Global Sunscreen Products Market 2019-2025
The global market for sunscreen Products is forecast to reach USD 10.4 billion by 2024, at a CAGR of 2.15 percent over the forecast period (2019-2024). The market for sunscreen products is expected to be the fastest growing segment in the personal care industry, driven by increased consumer awareness about skin cancer and skin aging related to UV exposure. In the near future, demand for self-tanning products is expected to rise. It is predicted that the boom in natural and organic personal care products will contribute to market growth.
Due to significant UV radiation, non-melanoma and melanoma skin cancers pose higher risk than ever for outdoor workers and athletes. Because of the recommendations of dermatologists to protect the skin from the harmful effects of the sun’s rays, people are increasingly using sunscreen products.
Over the past few years, participation in sports, especially outdoor games, has increased. Outbound tourism is seeing tremendous response across Europe. The new beach volleyball trend has also contributed to the market’s growth. 57 percent of the people who participated in beach volleyball were males, and 27 percent were in the age group of 25-34. It is estimated that Americans spend more than $600 billion annually on outdoor recreational activities. Consumers from Western countries tend to use sunscreen products during outdoor activities, especially at beaches. Increase in outdoor recreational activities has boosted the sale of sunscreen products.
Top Key Vendors: –
Johnson & Johnson
Proctor & Gamble
Edgewell Personal Care
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The global market for sunscreen products is divided by type into products for self-tanning, after-sun products, and products for sun protection. Segmentation by distribution channel comprises offline retail stores and online retail stores. Offline stores include specialty stores, supermarkets/hypermarkets, pharmacy, and retail stores.
Geographically, the global sunscreen products market is segmented into the Americas, EMEA, APAC, and Japan. In 2017, the Americas led the market with nearly 38 percent market share, followed by EMEA and APAC respectively. Nonetheless, the APAC area is expected to report the highest annual growth during the forecast period.
The Saudi Arabia market is being tapped with the launch of goods with innovative formulations like full security active ingredients. Online retailers like BasharaCare in Saudi Arabia are making sunscreen products available. Citizens in Israel are interested in a tanned look and are extensively using tanning beds in the living rooms to get the desired look. International players’ extensive distribution channels, such as Beiersdorf in countries such as Turkey, Kenya, Morocco, Ghana, etc., are ensuring product availability and providing for product visibility in stores, to allow consumers to easily select the required products.
Earth’s depleting ozone layer is a global problem that is boosting the market for sunscreen products. Various sunscreen products are available on the market today to counteract these harmful effects. Such products are available in different forms, adhering to a wide spectrum of sun protection factor or SPF to protect the skin from harmful sunrays. Sunscreen products also provide the additional property of wrinkle prevention.
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