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I AgreeAnalysis of Sun Screen market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global sun screen market is estimated at USD 14.4 Billion in 2022 and is forecast to surpass USD 25.2 Billion by 2032, growing at a CAGR of 5.7% from 2022 to 2032.
Report Attributes |
Details |
Base Year Value (2021A) |
USD 13.7 Billion |
Estimated Year Value (2022E) |
USD 14.4 Billion |
Projected Year Value (2032F) |
USD 25.2 Billion |
Global Growth Rate (2022-2032) |
CAGR 5.7% |
Europe Market Share in 2021 |
~25% |
Europe Growth Rate (2022-2032) |
CAGR 5.9% |
Collective Value Share (France, China, India) 2022: Top 3 Countries |
~39% |
Top 5 Companies Market Share in 2021 |
~21% |
Key Companies Profiled |
|
The global sun screen market is projected to account for ~3.0% of the global personal care market in 2022. The global sun screen market is estimated to have an absolute $ opportunity of USD 10.8 Billion during the forecast years of 2022-2032.
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The summer season is the season when sun screen witnesses higher demand owing to the escalating intensity of sun rays which induce people to undertake measures to protect themselves from sunburn.
However, the availability of alternatives and seasonal climate change is impacting the sales of sun screens, estimated to provide a gain of 230 BPS in coming years. Moreover, manufacturers are also focusing on developing advanced dermatological products and introducing multi-use sun screen products and lotions coupled with anti-aging products that carries the ability to address issues related to skincare. This is therefore expected to enhance market growth and demand by 1.3X during the forecast years of 2022-2032.
Fact.MR projects the sun screen market is expected to witness exhibiting growth at 5.7% CAGR during 2022 and 2032 in comparison to a CAGR of 3.9% with which it grew from 2017 and 2021.
Sunscreen is used as a sun-blocking lotion and is available in gel, lotion, sprays etc. The American Cancer Society suggests that the application of sun screen reduces the risks of squamous cell carcinomas. And its regular use can also slow down the process of ageing and prevents wrinkles. Thereby supporting market growth by nearly 1/4th or ~25% of current levels.
Additionally, sunscreens are rated and labelled with a sun protection factor (SPF), which aids in diluting the fraction of UVA present in sun rays that reaches the skin, minimizing cancer risk.
Moreover, to look young and attractive, there has been augmented preference for organic and natural sun screen by the consumer. These natural and organic sun protection formulas are driving innovation in beauty products. All the above listed factors are estimated to support market growth by 1.7X in the assessment years of 2022-2032.
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The past few years have witnessed augmented participation in outdoor games and sports. Even in Europe, outbound tourism and beach volleyball are gaining immense popularity, which is helping create demand for sun screen and aiding in the growth of the market.
As consumers from western countries highly prefer use of sun care products while performing outdoor activities, the rise in participation in recreational activities is poised to provide a gain of 340 BPS to the sun screen market during the assessment years of 2022-2032.
Key players in the sun screen market are focused on tapping the Middle East sun screen market. They are introducing sun screen products with new formulations and active ingredients that provide maximum protection to the consumers. The introduction of new products is attracting a wider consumer base thereby expected to enhance sales of sun screen products by 1.3X in coming years.
Moreover, consumers make their choices after a thorough investigation. For instance, they choose sun care products after evaluating the ingredients of the products. They gather information from a range of sources such as pharmacists, take suggestions from dermatologists, information on the web and media before purchasing the desired product.
Therefore, the companies can focus on conveying their sun protection formulations to influence and attract a larger percentage of consumers in the Middle East region. This is poised to provide a gain of 190 BPS during the assessment years.
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Europe sun screen market accounts for 24.8% of the overall sun screen market share and is projected to grow at a CAGR of 5.9% during forecast years. This is attributed to the presence of multiple established and emerging players in the market. In addition to this, augmented adoption of sun screen products by the consumers in the region owing to the rising outdoor recreational activities is attributed to support market growth in coming years.
The East Asia and South Asia sun screen market accounts for 19.4% and 18.7% of the sun screen market. Collectively, they hold 38.1% of the overall sun screen market share respectively. East Asia and South Asia are projected to grow at an impressive CAGR of 6.2% and 6.4% during the forecast years.
This is mainly attributed to the growing awareness regarding the damage and impact of the sun on unprotected skin. Therefore, solar protection is one of the key drivers behind the fastest-growing sun screen market in the region.
The sun screen products are available as sun protection products, after-sun products, self-tanning products and other products. Amongst them, the sun protection products segment holds approximately 35.4% of the sun screen market share. The segment is projected to grow at a CAGR of 6.1% during the forecast years. This is attributed to the highlighted use of natural and herbal ingredients in sun screen products, which is often used as a key branding strategy by the key players in the sun screen market, which creates a positive image of the product in the minds of consumers.
Based on the distribution channel, offline sales holds 54.4% of the overall market share. In offline sales, sales through hypermarkets/supermarkets constitute approximately 1/3rd i.e. 34.2% to the market share and will continue to be an attractive distribution sales channel for sun screens.
Owing to the easy accommodation of huge stocks of wellness products including sun screens and their easy availability to consumers is aiding in mushrooming of sales through hypermarkets and supermarkets. This is likely to support market demand by 1.4X during the forecast years.
However, online sales channels have emerged as a lucrative opportunity for manufacturers to sell their products online. This is because of the younger generation turning towards purchase through online mediums. Therefore, the online sales of sun screen are projected to grow at a CAGR of 5.9% during the assessment years.
The global sun screen market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced sun screen.
Fact.MR has provided detailed information about price points of top manufacturers in sun screen market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
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The global value of sun screen market is estimated to be worth over USD 14.4 Billion in 2022.
The demand is anticipated to surpass USD 25.2 Billion by 2032 end.
During 2017-2021, global sun screen market grew at 3.9% CAGR.
Some of the prominent players in sun screen market are Johnson & Johnson Services Inc., L'Oréal S.A., Avon Products Inc., Kao Corporation, Shiseido Co. Ltd. etc.
Europe is projected to lead the global sun screen market by accounting for 24.8% of global market share in 2022.
Sun protection products contributes 35.4% of market share in global sales of sun screen.