Covid-19 Impact on Sun Care Products Market
Future Market Insights (FMI) in its latest study on the sun care products market has anticipated that the market will witness a steady CAGR of 4% during 2020-2030. According to the study, the market players will witness huge market prospects due to increasing product awareness concerning skin cancer and aging-related with exposure to UV rays. Growing online sales of sun care products are poised to foresee sturdy growth, moderately offsetting losses experienced by in-store sales. The sun care products market will be affected by the COVID-19 outbreak, registering slow sales amid the crisis. The market is nevertheless likely to gain momentum due to sales through online channels.
“Players have transitioned to organic and natural ingredients to pull in new consumer demographics. Additionally, the extraction of natural ingredients offers better margins via cheaper raw materials,” said a lead analyst at FMI.
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Sun Care Products Market- Key Takeaways
- By product type, the demand for the creams segment will remain lucrative during the projected period.
- By nature, conventional products will witness huge demand, yet organic products also will be gaining traction over the assessment period.
- In terms of end-users, sun care products sales will be higher in the women category in contrast to men.
- Online sales channels are likely to gain traction over other channels, with ease of purchase, cost benefits, and improvements to product choice for consumers
Sun Care Products Market – Key Trends
- Growing outdoor recreational activities has prompted increasing incidences of skin cancer all over the world thus catalyzing the market growth.
- South Korean sun care products will offer lucrative prospects to the global market growth due to their lax regulations on product formulations than western markets.
- Extensive usage of nanotechnology in the sunscreen formulations will foster market growth as it diminishes side effects for users
- North America holds a significant market share, majorly contributed by the US. The region will remain a lucrative market traditionally.
- The East Asian market for sun care products is poised to expand steadily in the long-run.
- The MEA region will reflect lucrative development prospects with growing instances of skin diseases due to higher UV radiation and adverse weather conditions in several nations in the region.
Sun Care Products Market – Competitive Landscape
Cosmetic and personal care companies around the globe are focusing on research & development (r&d) efforts for enhancements in their product offerings along with strategies to increase sales for sun care products that are highly dependent on seasonal sales.
With the COVID-19 pandemic upsetting travel and outdoor recreational activities, the requirement for sun care products have come down, players have to consider the probable long – and short-term consequences of the pandemic on the sector. Divestments, acquisitions, and alterations in product promotion will stay key strategies for leading players.
Key players identified in the sun care products market include Shiseido Company Limited, Johnson & Johnson, Beiersdorf AG, The Procter & Gamble Company, Loreal SA, Unilever, Lotus Herbal Pvt. Ltd., The Estee Lauder Companies Inc., Bayer AG., and Avon Products Inc.
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Sun Care Products Market – Segmentation
- Lotions, Gels, & Oils
- Wholesalers and Distributors
- Online Retailers
- Hypermarkets and Supermarkets
- Pharmacy Stores
- Specialty Stores
- Convenience Stores
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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Get Valuable Insights into the Sun Care Products Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global sun care products market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the sun care products market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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