05.09.17
The future looks bright for sun care, as consumers around the world learn the importance UV protection. In fact, the only thing that could cloud this multibillion-dollar market is meddling from government regulators, according to a new study by Transparency Market Research. The value of the global sun care market was $15.83 billion in 2015 and is poised to reach $24.91 billion by 2024, representing a CAGR of 5.8% between 2016 and 2024. While protection is paramount, consumers will seek soothing formulas when they get too much sun. After-sun product sales are expected to rise 6.2% during the forecast 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, according to analysts. Asia Pacific will be the most promising segment, posting a noteworthy CAGR during the forecast period.
However, TMR notes that an 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.
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, according to analysts. Asia Pacific will be the most promising segment, posting a noteworthy CAGR during the forecast period.
However, TMR notes that an 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.
