New York, USA, April 27, 2023 (GLOBE NEWSWIRE) -- Sun Protection Products Market Overview :
Sun Protection Products Market Information By Form, By SPF Range, By Distribution Channel - Forecast till 2027, the market is projected to acquire substantial growth and touch USD 12,329.5 Million by the year 2027 at a rate of 5.48% between 2020 and 2027.
Market Scope
Sun protection products are intended to shield your skin from the ultraviolet (UV) radiation of the sun. Your chances of getting a sunburn, aging skin, and skin cancer brought on by UV radiation can be decreased by using sun protection items. Regular usage of sun protection creams is crucial, especially when spending a lot of time outside.
Dynamics of Competition
The biggest companies frequently offer new products in the sun protection sector in an effort to meet changing consumer preferences and needs. Smart marketing helps innovative toothpastes with more features (higher SPF) and advantages become released, which benefits the worldwide market while also escalating rivalry between businesses. Most businesses focus on increasing their R&D spending in an effort to reach a wider worldwide audience and increase their market share for toothpaste. Other tactics frequently used by businesses include alliances, teamwork, and mergers.
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Report Scope
| Report Attribute | Details |
| Market Size in 2027 | 2027: USD 12,329.5 Million |
| CAGR | 5.48% CAGR (2020-2027) |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Form, SPF Range, Distribution Channel, and By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Sales Fostered by Growing Cases of Skin Cancer and Other Issues |
The key players of the market are –
- Johnson & Johnson Services Inc (US)
- 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)
- Edgewell Personal Care Company (US)
- Beiersdorf AG (Germany)
- Procter & Gamble Company (US)
- Unilever (UK)
Market USP
Market Drivers
The market for sun protection goods has been greatly bolstered by people's growing knowledge of the harmful effects of UV radiation and the growing need to address them. UV rays are known to cause serious skin damage, including wrinkles and dark patches, which may ultimately accelerate the development of skin cancer. Overexposure to these rays can also lead to conjunctivitis and corneal irritation, and it may even hasten the formation of cataracts. Therefore, there is a high need for sun protection solutions because they offer a barrier of protection by coating the skin and deflecting the sun's rays.
The market expansion for sun protection goods is also fueled by product innovation and marketing initiatives conducted in several nations. Progressively more innovative items are being introduced by manufacturers to meet the changing preferences of knowledgeable customers throughout the world. Manufacturers are continuously working to provide sun protection products with more complex compositions, more skin-care benefits, and better texture. These products are popular with customers because they are simple to use, provide more covering, and offer protection from pollutants and UV radiation.
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Market Restraints
Sunscreen sales may decline in the near future if hazardous substances like homosalate, oxybenzone, titanium dioxide, and octinoxate are present. Endocrine disturbance, hormone disruption, contact allergies, and organ system toxicity are all effects that these compounds might have, making it difficult for businesses to meet customer demand.
COVID-19 Analysis
The COVID-19 epidemic, which resulted in the temporary closing of manufacturing facilities and lowered demand, has had a minor negative effect on the market for sun protection goods. While ongoing attempts are being made to stop the spread of SARS-CoV-2, top businesses are working to strengthen their supply networks and speed up their operations to prevent more losses. The worldwide market for sun protection goods should also be able to rebound fast in the years to come with the progressive lifting of the lockdown across nations and the new coronavirus under control.
Market Segmentation
By Form
The market has been examined from a form perspective for cream, lotion, gel, and more. With a market share of almost 40%, the lotion sector has been in the lead since 2019. Sun protection lotions are becoming more and more popular among millennials and members of generation Z since they are simple to use and contain natural ingredients that improve the look of the skin.
By SPF Range
The sun protection products market offers SPF 15, SPF 30, SPF 50, SPF 70, and additional SPF ranges. Since 2018, the SPF 30 market category has maintained its dominance, accounting for 387.9 million market units.
By Distribution Channel
The MRFR research lists non-store-based and store-based distribution channels as the two main types. Convenience shops, supermarkets, and hypermarkets are just a few examples of the store-based channels. The store-based category, which held the top spot in 2018, is expected to grow at a rate of 5.28% between 2020 and 2027.
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Regional Analysis
Since 2019, the European market has been leading in terms of both volume and value. Italy, Spain, and France are the leading donors due to the players' intensifying aggressive marketing activities and promotions to increase brand recognition. Companies that want to connect with more customers take advantage of social media's high level of popularity. Product demand has increased throughout the region as a result of customers becoming more aware of the negative effects that extended sun exposure has on the skin. Demand for goods has also been boosted by an increase in the number of products that provide different additional advantages including anti-aging and dark spot elimination.
Sun protection goods are expected to see significant growth in the Asia Pacific region in the next years, with a potential growth rate of 5.49%. Due to regular product advancements by top companies and the expanding selection of sun care products among consumers in the two nations who are concerned with body care and skincare, Australia and India are dominating the APAC market. The expansion of the chemical industry in China and India is the main factor fueling the growth of the Asia Pacific market. This development is anticipated to ensure that manufacturers of skin care products have constant access to raw materials, which is expected to be advantageous for Asian manufacturers over the course of the forecast period. The Asia Pacific market is projected to benefit from rising demand from developing nations like China and India as a result of an increase in new product releases and growing consumer awareness of the negative effects of UV radiation and skin diseases.
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