According to Fact.MR, the Covid-19 pandemic has shrunk the growth of the sun care products market in several regions. During stringent lockdown, North America and some countries of Europe have witnessed a sluggish demand for sun protection products. In the United States, for instance, sales declined by nearly 20% by the end of March 2020 owing to prevalence of work from home conditions. However, in countries like Indonesia, China, Japan, and in other Asian countries, demand has remained intact.
Fact-MR expects the impact of the pandemic to remain for the first two quarters and to recover by the end of the third quarter. The market research firm thus maintains its forecasts:
The global market of sun protection products is expected to grow at a CAGR of nearly 7% during 2020-2030.
The North American market is expected to grow at a CAGR of nearly 7% during 2020-2030 owing to the growing per capita spending on cosmeceutical products.
Self-tanning care products are expected to grow at a CAGR of nearly 7% by 2020-2030, owing to per capita spending for self-tanning products in regions like Europe and Asia.
East Asia is set to clock an absolute $ opportunity of nearly US $ 3 Bn. during 2020-2030, owing to the rising demand for products with anti-aging and anti-pollution ingredients.
The European market for natural oil as a sun protection product is expected to grow by 2X during 2020-2030, owing to the convenience of applying the product.
North America and Europe presently account for nearly one third of the global sun protection product consumption, with new opportunities linked to a large number of people suffering from sensitive skin issues and rising demand for clean beauty trends.
In recent years, players of the sun protection products market have therefore shifted to natural oil ingredients (commonly extracted from carrot seeds, coconut oil, raspberry seeds, and several other natural products) as a solution to attract consumers with a growing preference for organic products.
However, according to Fact.MR, East Asia and South Asian markets are among the most lucrative regions in the market and are expected to grow at a CAGR of nearly 8% during 2020-2030. Per capita spending in this region is expected to increase in markets like China, India, Japan and Indonesia owing to higher expenditure on sun protection products for hair and skin.