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.