03.08.23
According to data provided by Fact.MR, the sun protection products market is forecasted to experience a steady rise with its overall valuation reaching $15.3 billion in 2021. Moving forward, sales are expected to surge at 6.6% CAGR through 2031.
Growing concerns for health and awareness about the side-effects of artificial and chemical products have raised demand for organic products in developed as well as developing regions. Green label sun care products are becoming popular among consumers, which has caused a surge in global production of sun protection products.
Consumption of sun protection products for the hair and skin is expected to witness 1.8X growth with an incremental dollar opportunity of $1.5 billion over the next ten years.
Increasing knowledge about the side effects of chemicals and benefits of organic ingredients is also encouraging manufacturers to produce after-sun products with mild and GMO-free ingredients, thus driving the organic sun protection products market.
Manufacturers are focusing meeting consumer demand by introducing innovative and multifunctional sun protection products that provide nourishment to the skin. Due to the complete skin nourishment provided by sun care creams and lotions along with protecting the skin from UV radiations, demand for after-sun products such as creams and lotions are expected to witness a surge.
Multinational sun protection product companies are focusing on expanding their manufacturing facilities and acquiring local players in order to diversify their product offerings.
L’Oréal is the leading player and holds a 17% market share of the total sun protection products market. The company focuses on developing disruptive scientific and technological innovations in every cosmetics category. Company research & innovation regarding hair care products will rise as it strives to meet consumer expectations.
Japanese company Shiseido Co., Ltd also holds a significant share in the overall market. The company established VISION 2020 strategy in the year 2018 to rebuild the business foundation and thoroughly resolve structural issues of business in Japan and overseas.
The R&D capabilities of Johnson & Johnson and Procter & Gamble have also made them top competitors in the sun protection products market. Their business models rely on continued growth and innovation of existing products & brands, as well as creation of new innovative products.
Find the full report “Sun Protection Products Market” by Fact.MR here.
Growing concerns for health and awareness about the side-effects of artificial and chemical products have raised demand for organic products in developed as well as developing regions. Green label sun care products are becoming popular among consumers, which has caused a surge in global production of sun protection products.
Consumption of sun protection products for the hair and skin is expected to witness 1.8X growth with an incremental dollar opportunity of $1.5 billion over the next ten years.
Consumers Become More Critical of Ingredients
With growing awareness of the harsh chemicals used in cosmetics and their harmful effects on the skin, consumers are becoming more critical about ingredient content before purchasing any product.Increasing knowledge about the side effects of chemicals and benefits of organic ingredients is also encouraging manufacturers to produce after-sun products with mild and GMO-free ingredients, thus driving the organic sun protection products market.
Manufacturers are focusing meeting consumer demand by introducing innovative and multifunctional sun protection products that provide nourishment to the skin. Due to the complete skin nourishment provided by sun care creams and lotions along with protecting the skin from UV radiations, demand for after-sun products such as creams and lotions are expected to witness a surge.
Competitive Landscape
Sun care product suppliers are focusing on strengthening their online presence and spending on research & development (R&D) to strengthen their footprints.Multinational sun protection product companies are focusing on expanding their manufacturing facilities and acquiring local players in order to diversify their product offerings.
L’Oréal is the leading player and holds a 17% market share of the total sun protection products market. The company focuses on developing disruptive scientific and technological innovations in every cosmetics category. Company research & innovation regarding hair care products will rise as it strives to meet consumer expectations.
Japanese company Shiseido Co., Ltd also holds a significant share in the overall market. The company established VISION 2020 strategy in the year 2018 to rebuild the business foundation and thoroughly resolve structural issues of business in Japan and overseas.
The R&D capabilities of Johnson & Johnson and Procter & Gamble have also made them top competitors in the sun protection products market. Their business models rely on continued growth and innovation of existing products & brands, as well as creation of new innovative products.
Find the full report “Sun Protection Products Market” by Fact.MR here.