According to a survey by Future Market Insights, global demand for sun care products fell in 2020, but the long-term outlook remains strong (FMI). According to the research, market activity could reach pre-COVID levels in 2019.
|Sun Care Products Market Estimated Size 2022||US$ 1.3 Bn|
|Sun Care Products Market Value-based CAGR (2022-2032)||~ 6.9%|
|Sun Care Products Market Projected Size 2032||US$ 2.6 Bn|
Organic, which has made inroads into numerous F&B and cosmetics categories, is also making a mark in the sun care goods landscape, according to FMI analysts, with many consumers attentively reading labelling to know the components.
The market has been steadily growing in recent years, owing to active ingredient integration and the development of multifunctional formulations that not only protect the user from the sun, but also provide skin whitening and anti-aging properties, all of which are expected to drive expansion.
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Nanoparticles such as zinc oxide and titanium dioxide are finding application in sun care product formulations, enabling uniform application, lower residue and higher product efficacy, which is considered to help in popularity of these products among potential buyers.
Strict regulations associated with ingredients and labeling in the North American and European industries, coupled with lower awareness about the risks of sunlight exposure in rural areas and developing countries are key challenges for market players.
FMI’s report offers an exhaustive overview, covering key market dynamics. Some of the takeaways from the report include,
- Market valued at valuation of US$ 1.3 Bn in 2022, with demand slowing down during the coronavirus pandemic
- Sun care creams expected to remain highly sought-after on the back of easier application, and potential for optimized skin nutrition profiles
- Sales of sun care products higher in women as compared to men
- US and EU4 key to growth. However, many countries in Asia Pacific are displaying highly lucrative opportunities for manufacturers for geographical expansion.
“Manufacturers have transitioned to natural and organic ingredients to appeal to new consumer demographics. In addition, the extraction of natural ingredients provides better margins through cheaper raw materials,” said a lead analyst at FMI.
Covid-19 Impact on Sun Care Products Market
The global personal care and cosmetic industry has felt a substantial impact of the coronavirus crisis. Sales in the first half of 2020 have been largely weak. In addition, the large number of retail store closures have also affected the market.
Consumer priorities to spend discretionary income on essential commodities, coupled with the reduction in travel and outdoor recreational activities during the crisis are likely to hold back sales.
On the other hand, online sales of sun care products will witness strong growth, partially offsetting losses incurred by in-store sales.
Recovery of conventional sales and distribution is likely to be gradual. Market players are pushing for changes in promotion including significant discounts to move unsold seasonal inventory in the near term.
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Who is Winning?
In its study, FMI has scrutinized the different strategies deployed my major companies participating in the sun care products market. Leading market players are focused on the development of novel formulations and strategic geographical and capacity expansion with acquisitions being a major area of focus.
Some of the key players in the market include Johnson & Johnson, Shiseido Company Limited, Beiersdorf AG, Loreal SA, The Procter & Gamble Company, Unilever, The Estee Lauder Companies Inc., Lotus Herbal Pvt. Ltd., Avon Products Inc., and Bayer AG, among others.
Sun Care Products Market by Category
- Lotions, Gels & Oils
- Wholesalers and Distributors
- Online Retailers
- Hypermarkets and Supermarkets
- Pharmacy Stores
- Specialty Stores
- Convenience Stores
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding China & Japan
- Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.