According to Goldstein Research, rising awareness towards harmful effects of UV radiation and introduction of multi-beneficial products are driving the growth of sun protection products market.
Rising demand for more protection against UV radiation, pollution and infrared lights led the manufacturers to focus on more advanced formulations. Consumers also expect non-sticky products that provide longer protection during sports and water activities in warm and humid environment. As a result high demand of innovative products such as use of synthetic polymers and lighter emollients are expected to drive the growth of sun protection products market.
Global sun protection products market is segmented into UV protection products, after-sun products and self-tanning products on the basis of product type. Among these segments, UV protection products are the major segment that dominates the global sun protection products market. Growing concerns for skin cancer and harmful effects of UV rays sun protection products market is growing consistently across the globe.
Global beauty and personal care products market accounted for over USD 400 billion in 2016; in which skin care products market share more than USD 100 billion. The global sun protection products market accounted for USD 8.3 billion in 2015 and expected to reach USD 14.1 billion by the end of forecast period i.e. 2024. Further the market is anticipated to expand at a compound annual growth rate of 2.5% over the forecast period i.e. 2016-2024. Geographically, Western Europe is the dominating market with more than 30% market share, closely followed by Asia-Pacific region with more than 25% market share. In 2015, Latin America estimated to be the fastest growing market over the forecast period.
Innovative Sunscreen Formulation: Turnkey
Growing demand for innovative products that can provide maximum protection from UV rays and pollution, led the companies to focus on multi-beneficial products. Mildness, water resistance and added benefits along with UV protection are the consumer's preferences driving the demand of sun protection products market. Lancaster, a cosmetic brand recently launched its full light technology which provides skin protection from UVA, UVB and with intelligent polymers that release menthol when exposed to water or heat.
“Global Sun Protection Products Market Outlook 2024” contains detailed overview of the global sun protection products market in terms of market segmentation by end users, by product type, by product form type, by body parts type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also includes provides competitive outlook of some of the major players of global sun protection products market which includes profiling of companies Shiseido Co. Ltd., Lancaster, Johnson and Johnson, Clarins Group, Neutrogena Corporation, Lancaster, Beiersdorf AG etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global sun protection products market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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