The Total Addressable Market (TAM) for Suncare Products was valued at USD 11.08 billion in 2022. It is projected to reach USD 15.37 billion by 2031, growing at a CAGR of 3.7% during the forecast period (2023-2031).
Suncare products market is one of the fastest-growing skincare markets, owing to the increasing awareness regarding the impact and damage of Ultraviolet rays on the skin. Suncare products are available in many forms, such as gel, lotion, cream, oil, and spray, among others. They contain ingredients that can absorb, reflect, or scatter ultraviolet rays. The first suncare product was invented in 1936 by the cosmetic manufacturer L'Oréal. After that, a Florida pharmacist invented a suncare product in the year 1944 known as Coppertone. The suncare product came into popularity in the early 1970s when the U.S. Food and Drug Administration regulated the labeling, testing, and rating of suncare products. As a result, manufacturers of suncare products used labeling to claim that the product provided therapeutic benefits to the skin.
Suncare products' demand is increasing among consumers, mostly among millennials and adults, owing to the increasing health and beauty consciousness. They are gaining momentum in developing nations due to urbanization, changing lifestyles of consumers, and increasing per capita income. People are willing to pay for such grooming and beauty care products in developing nations. According to Statista, the global suncare products market was valued at around USD 11.6 billion in 2018. One of the primary factors that are expected to drive the market is the rising concern about skin cancer among consumers. According to "The Skin Care Foundation," in the U.S., every day, more than 9,500 people are diagnosed with skin cancer, and more than 2 people die of skin cancer every hour. The annual cost of treating skin cancer in the U.S. is around USD 8.1 billion. This has entrenched a serious concern among the residents of North America and other regions as well about skin cancer, which has generated a demand for suncare products.
When the body's skin is exposed to intense sunlight for an extended period of time, it is susceptible to sunburn, aging, and cancer. Additionally, the rising demand for anti-aging creams and sun care products is being driven by skin-related issues caused by UV exposure. For instance, according to the survey "Youth Risk Behavior Surveillance," in the United States in 2017, roughly 78.8% of surveyed female participants who were white (non-Hispanic) had sunburnt themselves the year before. Additionally, campaigns launched by cancer support groups to raise sun protection awareness will increase demand for the products.
Many ingredients, like oxybenzone or octinoxate, are proving to be harmful to the environment. Beginning in January 2021, Hawaii's government will no longer allow the sale of suncare products containing these components without a prescription from a doctor. Additionally, the U.S. FDA has imposed a number of restrictions on the use of ingredients in sun protection products that could make it difficult for manufacturers to strike a balance between competitive pricing and innovative formulation. So it is anticipated that strict product formulation regulations will restrain the market's expansion for sun care products.
Sun protection products include various creams, lotions, sprays, and gels. Among sun protection products, sunscreen is extensively used and popular in almost every region of the globe. People apply sunscreen to protect their bodies while traveling or whenever they are exposed to direct sunlight. Growing awareness regarding the risk of skin cancer and aging associated with UV rays has created a buzz among consumers to use sunscreen. In 2020, there were 18,094,716 million new cancer cases reported worldwide. In 2020, the combined age-standardized rate for all cancers, excluding non-melanoma skin cancer, was 190 per 100,000. As the amount of ozone in the atmosphere decreases, the atmosphere's protective filtering ability diminishes, and more solar UV radiation reaches the Earth's surface. A 10% reduction in ozone levels is predicted to result in an increase of 300,000 non-melanoma cases and 4,500 melanoma cases in skin cancer. Although the incidence of melanoma continues to rise globally, recreational sun exposure and a history of sunburn seem to be the main risk factors for the disease. Thus, the rising cases of skin cancer due to exposure to sun rays will create an opportunity for the growth of the suncare products market.
The global Suncare Products market is segmented by type, form, and distribution channel.
the global market is bifurcated into sun protection products, after-sun products, and self-tanning products.
The sun protection segment is the highest contributor to the market and is expected to grow at a CAGR of xx% during the forecast period. Just prior to exposure to the sun, sun protection products are applied to exposed body parts. In order to prevent further cell damage to the skin, the American Academy of Dermatology recommends reapplying the product to the skin every two hours when outdoors. In addition, the requirement for reapplication has notably led to an increase in product consumption, which has supported the segment's increased revenue generation.
The self-tanning products segment is expected to witness a higher CAGR. Consumers are becoming increasingly aware of the harmful effects of indoor tanning with artificial UV sources such as sunlamps, tanning beds, and booths. This factor has greatly increased the popularity of self-tanning sunscreen products that provide a sunless tan without UV exposure.
the global market is bifurcated into spray, lotion, and stick.
The lotion segment is the highest contributor to the market and is expected to grow at a CAGR of xx% during the forecast period due to the provision of improved sun protection. In addition, the lotion/cream products' multifunctional properties, such as moisturizers, also contribute to the expansion of this market segment. Sunscreen cream is easily absorbed and needs to be applied less frequently in order to be effective.
The spray segment is expected to grow at a significant rate. The younger generation is increasingly interested in easy-to-use spray products as a result of their convenience. For example, in March 2018, Bare Republic introduced the 'Neon Sunscreen Stick,' which is available in a range of neon hues, including pink, green, purple, blue, yellow, and electric orange.
the global market is bifurcated into hypermarkets/supermarkets, specialty stores, pharmacies, e-commerce, and others.
The hypermarkets/supermarkets segment is the highest contributor to the market and is expected to grow at a CAGR of xx% during the forecast period. The supermarkets/hypermarkets attract a large number of customers and are typically located in the city's central business district. Due to the availability of numerous brands, consumers prefer to shop at these stores. Men and women can purchase a variety of skin care products at hypermarkets and supermarkets. The cosmetics and beauty aisles of a number of these stores are staffed with trained personnel who can provide clients with expert advice and recommendations. A rise in demand for cosmetics and a reduction in shelf space make it simple for consumers to select from a vast array of options.
The specialty stores segment is expected to grow at a significant rate. These stores specialize in a limited selection of products and prioritize customer satisfaction. In order to provide superior customer service, most specialty skin care stores maintain an extensive selection of products. Specialty stores concentrate on particular categories and prioritize customer satisfaction. As a means of ensuring quality service, the majority of market-focused specialty stores maintain a substantial breadth of inventory. Several brands prefer to sell their products through specialty retailers because these stores concentrate on well-known brands and provide greater accountability for the overall service.
The global suncare products market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
North America region is the highest contributor to the market and is expected to grow at a CAGR of xx% during the forecast period. The demand for sunscreen and suncare products is high in North America on account of the rising awareness among consumers regarding skin protection practices. People are suffering from skin cancer and skin aging problems in the North American region. According to the “The Skin Cancer Foundation," one in five Americans will develop skin cancer by the age of 70. Skin cancer and skin aging problems are common among white people. Asians or blacks develop less skin cancer comparatively. This has created a demand for skincare products among North American Residents. The North American suncare market is a saturated marketplace; various top players have already established their prominence in the region.
Europe is expected to witness dynamic growth in the suncare products market during the forecast period due to the increased product usage over the summer and during holidays. For instance, according to the British Beauty Council Report 2018, sun care products directly contributed about 220 million pounds to the U.K. GDP in that particular year. Furthermore, according to data from the World Cancer Research Fund International, 15 of the top 19 nations with the highest melanoma incidence rates in 2018 were European nations. As a result, numerous campaigns and awareness-raising initiatives are being carried out in Europe to encourage people to adopt sun protection practices that will boost their market.
Asia-Pacific is expected to witness significant growth in the suncare products market during the forecast period. The consumption of sun care products in Asia Pacific has been greatly aided by tropical regions with high sun exposure, such as India and Southeast Asian countries, as well as subtropical regions in Australia and New Zealand. Additionally, an increase in travel and beachside tourism activities, as well as the growing appeal of sunbathing, are likely to boost regional product sales. For instance, according to the Pacific Asia Travel Association, international visitor arrivals are predicted to grow on average annually by 8.5% for South East Asia and 10.8% for South Asia between 2019 and 2024.
The LAMEA region is expected to witness moderate growth in the global suncare products market during the forecast period. Brazil, Peru, Colombia, and Mexico are among the other tropical nations where there is an increasing demand for the product. One factor contributing to the growing awareness of sunscreens in these nations is their geographic location. Additionally, the population's increased awareness of cancer and growing disposable income will increase the demand for these products in these areas. According to a recent survey conducted in Saudi Arabia and published in 2020 by the Journal of Dermatology Research and Practice, approximately 51% of the students surveyed reported using sunscreen, with the majority of them coming from wealthy families.
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