Sun Protection Products Market Overview
In 2022, the market for sun protection products was estimated to be worth USD 8.9 billion. The sun protection products market size is expected to expand at a compound annual growth rate (CAGR) of 5.48% between 2023 and 2032, from USD 9.39 billion in 2023 to USD 14.39 billion. The two main market factors boosting market expansion are an increasing awareness of the risks posed by UV radiation and an increasing flow of information.
In recent years, the Europe sun protection products market has witnessed significant growth driven by increasing awareness regarding skin health and the harmful effects of UV radiation.
Longer skin protection, as well as resistance to perspiration and water, is highly valued by consumers. One of the main reasons for their increased spending on sun protection goods is this. Consumers are more interested in the products' long-term impacts, which has increased in the world market.
Sun protection products come in various formats, including sprays, lotions, and gels. Customers are actively employing sun protection creams for various reasons, the most common of which is self-tanning. Other advantages of utilizing sun protection goods include the temporary control of wrinkles and the slowing of skin ageing. As a result, the need for anti-ageing sun protection lotions is increasing.
Market segmentation
Sun protection products in the form of lotions are in high demand
Cream, lotion, gel, and other forms have all been examined for the market. Since 2018, the lotion sector has led the industry with more than 40% market share. Sun protection lotions are growing popular among millennials and Gen Z since they are simple to use and contain natural ingredients that improve the appearance of the skin.
SPF 30 Range Secures the Leading Spot
The sun protection products market caters to SPF 70, SPF 15, SPF 50, SPF 30, and other SPF ranges. With 387.9 million units sold in 2018, the SPF 30 sector has remained at the top end of the market.
Non-store-based distribution channels are expected to grow at a rapid rate
The leading distribution channels included in the MRFR report are non-store-based and store-based. Convenience stores, supermarkets, and hypermarkets are examples of store-based channels. The store-based segment took the top spot in 2018 and is expected to grow at a 5.28 percent annual rate between 2020 and 2027.
Regional Analysis
Europe is on the verge of making incredible progress
Since 2018, the European market has been leading in volume and value. In light of the growing stringent marketing programs and promotions by the participants to enhance brand awareness. Italy, Spain, and France are the top donors.
Shortly, Asia Pacific is expected to be a highly profitable sun protection products market, with a growth rate of 5.49 percent during the forecast period. Australia and India dominate the APAC market, thanks to frequent product advancements by major companies and a growing awareness of sun care products amongst consumers interested in the body and skincare within the two nations.
Industry news
Growing health concerns and awareness of the negative impacts of artificial and chemical products have increased the demand for organic products in both developed and emerging nations. Green label sun care products have become increasingly popular amongst consumers, increasing worldwide sun protection product manufacturing.
The industry is focusing on addressing consumer demand by providing multifunctional sun protection solutions that also nurture the skin. Because suncare creams and lotions offer comprehensive skin nourishment while also shielding the skin from UV rays, demand for after-sun goods like skin creams and lotions is predicted to increase.
Most producers attempt to target health-conscious consumers worldwide by using organic and natural components instead of chemicals when creating sun care products.
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