05.21.23
Future Market Insights anticipates that the sun care products market is expected to reach a valuation from $13.6 billion in 2023 to $25.3 billion by 2033.
The market is anticipated to record an average CAGR of 6.4% during the forecast period. Growing consumer awareness related to skincare and exposure to UV rays is driving the demand for sun care products.
Other factors driving the market include rising skin-related problems and disorders such as tanning, itching, rashes, dullness, infection and cancer; increasing consumer demand for organic sun care products for naturally glowing skin without harmful chemicals increases the market size; increasing consumers' adoption of sun care and sun protection products for outdoor activities to protect their skin from UV rays; the benefits from SPF & UV protection sun care products, such as anti-ageing properties, deep moisturization, and healthy skin, drive the market growth; an increase in newly launched products with advanced shield technology to cure damaged skin and maintain natural skin tone creates multiple market opportunities; the skin care industry is expanding due to the increasing demand for plant-based materials as they are free from harsh chemicals; and prominent manufacturers reduction in the usage of synthetic chemicals and delivering natural ingredients products to their consumers, increasing the market size.
Simplified Skincare Routines and Organic Ingredients
According to a survey conducted in the United Kingdom, 54% of millennials are turning toward simplified skincare routines. They are looking for a sustainable solution for their skin with transparency in the product ingredients.
To meet consumers' requirements, top manufacturing companies are offering valuable and minimalist skincare products. The leading companies interact with their customers, gathering feedback, learning about their preferences in products, and other ways to sustain their brand value, FMI says.
To provide better and organic products for millennials who are spending more on reliable, convenient and effective sun care products, manufacturers are focused on limiting carbon footprints by using organic cosmetic ingredients.
Sun Care Products Market Historical Sales Vs. Future Outlook
According to Future Market Insights, the global sun care products market registered a healthy 6.4% CAGR during the forecast period. Historically, the market registered a CAGR of 4.3% between 2018 and 2022.
The rapidly growing cosmetic sector is attracting consumers to maintain their skin routine. Consumers are concerned about their health and naturally breathing skin. At the same time, they are focusing on natural ingredients that are used in it.
Manufacturers have made several changes in the last few decades to advance market growth. The manufacturers provide fresh, natural and non-toxic products to their consumers. But they also use potentially toxic ingredients in their products, which might harm the skin in the long run, slowing down the market expansion in the coming years. Nowadays, companies seek to manufacture innovative products without side effects as the market is highly competitive.
During the projection period of 2023-2026, rapid urbanization and changing lifestyles increase the adoption of sun care products. Developed nations such as the United States and the United Kingdom use a wide range of organic substances to produce sun care and sun protection products.
From 2026 to 2029, growing consumer awareness to maintain their damaged and dull skin to look beautiful propels the market growth. The improving quality and innovation of SPF & UV protection sun care products drive the market growth during this period.
In the long term from 2029-2033, growing research & development activities, present manufacturers, new market entrance, and large investments drive the sun care products market growth. The manufacturers enhance the product's shelf life by adding non-chemical ingredients that propel the market opportunities by adding value to their brand.
The market is estimated to reach $25.3 billion during the forecast period. Historically, the market reached a valuation of $12.9 billion from 2018 to 2022.
Self-Tanning Products are in High-Demand
Based on product type, self-tanning products are likely to capture a significant share of 49.9% during the forecast period. The increasing consumers' awareness of healthy skin in the long term and reduced excessive sun exposure are rising the demand for self-tanning products. The UV rays and excess sun exposure increases skin disorders such as damage, scars, and skin cancer. However, consumers' rapidly increasing adoption of self-tanning products is crucial in limiting widespread UVB & UVA exposure.
Tubes Packaging Format Propel the Global Market
Based on the packaging format, tubes are leading the global market and are expected to reach a market share of 42.8% by 2033. Cosmetic manufacturers prefer tube packaging format to provide their products to their customers. These tubes are easy to store, reliable, and convenient for storing cosmetic products such as cream, lotion, foundation and face wash. The manufacturers develop these tubes with high-quality material that enhances the product quality and shelf-life. The innovation of paper tube packaging is 100% recyclable and eco-friendly, reducing carbon footprints. Several top companies are adopting these packaging methods by replacing plastic packaging during the forecast period.
Based on age, adult people are likely to hold a significant market share of 79.2% by 2033. The increasing skin issues among people, including premature aging, wrinkles, and sunburn, are rising adults' demand for SPF & UV protection sun care products. Sun care products reduce skin cancer, leathery skin, and inflammation. Therefore, these products are highly preferred by adult group people.
Online Retailing Dominate the Sales Channel in the Global Market
Based on sales channels, online retailing is dominating the global market by securing a significant share by 2033. Customers are fond of buying products through online platforms. The top companies sell their products online to acquire maximum profits.
Growing Skin Disorders Propel the Market in India
During the forecast period, India is estimated to capture a share of 27.3% of the global market. The growing cosmetic industry and skin disorders are advancing the market in the country. In addition, the availability of raw materials, growing urbanization, and changing consumers' lifestyles drive India's sun care products market growth.
Manufacturers are developing products for all skin consumers to reduce infection, skin damage, and other skin-related problems. During summer days, the explosion of sun rays affects the skin, such as rashes, tanning, and allergies are fueling the market in India.
Increasing Demand for Organic Products Upsurge in China
China is estimated to capture a share of 42.6% of the global market by 2033. The increasing demand for organic sun care products among consumers is bolstering the market in China. Cosmetic manufacturers innovate new products that are 100% natural without toxicity to maintain the skin's pH level with organic ingredients. In addition, consumers prefer clean labels and synthetic products that increase sun care sales.
China's market is being driven by expanding online marketing on social media to educate consumers about the product. Adopting sun care products enhances skin tone, appearance, and texture. In addition, the popularity of vegan-based products attracts consumers due to their natural properties, which on the other hand, is fueling the sun care products market in China.
Innovation in Cosmetic Sector Drive the US Market
The United States is dominating the global market by capturing a share of 81.1% by 2033. The increasing innovation in cosmetic products in the United States towards personal and beauty care is fueling the market size. The United States sun care products market is also driven by social media influencers, bloggers, and online distribution channels.
According to the American Academy of Dermatology, more men maintain their skin routine than women. Due to their thicker and more sensitive skin, they prefer sun care products. The research found that UV rays damage men's skin more than womens.
Competitive Landscape
The prominent players play a crucial role in the global market. These players are focused on consumers' requirements and provide quality products to enhance their brand value. The key players invest millions of dollars in research & development activities to acquire significant revenue in the market. In addition, they are innovating unique products per consumers' requirements by adopting advanced technologies.
Deep market analysis by a well-known player results in solutions that propel the market to new heights. Mergers, acquisitions, collaborations, product launches, partnerships, and agreements are a few marketing strategies.