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After Sun Care Products Market Projected to Expand at a CAGR of 3.7% from 2019 to 2026
After Sun Care Products Market
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After sun care products are largely consumed among population living near coastlines. The frequency of purchase for natural/organic after sun care products has increased significantly due to varied benefits over chemical based products. Consumers are now more aware about the effects of harmful UV rays and skin cancer, which has resulted into strong demand for sun care products. There is a strong demand for multifunctional sun care products by consumers in the premium segment. Multifunctional product offerings by leading brands is anticipated to provide a competitive edge over private label brands in the future. The effective supply chain management and control over counterfeiting activities is certainly expected to benefit the global players.
The rise in the popularity of e-commerce shopping in the personal care industry is estimated to provide growth opportunities for the market. Private label brands and SMEs sell their products across the world through online distribution channel, which benefits them in many ways. However, higher price of products and threat from counterfeiting activities is likely to impede the growth of these stakeholders in the future. To avoid such threats, companies are investing in innovative and secure packing forms, which is likely to reduce the impact of counterfeiting in the long run.
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The after sun care products market is segmented on the basis of price point, form, distribution channel, and region. By price point, it is categorized into mass after sun and premium after sun. Private label brands are largely sold under the mass after sun segment and are one of the prime products influencing the overall after sun care products market demand. The mass after sun care products segment was valued at $1.2 billion and is expected to growth with a CAGR of 3.3% (2019-2026) to reach $1.5 billion by 2026. The premium after sun care products segment is expected to be the fastest growing segment with a CAGR of 4.1% during the forecast period. The fastest growth of the premium after sun care products segment is attributed to the increased spending of people on premium cosmetic products and growth in penetration of e-commerce shopping for branded sun care products.
By form, it is segmented into cream, gel, lotion, essential oil, and others. The gel segment was valued at $0.6 Billion and is expected to growth with a CAGR of 3.2% during the forecast period. The segment is expected to reach $1.5 Billion by 2026. The essential oil segment is expected to be the fastest growing segment with a CAGR of 4.3% during the forecast period.
By distribution channel, it is categorized into retail pharmacies, convenience stores, supermarket/hypermarket and e-commerce. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South-East Asia, and Rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa). Countries like Australia, the U.S., the UK, NORDIC countries, India, China, and ASEAN countries are the largest spenders on sun care products due their location and climatic conditions. In addition, factors such as product availability, socio-economic status, per capita expenditure, and consumer purchasing power are responsible for the growth of after sun care products market in these regions.
The global market is fragmented with the presence of several market participants across various regions. The strong presence private label brands is giving tough competition to global players. The key players operating in after sun care products industry include L'Oréal SAS, Beiersdorf AG, Clarins Group, Lancaster Group, Unilver Plc, Estee Lauder Companies, Bioderma Laboratories, Johnson and Johnson, Coty Inc. and Shiseido.
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Similar Report:
Cosmetics Market : https://www.alliedmarketresearch.com/cosmetics-market
Organic Personal Care and Cosmetic Products Market: https://www.alliedmarketresearch.com/organic-personal-care-and-cosmetic-products-market
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