The global demand for sun protection products normally rises in the summer season owing to the increasing intensity of sun rays that compel people to take various measure to protect themselves from sunburn. However, seasonal climate change and availability of other alternatives continue to impact the global sales of sun protection products. That is why, manufacturers are focusing on development of multiuse sun protection products that can also address other issues related to skin care. As per Fact.MR’s recently published report, the global sun protection products market is set to expand at 5.6% CAGR during the forecast period (2017-2022) to surpass a valuation of US$ 13,464 Mn. In addition, rising preference for organic and natural sun protection product formula, coupled with increased desires to look attractive and young is expected to favor the prospects of the market in the years to come.
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Following projections from Fact.MR’s report on the global market for sun protection products are expected to outline the market’s future prospects
1. Demand for sun protection products will continue to be higher than suntan and other sun block products. Over US$ 5,675 Mn worth sun protection products are estimated to be sold by the end of 2022. Currently, sun protection products command for over one-third revenue share of the global market. Cosmetic brands are emphasizing on herbal and natural ingredient owing to increasing concerns over side-effects from use of sun protection products that are prepared from synthetic chemicals.
2. Hypermarket/supermarket has emerge as the top distribution channel for sun protection products. Increase construction of hypermarket/supermarket in emerging countries such as India and China is allowing the global market for sun protection products to gain further momentum. Huge stocks of wellness items including sun protection products can be stored in hypermarket/supermarket giving consumers the option to select form a range of different sun block products. Online retail stores are also a key distribution channel for sun protection products as a large portion of the young population chose to shop online. The online sales segment is projected to surpass a market valuation of US$ 2,879 Mn, registering 5.1% CAGR.
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The market for sun protection products in Asia Pacific excluding Japan (APEJ) is project to remain highly lucrative during the forecast period. The region’s market revenue is expected to expand at over 6% CAGR over 2022. This is attributed to the increasing disposable income and rising purchasing power of consumers in APEJ. Furthermore, growth of the economy in various countries in the region is resulting in improving lifestyle and standard of living. The markets in North America and Europe are also anticipated to register impressive growth rate during the assessment period. Meanwhile, Latin America’s market is also projected to command for a considerable market share in terms of revenues over the forecast period.
The report has also outlined the competitive landscape of global sun protection products market, which includes companies such as L'Oréal S.A., Kao Corporation, Avon Products, Inc., Shiseido Co.,Ltd., Mary Kay Inc., Unilever PLC, The Procter & Gamble Company, Beiersdorf Aktiengesellschaft, Johnson & Johnson, and Christian Dior SE.
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