Technavio’s research report on the global sun care products market forecast a CAGR of around 5% through 2022 for the market and its growth momentum is expected to accelerate during the forecast period 2018-2022. The year-over-year growth rate for 2018 is estimated at 4%. The report also analyses the sun care products market to register an incremental growth of almost USD 3 billion between 2017 and 2022, with 38% of the incremental growth originating from the Americas.
What’s driving the sun care products market growth?
Market research experts believe that product innovation and product line extension is a key driver for the sun care products market growth. The demand for sun care products that can address skin concerns such as anti-aging and moisturizing is on the rise. There is also a growing demand for natural and instant ways of healing the skin. Along with these evolving customer needs, the demand for premium sun care products rises steeply as the spending power of consumers increases. Manufacturers of these products are looking to differentiate themselves from the pharmaceutical industries and hence, are dedicating a sizable amount in innovative ingredients and technologies that will have a positive impact on the appearance of the skin.
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Latest sun care products market trends
Following the extension in product line, vendors are also embracing the strategy of expanding their distribution channel and broadening their customer bases. At present, omnichannel retailing is trending among the sun care products manufacturers as they are entering the retail sector to expand their businesses. In the process of expanding their customer base, sun care products manufacturers need to be vigilant about counterfeit sun care products in the market, as such products are on the rise. The presence of counterfeit sun care products adversely affects the sales and pricing strategy of the major vendors. To overcome this pricing challenge, manufacturers will have to endorse affordable pricing by lowering their profit margin.
Leading sun care products companies
- Estée Lauder Companies
- Johnson & Johnson
- Shiseido Company
Learn more about the leading sun care products companies and their market positioning: View global sun care products market 2018-2022 report
Key contents of the report:
- Market outline
- Global beauty and personal care products (BPC) market – Parent market
- Market landscape
- Market overview
- Market size and forecast
- Segmentation of the global sun care products market by product
- Sun protection products
- After-sun products
- Self-tanning products
- Segmentation of the global sun care products market by region
- Segmentation of the global sun care products market by distribution channel
- Market drivers
- Market challenges
- Market trends
- Competitive Landscape
- Competitive scenario
- Key vendor analysis
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