Sun Care Market Growth, Trends, Analysis and Forecasts To 2024 Sun Care Market

Development of Multifunctional Products Presents
Promising Opportunity for Sun Care Product
Manufacturers, says TMR
The global sun care market is extremely concentrated among key players such as Beiersdorf AG, Groupe
Clarins, Johnson and Johnson, Coty Inc., Shiseido Company Ltd., L’Oreal, Bioderma Laboratories, Estee
Lauder, Burt’s Bees, and Unilever. Transparency Market Research has found that companies in the sun
care market have been engaged in enhancing skin protecting components and working toward the
development of innovative products with the hopes of reaching out to a wide customer base.
In June 2016, COTY Inc.’s brand Lancaster introduced a line of beauty and skin products with Full Light
Technology. This technology is said to target 100% of the sun’s spectrum and absorbs, neutralizes, and
reflects various light waves to reduce their harmful effect on the skin.
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Growing Threat of Skin Cancer Driving Sales of Sun Care Products
Sun protection is no longer the sole priority and consumers look for multifunctional products that can serve
a number of requirements. The growing demand for multifunctionality in products is a key factor driving the
global sun care market. “When buying a sun care product, added features and benefits, such as dark spot
reduction, acne control, spot correction, skin renewal, moisturizing, and anti-aging are crucial for
consumers,” the author points out. “Manufacturers are innovating their products in line with changing
consumer demands and this has given sales a significant boost.”
The growing need for sun protection, backed by the rising concerns regarding the risk of skin cancer, has
also influenced the market to a great extent. “The harmful effects of UVA and UVB rays are more of a
concern now owing to alarming levels of global warming and depletion of the ozone layer,” the lead analyst
comments. Skin cancer due to exposure to the sun is a major threat today and to combat this, consumers
have stepped up the consumption of sun care products.
On the other hand, the increase in cheap synthetic products, especially in North America, has emerged as
a restraint to the growth of the sun care market. In addition to this, the strict imposition of labeling rules by
the US FDA has rendered it difficult for manufacturers to sell their products. This is acts as a major deterrent.
Revenue-based Growth in Sun Care Market to Rise at 5.8% CAGR by 2024
The global market for sun care products is expected to register a 5.8% CAGR during the forecast period,
with the opportunity in the market rising from US$15.8 bn to be worth US$24.9 bn by 2024. By type, sun