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Sun Protection Products to Retain Dominance in Global Sun Care Market
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According to the report, the global sun care market garnered annual revenue of US$15.8 bn in 2015. Exhibiting a sturdy 5.8% CAGR from 2016 to 2024, the market’s annual revenue figure is expected to rise to US$24.9 bn by the end of 2024.
Sun Protection Products to Remain Leading Revenue Generator
Of the key product segments of the sun care market, sun protection products held the dominant share in the global sun care market in 2015. The segment is likely to remain the leading revenue generator for the sun care market through the forecast period despite the steady rise in demand for after-sun and self-tanning products. The sun protection products segment is expected to account for more than 60% of the global sun care market by the end of 2024.
The sun protection products segment is further divided on the basis of their sun protection factor (SPF) rating into SPF 6-14, SPF 15-30, SPF 30-50, and SPF 50+. Of these, the SPF 30-50 segment is likely to remain dominant in the sun care market and is expected to account for close to 40% of the global market by the end of 2024.
Geographically, developed regions such as North America and Europe are the leading contributors to the global sun care market, with the former likely to dominate the market with an expected 2024 revenue figure of US$8.7 bn. Nevertheless, the Asia Pacific sun care market is likely to undergo rapid growth in the coming years and is expected to exhibit a solid 6.9% CAGR from 2016 to 2024.
Rising Demand for Multifunctional Products to Boost Sun Care Market
One of the key drivers for the global sun care market is the rising use of innovative formulations that affect more than one aspect of the effect of solar radiation on the skin. Such products eliminate the need for other skin care products and are thus becoming increasingly popular. The steady implementation of progressive technological upgrades as well as the latest scientific knowledge in the sun care industry has made it easier to develop multifunctional sun care products.
The prevalence of a fair skin tone has been a key factor in ensuring the dominance of North America and Europe in the global sun care market. While the rising awareness about the adverse effects of excessive solar radiation on the skin has driven the demand for sun protection products, the demand for self-tanning products is also exhibiting a steady rise. This is likely to remain a key driver for the global sun care market in the coming years.
Browse Full Global Sun Care Market Report with TOC:http://www.mrrse.com/sun-care-market
The report profiles leading players in the global sun care market, such as Johnson and Johnson, Unilever, Estee Lauder, Bioderma Laboratories, L’Oreal, and Groupe Clarins. This helps deliver an accurate detailed overview of the global sun care market’s competitive dynamics.
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