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Global sun care products Market Insight2022-01-04 Comments
Global sun care products are forecast to grow steadily over the next four years. Due to increased consumer awareness of skin cancer and aging-related UV exposure, sun care products have gradually become consumers’ daily needs, but due to the impact of COVID-19, the development of the sun care product market has been hindered, now with the effective control of COVID-19, the global economy is gradually recovering, the sun care product market will continue to rise. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 4.1% base on WKI regression analysis model.
“Industry participants of sun care products are not limited to the ability to block ultraviolet rays, but should also fully consider the safety of their ingredients” said Amy, Senior analyst, Consumer Goods Market Research Center in WKI.” The progress of online media has made society know that beauty is not only for women. Post-90s and millennials are the main users of online media apps. They are deeply influenced by the Internet. As they become the main consumer group in the market, male consumers will gradually increase.”
Affected by the increase in disposable income, people enjoy more travel, outdoor games and sunbathing. Long-term exposure of the skin to the sun greatly increases the incidence of skin diseases. According to the American Cancer Society, more than 5 million cases of skin cancer are diagnosed every year. Similarly, according to data cited by the World Health Organization, skin melanoma accounts for 7.2% of all cancer cases in Australia. The extremely high prevalence of skin diseases has made people increasingly more aware of sun protection. Scientific research has shown that daily use of sunscreen with SPF15 or higher can reduce the risk of squamous cell carcinoma (SCC) by about 40% and the risk of melanoma by 50%. Therefore, sunscreen products have gradually become essential skin care for consumers One of the products. However, due to the impact of the epidemic, the sunscreen product market has been hindered. According to our survey, in the United States, due to the impact of CADID-19, work at home has become commonplace, resulting in a decline in sales of nearly 20% in the first quarter of 2020. However, as most countries have fully resumed work, the sunscreen product market will continue to rise during the forecast period.
This WKI market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading sun care products companies that include L’Oreal, Shiseido Company, Johnson & Johnson, Estée Lauder and Kao Corporation.
Segmentation of Sun Care Products Market:
Sun care products are mainly provided in the form of creams, lotions, gels and oils. Consumers’ demand for face cream is much higher than other options, accounting for more than 50% of the entire market. During the forecast period, this ratio is expected to remain. Conventional sun care products account for most of the market demand, which can be attributed to the wide availability and cost advantages, attracting a wide range of consumers. However, as consumers’ awareness of the health risks and side effects associated with synthetic chemical ingredients continues to increase, it is expected to provide motivation for natural organic sun care products, which will gradually erode the market share of traditional products.
Sun Care Products Market: Regional Analysis
In terms of geography, the global sun care products market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. As customers’ awareness of the benefits of sunscreen products continues to increase, North America is expected to dominate the sunscreen product market during the forecast period. Due to the increasing demand for organic and natural sunscreen products, Europe is also expected to occupy an important share in the global sunscreen products market. Due to changes in people’s lifestyles and an increase in disposable income, the Asia-Pacific market is expected to have the highest compound annual growth rate during the forecast period. The Middle East and Africa region shows considerable growth prospects in the short term. Many countries in the region have increased the incidence of diseases such as skin cancer due to unfavorable weather conditions and higher ultraviolet radiation. The increasing number of recommendations made by skin health experts has led market participants to shift their attention to major markets such as Saudi Arabia. Its products incorporate multiple active ingredients to meet excellent sun protection requirements.