Conventional Sun Protection Products Market is Pegged to Grow at a CAGR of Nearly 7% From 2020-2030
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Prior to Covid-19 outbreak, the demand for specialized skin care products was witnessing significant growth. The forecasted growth for sun protection products is pegged at a CAGR of nearly 7% from 2020-2030. The market of sun protection products highly depends on China who is a significant supplier of active ingredients used in these products.
However, due to COVID-19 impact, existing demand for sun protection products has experienced a dip In the United States, sales declined by nearly 20% by the end of March 2020 owing to prevalence of work from home conditions. Despite this, some of the players like Caroline Goldstein, Shiseido and others are still focusing on launching a wide range of sun protection products for face amid COVID-19 to maintain their presence in the market.
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Conventional Sun Protection Product Market Trends
In recent years, players of the sun protection products market have shifted to natural oil ingredients as a solution with an interest to attract emerging consumer markets that prefer organic products. Moreover, the availability of natural oils commonly extracted from carrot seeds, coconut oil, raspberry seeds, and several other natural products provides cheaper raw material solutions and a better margin. With rising inclination of millennials and generation Z towards natural sun protection products, the market is poised to exhibit an absolute $ opportunity of nearly US $ 1.3 Bn during 2020-2030.
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Conventional Sun Protection Product Market Manufacturers
The rising demand for sun protection creams with anti-aging effects has bolstered the market growth of sun protection products. The market of sun protection products is not limited to application on sun-exposed areas of the bodies as presently companies have been working on sun protection supplements. Asia is a significant market for oral or edible sunscreen products.
Moreover, players in the market are focusing on the use of antioxidants to prevent DNA damage by stopping free radicals that lead to aging and wrinkles. The use of probiotics and prebiotic products has sustained the market of organic sun protection products. In 2020 companies like DSM have been collaborating with startups to make probiotic products based on microbiome technology under the Gut-brain axis approach.
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The report answers important questions which include:
Why is player leading the Sun Protection Products Market in region?
Which factors pose a negative impact on the Sun Protection Products Market growth?
What was the value registered by the Sun Protection Products Market in 2018?
What challenges do the Sun Protection Products Market players face during R&D stages?
Which countries contribute a significant share to the total market revenue in region?
Key findings of the Market report:
Prominent manufacturers, raw material suppliers, equipment providers, traders, and distributors in the Sun Protection Products market.
In-depth analysis of important market segments, market potential, impacting trends, and challenges.
Critical examination of the strengths, weaknesses, opportunities and threats of each Market player.
Extensive investigation of the effects of the growth of relevant industries.
Accurate data regarding the future prospects of the Market during the forecast period.
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