Published on : Aug 24, 2016
With increasing pollution and environmental degradation, there has been a significant rise in the cases of skin diseases as well. At present, sun care products are not only considered for skin protection from sun, but it is also a beauty requisite. Sun care products not only serve as sun protection products, but they also serve various other beauty purposes such as fairness, dryness care, moisturizer among others. The burgeoning demand for beauty products from emerging economies is also likely to boost the sales of sun care products in the future.
Growing Awareness Regarding Skin Cancer to Fuel Sales of Sun Care Products
According to a recent survey, there has been a substantial increase in the number of skin cancer cases due to the dangerous effects of UVB and UVA rays. As a result of global warming, there has been an alarming rise in the penetration of harmful rays into the earth’s atmosphere, leading to a rise in the number of skin diseases. Consumers are gaining awareness regarding the use of sun protect products to prevent themselves from any chronic skin disease. To combat this problem, consumers have shifted their focus towards the use of sun care products leading to a rise in the sales of sun care products.
Moreover, the rise in the need for multipurpose products has also provided manufacturers of sun care products with lucrative growth opportunities. With shifting consumer preference, manufacturers are also focusing on the development of multipurpose and high quality sun care products with added features such as acne control, skin renewal, dark spot reduction, spot correction, anti-aging, and moisturizing.
Availability of Cheap Substitutes to Impede Demand for Sun Care Products
Due to the high cost of raw materials, the cost of the sun care products is also relatively high. Many consumers find it difficult to afford quality sun care products of leading brands due to their high price. Thus, they shift their preference towards cheaper substitutes manufactured by local companies. This emergence of cheaper variants is likely to highly affect the sales of sun care products globally.
The global sun care market is expected to rise at a CAGR of 5.8% between 2016 and 2024. In 2015, the market was worth US$14.8 bn and is projected to touch a valuation of US$24.9 bn by the end 2024.