The Global Market for Sun Care Products is Projected to Reach US$11.1 Billion by 2020
Increasing Awareness about Sun
Protection Drives the Global Sun Care Products Market, According to a New
Report by Global Industry
Analysts, Inc.
GIA
announces the release of a comprehensive global report on Sun Care Products. The
global market for Sun Care Products is projected to reach US$11.1 billion by
2020, driven by rising awareness over the importance of sun protection and launch
of new products.
Sun
Care products are designed to protect the skin against harmful UVA and UVB rays
of the sun. Growing consumer awareness over skin cancer and prevention is
resulting in strong demand for sun protection creams and lotions. New product
development, innovation and increased demand from emerging markets such as Asia
Pacific, and Latin America are among the key factors driving growth in the sun
care products market. Growth in the coming years will be driven by the development
of more effective sun care formulations featuring natural and organic
ingredients. Technology advancements in terms of innovative and easy to use
product application formats such as spray, foam, whipped cream, gel, and sticks
are also expected to infuse new demand for sun care products. The rise of the Internet
as a storehouse of health-related information and the rapidly growing online marketing
and distribution channel bode well for market growth. Noteworthy trends in the market
include growing consumer preference for sunscreens with high SPF,
multi-functional whitening sunscreen, and sunscreens with herbal medicines and
natural ingredients.
As
stated by the new market research report on Sun Care Products, Europe represents
the largest market worldwide. Emerging economies in Asia-Pacific, Latin
America, and Eastern Europe are expected to drive future growth in the market.
Increase in disposable incomes, growing population, expanding base of middle
class consumers, growing awareness over the harmful effects of UV radiation,
and the increase in marketing efforts by manufacturers are some of the
important factors propelling growth in the emerging markets. Latin America is forecast
to display the fastest CAGR of 10.2% in dollar terms over the analysis period.
Sun-protection products represent the largest and fastest growing segment in
the global sun care products market.
Key
players covered in the report include Avon Products Inc., Bayer Healthcare,
Beiersdorf AG, Blistex Inc., Clarins Group, Energizer Holdings Inc., Johnson
& Johnson, Neutrogena Corporation, Lancaster, L’Oréal S.A, Shiseido Co.
Ltd., The Estée Lauder Companies Inc., and Walgreens Boots Alliance, among others.
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