According to Fortune Business Insights, the global sun care products market is set to gain traction from the increasing development of innovative devices for measuring sunlight intensity. Manufacturers are doing so to enhance sun-safety habits among people worldwide. This information is given by Fortune Business Insights™ in a new report, titled, “Sun Care Products Market, 2020-2027.” The report further states that the sun care products market size was USD 13.03 Billion in 2019 and is projected to reach USD 16.84 Billion by 2027, exhibiting a CAGR of 3.5% during the forecast period.
COVID-19: Focus of Consumers towards Essential Goods to Decline Demand for Products
Owing to the emergence of the COVID-19 pandemic, international and domestic travel are banned across the globe. Ruling bodies have implemented stringent measures, such as lockdown, social distancing, and stay-at-home orders to prevent the transmission of coronavirus. This has further declined the demand for sun care products. Also, people are purchasing essential goods rather than spending money on such products. We are providing an extensive analysis of the market so that you can select the right strategy for coming out of this grave situation. N
Fortune Business Insights™ lists out all the sun care products market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Edgewell Personal Care (Shelton, U.S.)
- L’Oreal S.A. (Paris, France)
- Shiseido Company, Limited (Tokyo, Japan)
- Beiersdorf AG (Hamburg, Germany)
- Johnson Johnson (New Brunswick, U.S.)
- Unilever (London, U.K.)
- Procter Gamble Co. (Ohio, U.S.)
- Natura Co. (São Paulo, Brazil)
- The Estee Lauder Co. (New York, U.S.)
- Kao Corp. (Tokyo, Japan)
This Report Answers the Following Questions:
- How will the COVID-19 pandemic affect the global market?
- Which region and segment are set to dominate the market?
- What are the latest trends and innovations taking place in the market?
- Which key companies are likely to lead by surging sales of sun care products?
Drivers Restraints-
Increasing Awareness Programs about Skin-related Issues to Boost Growth
The increasing prevalence of cancers, skin aging, and sunburn on account of the prolonged exposure to sunlight is a vital factor responsible for the sun care products market growth. According to the ‘Youth Risk Behavior Surveillance,’ in 2017, in the U.S., 78.8% of white surveyed female participants suffered from sunburn the previous year. This is also surging the number of awareness programs to educate the masses about skin-related issues caused by UV rays. However, sun care products exhibit the highest demand only during summer and holiday seasons. In the other seasons, people are less likely to buy these products. This factor may hamper growth in the coming years.
Regional Analysis-
Rising Popularity of Sunbathing in Asia Pacific to Propel Growth
Geographically, 2019, Europe generated USD 4.19 billion in terms of revenue. This growth is attributable to the increasing usage of sun care products during the summer season in this region. The British Beauty Council Report 2018 declared that approximately 220 million pounds were contributed to the U.K. GDP by sun care products alone in that very year.
Asia Pacific, on the other hand, is expected to showcase significant growth throughout the forthcoming years because of the rising popularity of sunbathing and surging beachside tourism activities in the region. In addition to that, subtropical conditions in New Zealand Australia and tropical conditions in Southeast Asia India would increase the consumption of these products.
Segment-
Need for Reapplication to Drive Growth of Sun-protection Segment
Based on product type, the sun-protection segment earned 78.81% in terms of sun care products market share in 2019. It would hold the largest share in the near future backed by the rising need to re-apply these products every 2 hours when exposed to sunlight.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
Competitive Landscape-
Key Players Aim to Generate More Sales by Launching Novel Sun Care Products
The market is highly fragmented. It is mainly characterized by multi-national and local companies. They are conducting extensive research and development activities to unveil safe products equipped with natural ingredients.
Below are two latest industry developments:
- September 2020: Aegte, a provider of premium skincare products based in New Delhi, India, launched Aegte Glass Skin Sunscreen Gel SPF 50++. It is made up of 100% natural ingredients, such as Swiss garden cress sprouts and red algae extract.
- September 2020: KOCOSTAR, a Korean cosmetics company introduced its latest SPF50+ PA+++ sunscreen capsule face mask. It is eco-friendly and cruelty-free and can provide protection from harmful sunlight.
Frequently Asked Questions (FAQs):
- How much is the sun care products market worth?
Answer: Fortune Business Insights says that the global market size was USD 13.03 billion in 2019 and is projected to reach USD 16.84 billion by 2027.
- What was the value of the market in Europe in 2019?
Answer: In 2019, the Europe market value stood at USD 4.19 billion.
- At what CAGR is the market projected to grow in the forecast period (2020-2027)?
Answer: Registering a CAGR of 3.5%, the market will exhibit steady growth during the forecast period (2020-2027).
- Which is the leading segment based on product type?
Answer: The sun-protection segment is the leading segment based on product type.
- What is the key factor driving the market?
Answer: The prevalence of sunburns and skin cancer due to intense sun rays is a key factor driving the market.
- Who are the major players in this market?
Answer: Beiersdorf AG, Edgewell Personal Care, and Johnson Johnson are a few major players in the global market.
- Which region held the highest share in the market?
Answer: Europe dominated the market in terms of share in 2019.
- Which factors are expected to drive the adoption of these products?
Answer: The development of a broad-spectrum high SPF, mineral-only, and eco-friendly sunscreens are expected to drive the adoption of these products.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/sun-care-products-market-103821
