North American Sun Protection Market to Grow at a CAGR of 7% During 2020-2030

Proliferation of sun care protection creams with anti-aging benefits has witnessed a significant demand from millennials which has augmented the growth of sun protection product market.

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The forecasted growth for sun protection products is pegged at astellar CAGR of nearly 7% from 2020-2030. However, impact of COVID-19 has shrunk the growth of the sun care products market in several regions.

North America and some countries of Europe have witnessed a sluggish demand for sun protection products. The impact of COVID-19 is expected to remain for the first two quarters and is expected to recover by the end of the third quarter. In countries like Indonesia, China, Japan, and in other Asian countries, demand has remained intact

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Untapped Opportunity lined-up for Players in Female Sun Protection Products Segment
Female consumers are frequent users of sun protection products and are highly conscious of physical changes in their bodies. As per consumer orientation, the female sun protection product consumption is expected to dominate the market, expected to grow at a CAGR of nearly 7% during 2020-2030. However, in the recent past, the manufacturers are equally focusing on men’s sun protection products owing to growing demand from this category.

Sun Protection Product Market: Segmentation

FactMR’s study has done the segmentation of the sun protection product market on the basis of product type, form, ingredients, packaging, consumer orientation, distribution channel, and across 7 regions.

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Product Type
• Sun-Care Products
• After Sun Products
• Self-Tanning Care Products

Form
• Creams
• Gel
• Lotion
• Powder

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Innovative Product Launches to Provide Competitive Edge to Key Market Players

The market of sun protection products is highly consolidated with Tier 1 players holding nearly 70% of the market share with active participation in research and development. However, tier 2 and emerging players are continuously working on new technologies and innovations to satisfy consumer demand. Players are focusing on new product launches to gain market share and spur the growth of the market. For instance, in April 2020, Shiseido launched four products under its brands Shiseido, Elixir, Anessa and Ipsa, focusing on the travel retail market.

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Content Source: https://www.factmr.com/media-release/1539/sun-protection-products-market-trends

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This release was published on openPR.