According to a recently revised report by Fact.MR, a market research and competitive intelligence provider, demand for sun protection products will surpass a valuation of US$ 15.3 Bn in 2021, rising at a CAGR of around 6.6% through the end of 2031.
Sun care products are useful to avoid the harmful effects of UVA & UVB rays. This is a prominent segment in the personal care industry. With rising need to protect oneself intensified UV rays and sunburn, especially during the summers, along with changing climatic conditions and increase global warming, demand for sun protection products market will see a surge over the coming years.
Innovation in wellness and beauty products is projected to reflect positively on the global sun protection products market. Increasing desire of consumers to look attractive and younger could create added demand for sun care products such as sun protection wipes, powders, and lotions. Sun protection products also offer additional benefits such as dark spot reduction, anti-aging, and anti-blemish.
By using natural ingredients such as aloe vera, shea butter, almond oil, and vitamin B, manufacturers are producing sun protection products that provide complete protection from harmful sun exposure with added skin benefits. To meet with increasing consumer requirements for products with natural and organic ingredients, manufacturers are minimizing the use of chemicals to a great extent in these products.
Key Takeaways from Market Study
- The global sun protection products market is likely to create an incremental opportunity worth US$ 1.5 Bn through 2031.
- Sun protection products between SPF (sun protection factor) 30 to 60 are expected to gain higher demand over the coming years.
- Growing awareness of consumers about skincare is likely to positively impact demand for sun protection products at a high pace.
- Demand for natural indigent-based sun protection products is also expected to increase owing to growing concern about chemical allergies.
- Globally, pollution, changing external environment, and depletion of the ozone layer have become serious issues, and the number of people suffering from skin ailments has also increased drastically.
- The after sun care segment currently holds a significant share in the global sun protection products market, which is pegged to reach 24.1% in 2021, and the segment is expected to expand at the rate of 7.4% in terms of value.
- The zinc oxide segment currently holds a significant market share, which is pegged to reach 31.5% in 2021, and expand at the rate of 6.5% in terms of value.
“Manufacturers have started making products that are organic/natural and have absolutely no harmful effects on the human body or the environment. Companies have adopted various marketing strategies that include interactive packaging and graphic designs to gain a larger customer base,” said a lead analyst at Fact.MR.
Who is Winning?
Consumers value quality and service above all. As a result, businesses are investing in research & development of distinctive and inventive high-quality products. In addition, they are focusing on adopting cutting-edge technology that will enable them to maintain high-quality standards.
Some of the leading companies offering sun protection products are Johnson & Johnson Services, Inc., Avon Products, Inc, Kao Corporation, Unilever PLC, Mary Kay Inc., The Procter and Gamble Company, Clarins Group, L’Oreal S.A., Christian Dior SE, Amway, Sisley Paris, and others.
