Rising Concerns Regarding Skin Cancer Due to Exposure to UV Rays Drive Sales of Sun Care Products Globally
The rising awareness regarding the importance of protection from sun and harmful UV radiations as one of the most important steps of any skincare regimen has led to vast developments in the global sun care market in the past few years. The vast rise in demand for effective sun care products has enticed market players to increase funds directed towards the research and development of novel formulations, ingredients, and easy-to-apply product varieties. Research and innovation activities have also enabled the development of multi-functional sun protection formulations and sun protection products with herbal medicines.
In the next few years, the global sun care products market is expected to continue to grow along an encouraging path and witness expansion at a healthy pace globally. Transparency Market Research estimates that the market will exhibit a 5.8% CAGR from 2016 to 2024. With such growth prospects, the market, which valued US$14.8 bn in 2015, is sure to reach US$24.9 bn by 2024.
In this blog post, TMR analysts highlight some of the key aspects of the current state of the market.
What are the key factors driving the global sun care market?
The rising demand for sun care products is majorly driven by the rising consumer concerns regarding the high risk of skin cancer that may potentially be triggered by exposure to the sin and UVA and UVB rays. With rising level of global warming and depletion of the ozone layer, these concerns have become more profound among the global consumer. These factors are key to establishing the importance of sun care products in daily skincare routines. The factors that are substantially encouraging the increased uptake of sun care products include the rising array of product varieties in the market, introduction of multifunctional products, and the rising consumer base of middle-class people with high disposable incomes.
Which regional market dominates the global sun care market?
North America is presently the leading regional market for sun care products, accounting for over 35% 35% of the overall revenues of the global market in 2015. The market for sun care products is expanding at a steady pace in the region and is expected to retain its dominant stance in the global market in the next few years as well. The presence of some of the market’s leading vendors in the region, an affluent consumer base, and considerable research and development activities observed in the U.S. sun protection products industry in the past few years will encourage steady growth of the North America sun care market in the near future.
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What developments have been seen in the competitive landscape of the global sun care market in the past years?
The excellent pace of development of the global sun care market and the presence of a vast set of growth opportunities has encouraged the entry of a large number of domestic and low-grade product manufacturers. This has significantly intensified competition in the market, which has traditionally featured a concentrated competitive landscape with few international players commanding prominent positions. Nevertheless, notable names in the sun care sector such as Unilever, Beiersdorf AG, Johnson and Johnson, Shiseido Company Ltd., Groupe Clarins, Bioderma Laboratories, Coty Inc., Burt’s Bees, L’Oreal, and Estee Lauder hold sway due to their brand value and account for a significant share in the global market.