LeapZipBlog: Steve Blade's blog: Sun Protection Products Market Growth Rate and Revenue Forecast 2019 to 2029

Sun Protection Products Market Growth Rate and Revenue Forecast 2019 to 2029

August 29, 2019 by Steve Blade  

Fact.MR projects the global sun protection products market to rise at a 5.6% CAGR during the forecast period 2017-2022. By the end of 2022, the global sun protection products market could be worth a US$13.4 bn. According to the authors of the Fact.MR report, the global sun protection products market can be classified into self-tanning care, after-sun, and sun protection products as per type. Amongst these, sun protection products are foreseen to take the lead in the global market. By the end of 2022, the sun protection products segment could be valued at a US$5.6 bn in the global market.

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Sun Protection Products Market in Numbers

  • Sales of sun protection products accounted for the revenues worth US$ 13 Bn in 2018.
  • Between 2019 and 2029, the global sun care products market revenues are likely to expand at a healthy 7% CAGR.
  • Sun care products continue to account for 60% of the overall sales of sun protection products.
  • A majority of sun protection products sales is accounted by female consumers. However, the demand from sun protection products registered by an expanding male consumer pool, is witnessing growth at a healthy pace.
  • Driven by rampant growth in the rate of urbanization and an equally thriving rate of industrialization of urban areas, the sun protection products market is set to witness an impressive growth outlook during 2019-2029. The global revenues of sun protection products market are expected to gain a significant incremental opportunity over the assessment period.

By distribution channel, the global sun protection products market is segregated into four segments, viz. retailers, hypermarket/supermarket, online sales, and other retail formats. Amongst these segments, hypermarket/supermarket is envisaged to become highly attractive in the global sun protection products market. It could help the global sun protection products market to gain impetus in India, China, and other developing economies. It can help consumers to have easy access to latest products available in the global sun protection products market. Moreover, it can accommodate enormous stocks of sun protection products.

On the regional front, APEJ is predicted to take command over the global sun protection products market over the course of the aforementioned forecast period. This regional sun protection products market could rise at a 6.4% CAGR. Improving disposable income in developing economies of APEJ is expected to push the growth of the regional sun protection products market. Increasing inclination toward healthy living and skin improvement amid a highly polluted environment could further increase the sales of sun protection products in the region. Furthermore, economic growth is predicted to create some demand in the regional sun protection products market.

Competition Landscape Analysis: Sun Protection Products Market

While market leaders like Unilever PLC, L'Oréal S.A., and P&G have remained focused on maintaining a broad-range, strong portfolio of offerings, the study reveals that market challengers, such as Kao Corporation, and Avon Products, Inc., among others are strategizing on stronger production capabilities and overseas presence. It has been observed that a sizeable number of regional and local players remain among the consumers’ favorites, majorly owing to competitive price points and accessibility. 

In resonance with the thriving trend of multi-functionality, brands are likely to direct a sizably large portion of their investments to research & development of novel products that deliver multiple benefits, including anti-aging, tinting, and moisturizing, thereby saving consumers on costs and time. Leading companies are investing more in R&D and introducing innovative sun protection products, that provides multiple skin benefits such as hydration, acne control, dark spot removal and spot correction.

While SPF has been the lasting and most practical norms for formulating skin care and related products, companies active in the sun care products market are investing efforts in stretching the functionality of their offerings beyond the SPF rim. This, in turn, is seemingly squeezing the traditional sun care regime, recently.

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The report provides a detailed research study on leading companies of the global sun protection products market, which include Shiseido Co., Ltd., Kao Corporation, Avon Products, Inc., L’Oréal S.A., and Johnson & Johnson.

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