.

Top brands are introducing a brand new SPF generation products range that also covers a diverse range of benefits to skin, sun protection being the foremost one. This particular scenario is being observed in the markets for sun protection products in Western European region, marking the notably growing resilience of the overall sun protection products industry. The sun protection products market is further witnessing a more diverse strategic outlook, with new launches targeting different consumer demographics, such as infants, toddlers, adolescents, millennial, adults, those with tattoos, and unisex, among others.

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Key Growth Influencers – Sun Protection Products Market

The Continued Quest for UV Protection

Increasing awareness among consumers about the harmful effects of UV-rays and growing concern about premature aging, skin cancer and other UV-related skin disorders is fueling the demand for sun protection products at a greater extent. The sun protection products market is expected to grow significantly with the rising need for protection from intense UV-rays and sunburn, especially in the regions with higher exposer of UV-rays.

Consumer expectations regarding the added advantages of these products are driving manufacturers to produce innovative and multifunctional sun protection products. Sun protection products with added benefits and features, such as skin nourishment, redness reduction, spot removing, moisturizing and anti-aging are expected to gain more popularity in the forecast period.

Growing Demand for Products with Natural & Organic Ingredients

The popularity of organic and naturally made personal care products is increasing across the globe. The sun protection products are no exception as the demand for raspberry seed oil, wheat germ oil, hazelnut oil and carrot seed oil-based sun protection products are rising. Preferences on organic and naturally derived products are likely to drive the sun protection product market.

Government is imposing varied regulations on sun protection products to ensure the safety of consumers. The presence of cheap and low-quality products may adversely affect the skin instead of protecting it. The government has developed various standards that are to be complied by all the manufacturers. Market players are focusing on targeting specific consumer base, and emphasizing on providing customized products based on the millennial requirement. Many regions have raised issues regarding the concerns about threat to the coral reefs from sun protection products and have taken various initiatives to control and monitor the use of conventional chemicals. The pull towards organic sun protection products is a significant trend towards the sustainability of the environment and is therefore attracting a number of end users.

Further, even though sun protection products can efficiently protect the skin from hazardous UV radiations, consumers with sensitive skin can get easily affected by harsh chemicals used in these products. Chemicals, such as oxybenzone, avobenzone, octisalate and octocrylene are commonly used in sun protection products, which can affect consumers with sensitive skin by causing skin irritation and allergies. Excessive use of harmful chemicals leading to development of skin allergies can hamper the consumer base for global sun protection products market. Manufacturers have an opportunity to produce organic sun protection products, which will drive the overall market significantly.

Growing Focus on R&D

In sun protection products market, some market players are focused on attracting specific consumer base and conducting rigorous R&D about perfecting their product formation to suit the target consumers’ skin type. Companies have also launched various types of packaging that suits consumers’ needs. Among others, the stick packaging type is trending amongst millennials.

With widespread availability of a wide variety of product types and forms in the sun protection products market, smaller players are noticing the market opportunity and are targeting towards providing products at a lower price range to best suit the needs of the developing markets, which have a high proportion of low-income groups.

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