According to a survey by Future Market Insights, global demand for sun care products fell in 2020, but the long-term outlook remains strong (FMI). According to the research, the market could see pre-COVID levels of activity in 2019.
Organic, which has made inroads into numerous F&B and cosmetics categories, is also making a mark in the sun care goods landscape, according to FMI analysts, with many consumers attentively reading labelling to know the components.
The market has seen steady expansion in recent years, owing to the incorporation of active ingredients and the development of multifunctional formulations that not only protect the user from the sun, but also provide skin whitening and anti-aging properties, both of which are expected to enhance growth.
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Nanoparticles such as zinc oxide and titanium dioxide are being used in sun care product compositions, allowing for uniform application, reduced residue, and increased product efficacy, all of which are thought to contribute to the goods’ attractiveness among potential purchasers.
Strict ingredient and labelling restrictions in the North American and European industries, as well as a lack of awareness regarding the effects of sunlight exposure in rural areas and underdeveloped countries, are major obstacles for market participants.
FMI’s report offers an exhaustive overview, covering key market dynamics. Some of the takeaways from the report include,
- Market valued at valuation of US$ 1.3 Bn in 2022, with demand slowing down during the coronavirus pandemic
- Sun care creams expected to remain highly sought-after on the back of easier application, and potential for optimized skin nutrition profiles
- Sales of sun care products higher in women as compared to men
- US and EU4 key to growth. However, many countries in Asia Pacific are displaying highly lucrative opportunities for manufacturers for geographical expansion.
“To cater to new consumer demographics, manufacturers have shifted to natural and organic products. Furthermore, the extraction of natural substances results in higher margins due to lower raw material costs,” according to an FMI lead analyst.
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Covid-19 Impact on Sun Care Products Market
The coronavirus outbreak has had a significant impact on the global personal care and cosmetics business. The first half of 2020 has seen a significant drop in sales. The market has also been impacted by the large number of retail outlet closures.
Sales are likely to be held back by consumer priorities to spend discretionary cash on basic necessities, as well as a reduction in travel and outdoor recreational activities throughout the crisis.
Online sales of sun care products, on the other hand, will expand rapidly, somewhat offsetting in-store sales losses.
The return of traditional sales and distribution will most likely be gradual. Market participants are pressing for adjustments in advertising, including big reductions, in the short term to shift unsold seasonal inventory.
Who is Winning?
FMI examined the various strategies used by prominent players in the sun care products industry as part of its research. Leading market players are concentrating their efforts on the development of novel formulations as well as strategic regional and capacity expansion, with acquisitions being a key focus.
Johnson & Johnson, Shiseido Company Limited, Beiersdorf AG, Loreal SA, The Procter & Gamble Company, Unilever, The Estee Lauder Companies Inc., Lotus Herbal Pvt. Ltd., Avon Products Inc., and Bayer AG are just a few of the market’s major competitors.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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