The global sun care market is expected to experience steady growth, according to a report by Transparency Market Research (TMR).
The global suncare market is expected to reach $24.9 Billion by 2024 -- rising at a 5.8% CAGR over the forecast period, from 2016 to 2024. The market was valued to be at $14.8 billion in 2015.
The sun protection segment accounted for a prominent share of the global suncare market in 2015., and this trend is expected to continue over the forecast period.
Key players include Estee Lauder, L'Oreal, Johnson and Johnson, Beiersdorf AG, and Unilever.
There are a number of small-and medium-sized players, as well as a few established, global players that are commanding the market, making it a concentrated one. However, the entry of new players is garnering intense rivalry among the vendors, according to TMR.
A Growing Demand for Multi-Function & Organic Products
Multi-purpose products that feature SPF are a trend, the report states. Many formulas feature anti-aging ingredients, or formulas that cross over into cosmetics, such as tinted products.
Organic products are also emerging as lucrative trend. As an ever-increasing number of customer's demand natural ingredients in everything from cleanser to shaving cream, this interest has likewise moved onto their new sun care buys, the report states.
Consumers are looking for organic sunscreens, such as mineral-based formulas containing titanium dioxide and zinc oxide; and products free from synthetics like oxybenzone, avobenzone, octisalate, and homosalate.
Photo above: Coola Classic Sunscreen SPF 30 Body, an organic formula; Neutrogena Beach Defense SPF 70; and L'Oreal UV Perfect City Resist 8 -- and anti-pollution skincare product with SPF 50.