Global Sun Care Products Market Size Worth US$ 13.4 Billion by 2024 | CAGR 3% – IMARCGroup

Global Sun Care Products Market Size Worth US$ 13.4 Billion by 2024 | CAGR 3% - IMARCGroup

Global Sun Care Products Market to Reach US$ 13.4 Billion by 2024, Impelled by Changes in Regulatory Requirements – IMARCGroup
The global sun care products market is driven by rising awareness among consumers, along with the efforts made for updating the regulatory framework and the introduction of innovative products.

According to the latest report by IMARC Group, titled “Sun Care Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market sizereached US$ 11.2 Billion in 2018. Sun care products refer to ointments, gels and lotions that are applied to the skin to protect it from the harmful ultraviolet (UV) rays of the sun. The UV light can be bifurcated into UVA and UVB rays, which enter the skin upon prolonged exposure and damage the skin cells. These rays can increase the incidences of dermatological conditions such as freckles, moles, wrinkles, as well as the risk of chronic diseases like skin cancer. The active ingredient in sun care products works by reflecting, absorbing, or scattering all or some of the sun’s rays, thereby reducing the chances of developing these conditions. These products are currently available in different forms, including lip balms, gels, hair tonics and creams. Some countries, like the US, regulate the sales and labeling of sunscreen products as they are considered a part of the pharmaceutical industry.

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Global Sun Care Products Market Trends:

In recent years, individuals across the globe have become aware of the harmful effects of sun exposure, owing to which, there has been a notable increase in the demand for effective sun protection products. Besides, the rising cases of skin cancer have prompted various governing bodies to make changes in the current regulatory framework for manufacturers. For example, in 2019, the US Food and Drug Administrator (USFDA) proposed a rule to update nonprescription, over-the-counter (OTC) sunscreens with the latest scientific research to make sure that consumers have access to efficient products. The goal of the proposal is to officially designate sunscreens as Generally Recognized as Safe and Effective (GRASE) with two sun-blocking ingredients – titanium dioxide and zinc oxide.

Major players in the market are also focusing on introducing innovative products to attract a larger consumer base. For instance, the France-based personal care company, L’Oréal, recently launched “UV Sense,” the world’s first wearable, battery-free, electronic UV sensor, at the 2018 Consumer Electronics Show (CES). After getting attached to the user’s thumbnail, the device sends information about the UV exposure of the user to an app using the wireless technology, Near Field Communication (NFC). On account of these factors, the market is projected to reach a value of US$ 13.4 Billion by 2024, registering a CAGR of around 3% during 2019-2024.

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Market Summary:

  • The market has been segmented based on the product type, which includes sun protection products, after-sun products and self-tanning products. Currently, sun protection products are most preferred by consumers.
  • On the basis of the product form, the market has been segregated into cream, gel, lotion, wipes, spray and others. Amongst these, creams represent the most popular product form.
  • The report has analyzed the market according to the gender, which consists of female, male and unisex. At present, the female segment exhibits a clear dominance in the market.
  • Based on the distribution channel, the market has been categorized as supermarkets and hypermarkets, specialty retailers, pharmacies and drug stores, online stores, and others. Amongst these, supermarkets and hypermarkets are the most preferred channel.
  • On a regional basis, Europe represents the biggest market for sun care products, accounting for the majority of the total market share. This can be attributed to the rising awareness regarding skincare and the introduction of specialized sun care products in the region. Other major regions include North America, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been examined with some of the key players being Johnson & Johnson Services, Inc., L’Oréal S.A., Revlon, Inc., Unilever PLC, Shiseido Company, Limited, Estee Lauder Companies, Inc., Beiersdorf AG, Avon Products, Inc., Clarins Group, Procter & Gamble Company, Coty, Inc., Lotus Herbals Pvt. Ltd., Amway Corp., and Edgewell Personal Care LLC.

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