Unregulated and unprotected exposure to UV rays is key to a variety of skin problems, including skin cancers, apart from the common problem of immune system suppression. The widely rising awareness of sun protection formulations in various parts of the globe to prevent these problems is a noteworthy factor constantly fueling the demand for sun care products. Consumers are increasingly demanding healthy sunscreens that can offer long-lasting protection. With this, the demand for innovative formulations packed with natural ingredients such as antioxidants and vitamins. Prominent players in the skin care and are reaching out to new markets with their exotic and highly functional formulations to cater the specific needs of populations.
The demand for sun care productions in emerging economies in Latin America and Asia Pacific seems promising, driven by vast disposable incomes, stimulating spending on skin care products. In addition, the rising awareness about sun care products in beatifying the skin, apart from keeping the skin supple. The demand for skin-softening nourishments daily protection against sun’s rays bodes well for the market. Plus, the availability of sun care products in a variety of attractive packaging is providing a robust impetus to the growth of the market.
According to Transparency Market Research, the global market for sun care products is projected to clock a CAGR of 5.8% during the forecast period of 2016–2014. The opportunities in the market is expected to cross a valuation of US$24.9 bn by the end of 2024.
Which types of sun care products are expected to garner popularity in the coming years?
The broad types of sun care products are sun protection, after-sun, and self-tanning products. Among these, after-sun products are witnessing wide popularity among populations of all ages. Available in different forms, such as creams, gels, milk, and lotions, after-sun products serve a variety of skin care purposes, which is stoking their popularity. These are characteristically applied soon after overexposure to sun. Apart from the usual tan-intensifying properties, they can provide nourishment and hydration and help heal sun-parched skin. Compared to all others, the segment of after-sun products are anticipated to rise at the dominant CAGR 6.2% from 2016 to 2024.
However, though the demand for self-tanning products is emerging at a modest pace, they are witnessing wide uptake in developed regions, such as Europe and North America. The steady demand for these products bodes well for the overall market.
The thrust for organically formulated sun care products has opened up exciting prospects in the market. Azafran Organics, an India-based company, known for its organic ingredients in skin care products. The company unveiled new range of sun care collection in November, 2017. The two variants of skin care collection are suitable for daily use, both on the face and the body. The new launches forms a part of high-end broad spectrum protection against suns’ UVA and UVB rays. The new range is specially targeted to economies of Asia Pacific, including India. Such product launches to tap emerging markets bodes well for the overall market as well.
Which regions will be home to abundant promising opportunities for market players?
The various regions witnessing the demand for sun care products are North America, Asia Pacific, and Europe. Among all regional segments, North America accounted for the dominant share in 2015 and is anticipated to hold its sway in the next few years as well. The widespread demand for sun care products is attributed to the surging skin care concerns, wide awareness among general populations, and substantial research and development activities in countries such as the U.S.
On the other hand, a growing number of people becoming conscious of their skin care and beauty needs is a notable factor accounting for the prominent growth rate of the Asia Pacific market. Various parts of thiss region are characterized by climatic conditions adversely affecting skin. In addition, the advent of products with an array of benefits, notably anti-aging and anti-blemish features bodes well for the regional market. The region is expected to present vast lucrative prospects for market players to capitalize on.