ALBANY, New York, May 4, 2017 /PRNewswire/ --
The global sun care market is extremely concentrated in nature. Globalgiants such as Groupe Clarins, Beiersdorf AG, Coty Inc., Burt's Bees, Johnson and Johnson, L'Oreal, Shiseido Company Ltd., Estee Lauder, Bioderma Laboratories, and Unilever contributing maximum to the overall revenue generation.
"The leading players are also paying high attention to mergers and acquisition and geographical expansion to stay ahead in the market," says the author of the report. The value of the global sun care market was US$15.83 bn in 2015 and is poised to reach US$24.91 bn by 2024, progressing at a CAGR of 5.8% between 2016 and 2024.
Demand for Sun Protection Products to Remain High through 2024
By type, sun protection will continue to dominate the market in terms of revenue until 2024. The increasing awareness regarding skin protection against harmful UV rays of sun is supplementing the growth of the segment. The after sun segment will register a significant CAGR of 6.2% during the review period.
Geographically, North America will be at the forefront of the global arena until 2024, reaching a valuation of US$8.68 bn by that year. The advent of sun care products with multifunctional properties is driving the growth of the region. Moreover, the rising concerns regarding skin cancer are boosting the demand for sun care products in the region. Asia Pacific will be the most promising segment, posting a noteworthy CAGR during the forecast period.
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Increasing Exposure to UV Rays Promotes Consumption of Sun Care Products
The introduction of multifunctional products along with increasing research and development activities in the field is providing a fillip to the global sun care market. "Consumers are considering products that besides sun protection, offer added features and benefits such as spot correction, acne control, skin renewal, dark spot reduction, anti-aging, and moisturizing," says a TMR analyst. Manufacturers are involved in innovating products that can adapt and scale to suit the changing requirements of consumers and this has a positive impact on their sales, thereby augmenting the overall market.
The soaring need for sun protection, backed by the rising concerns regarding the risk of skin cancer is also stoking the growth of the global sun care market. The alarming levels of global warming and depletion of the ozone layer are making the people across the globe more susceptible to harmful effects of UVA and UVB rays.
Strict Government Regulations Impacts Market Growth Negatively
The influx of cheap synthetic products is adversely affecting the overall revenue generation of the sun care market. Moreover, governments in several parts of the world have imposed a ban on animal testing, which is likely to challenge manufacturers in product innovation and thus, hamper the growth prospects of the market. In addition to this, stringent rules by the US FDA towards product labeling is acting as a major deterrent to the growth of the market. The growing popularity of BB/CC and other beauty creams are inhibiting the widespread adoption of sun care products. However, the growing consumer inclination towards natural and organic ingredients is opening new avenues for sun care product manufacturers.
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The review is based on the findings of a TMR report titled, "Sun Care Market (Type - Sun Protection (SPF 6-14, SPF 15-30, SPF 30-50, SPF 50+), After Sun, and Self-Tanning; Form - Creams, Gel, Lotion, Powder, Liquid, Wipes, Spray, Colored) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024."
The global sun care market has been segmented into:
Global Sun Care Market, by Type
Global Sun Care Market, by Form
Global Sun Care Market, by Geography
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