The global market for sun care products is projected to reach US$5.6 billion by the year 2015, says a new report by Global Industry Analysts, Inc. (GIA). The United States and Europe, which are the world’s main markets for sun care products, would be affected by similar trends: an increased consumer awareness, an ageing baby boomer population, the availability of wide variety of easy-to-use products, the growing significance of organic and natural formulations, and aesthetic concerns.
Sun protection drives innovation
According to the report titled Sun Care Products: A Global Strategic Business Report, the sun care market is driven by the rising consumer awareness about sun protection and skin health, which is fuelling growth across all segments including sun-protection and self-tanning. “The availability of sunscreens in various personal care categories such as anti-wrinkle lotions, daily wear and kids and baby care products is also driving sun care product sales,” the authors say.
Rising consumer expectations in terms of product characteristics such as durability, self-tanning, absorption, and water resistance are boosting innovation in the sun care products market. “Manufacturers across the world are launching products with additional benefits such as anti-ageing components, fragrances, vitamins, glittery effects and rapid-drying effects.” The report also points out a trend towards products that offer multiple benefits, for instance, sunless tanners with sunscreen and insect repellent features.
The demand is also rising for personal care products such as anti-wrinkle lotions, and kids and baby care products, which are integrated with sunscreen characteristics.
Globally, sun protection products represent the largest segment in the sun care products market.
While rising concerns about exposure to ultraviolet radiation and the need to prevent skin damage are contributing to the increased demand for more effective products with high SPF and broad-spectrum protection, manufacturers are intensifying their competition to offer consumers highly efficient formulations.
After-sun products are the second market category, and are driven by the growing demand for products with skin care, anti-aging and relaxation properties.