FMI projects the sun care products market to elevate from US$ 13.6 billion in 2023 to US$ 25.3 billion by 2033, with an average CAGR of 6.4% anticipated throughout the forecast period.
The surge in skin-related disorders, including acne, eczema, tanning, rashes, and infection, is expected to drive market growth. Moreover, the market expansion is fueled by rising urbanization, shifting lifestyles, disposable income, and innovation. In addition, the rising consumer awareness of skin diseases, exposure to UV rays, and dullness of skin are increasing the demand for organic sun care products. These products aid in toxin clearance and skincare maintenance.
Customers are molding towards SPF & UV protection sun care products to prevent aging and provide deep moisturization. Manufacturers develop solutions using natural components to treat damaged skin, focusing on consumer needs. In addition, these producers expand market prospects by offering plant-based components free of harmful chemicals.
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Business Growth Drivers:
- Increasing Awareness about Sun Protection: Growing awareness about the harmful effects of UV radiation on skin health is driving the demand for sun care products. Consumers are becoming more conscious about sun protection and are actively seeking products that offer broad-spectrum protection.
- Rising Concerns about Skin Cancer: The rising incidence of skin cancer globally is fueling the demand for sun care products. Consumers are increasingly adopting preventive measures to reduce their risk of developing skin cancer, leading to higher sales of sunscreen lotions, creams, and other protective products.
- Innovations in Product Formulations: Continuous advancements in product formulations, including the development of lightweight, non-greasy, and water-resistant sunscreens, are attracting consumers towards sun care products. Manufacturers are focusing on incorporating natural and organic ingredients, as well as introducing products with additional skincare benefits such as anti-aging properties.
- Expanding Tourism and Outdoor Activities: The growing trend of outdoor recreational activities and increasing tourism activities in sunny destinations are driving the demand for sun care products. Consumers are seeking sun protection solutions that cater to their specific needs during outdoor adventures, beach vacations, and sports activities.
- Market Expansion in Emerging Economies: The sun care products market is witnessing significant growth opportunities in emerging economies due to rising disposable incomes, urbanization, and changing lifestyles. Increasing consumer spending on personal care products, coupled with the expansion of distribution channels, is contributing to market growth in these regions.
Industry Restraints:
- Regulatory Challenges and Compliance: Stringent regulations governing the labeling, formulation, and testing of sun care products pose challenges for manufacturers. Compliance with regulations such as FDA requirements in the US and EU regulations adds complexity and costs to product development and marketing.
- Seasonal Nature of Demand: The sun care products market experiences seasonal fluctuations in demand, with peak sales occurring during the summer months in many regions. Manufacturers may face challenges in managing inventory levels and optimizing production capacity to meet fluctuating demand throughout the year.
- Price Sensitivity: Price sensitivity among consumers, particularly in emerging markets, can act as a restraint on market growth. Competition among manufacturers to offer affordable sun care products without compromising on quality puts pressure on profit margins and may hinder market expansion.
- Perception of Product Effectiveness: Despite advancements in product formulations, some consumers remain skeptical about the effectiveness of sun care products. Misconceptions about SPF (Sun Protection Factor) ratings, application methods, and product efficacy may hinder consumer adoption and brand loyalty.
- Competition from Alternative Solutions: The sun care products market faces competition from alternative sun protection solutions, such as clothing with UV protection, hats, and sunglasses. Growing consumer interest in holistic approaches to sun protection and concerns about chemical ingredients in traditional sunscreens contribute to the popularity of alternative options.
Why do Consumers Prefer Sun Care Products in Tubes Packaging?
Tubes packaging is expected to dominate the cosmetic market by securing a 42.8% share by 2033. The manufacturers provide cosmetic products such as shampoo, face wash, cream, lotion, and toothpaste in tube packaging. Tube packaging is dependable and practical because it stores the products and is simple to use. Many sorts, forms, and shapes of tubes are created by manufacturers along with product descriptions. High-quality tubes were designed by the makers for product packing to extend shelf life. Moreover, leading cosmetic and new start-up companies are developing innovative paper tube packaging to facilitate recycling and lower carbon emissions.
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Key Takeaways:
- The sun care products market is likely to reach a valuation of US$ 25.3 billion by 2033.
- The sun care products market is expected to record a CAGR of 6.4% during the forecast period.
- The market in the United States is anticipated to capture 81.1% of the share through 2033.
- With a CAGR of 57.8%, the Australia sun care products market is expected to increase significantly during the forecast period.
- The market in India is expected to secure a share of 27.3% over the forecast period.
- The market in China is projected to reach a share of 42.6% by 2033.
Who is Winning?
The prominent players play a vital role in the global market by capturing maximum output. These prominent players focus on consumers’ requirements and launch innovative products to meet their needs. For example, they are developing sun care products without side effects and premium packaging to enhance product life.
These players invest in research and development activities to expand the market size. In addition, the key players upsurge the market through marketing strategies, including collaborations, partnerships, product launches, mergers, and acquisitions.
Other Players in the Market are:
- Estee Lauder Companies, Inc.
- Coty, Inc.
- Revlon, Inc.
- Clarins Group
- Clinique Laboratories, Inc.
- Natura & Co.
- Amway Corporation
- Shiseido Company, Limited
- AmorePacific Corporation
- Revlon, Inc.
- Kiehl’s LLC
- Others (On Request)
- Beiersdorf AG
- The Procter & Gamble Company
- Unilever PLC
- L’Oreal Group
Recent Developments in the Market are:
- In September 2020, a Korean Brand, KOKOSTAR, launched its new product Sunscreen Capsule Mask by adding sunscreen oil and sunblock serum. The company launched this vegan mask with biodegradable ingredients.
- In May 2022, L’Oréal launched its new UV filter technology-based product UVMune 400, to protect skin from harmful UVA radiation.
- In February 2022, Beiersdorf established its new center in the United States for therapeutic OTC and sun care products.
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Sun Care Products Market by Category
By Product Type:
- Sunscreen
- After Sun Care
- Self-tanning Products
By Packaging Type:
- Bottles/Jars
- Pumps & Dispensers
- Tubes
- Others
By Age:
- Adult
- Kids
By Nature:
- Organic
- Conventional
By Sales Channel:
- Hypermarkets/Supermarkets
- Specialty Stores
- Multi-brand Stores
- Pharmacy/Drug Stores
- Department Stores
- Convenience Stores
- Online Retailers
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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