Global demand for sun care products witnessed a decline in 2020, but the long-run prospects continue to be positive, according to a study by Future Market Insights (FMI). The study opines that market can see pre-COVID level activity in 2019.
FMI analysts opine that organic – which has made deep inroads into many F&B and cosmetics categories – is also making a mark in the sun care products landscape, with many consumers diligently checking labeling to know the ingredients.
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The market has witnessed steady growth in the past few years, especially on the account of active ingredient incorporation, and the development of multifunctional formulations, which not only protect the user from the sun, but also provide skin lightening and anti-aging characteristics, which are also likely to boost growth.
Nanoparticles such as zinc oxide and titanium dioxide are finding application in sun care product formulations, enabling uniform application, lower residue and higher product efficacy, which is considered to help in popularity of these products among potential buyers.
Strict regulations associated with ingredients and labeling in the North American and European industries, coupled with lower awareness about the risks of sunlight exposure in rural areas and developing countries are key challenges for market players.
FMI’s report offers an exhaustive overview, covering key market dynamics. Some of the takeaways from the report include,
- Market valued at US$ 11 billion, with demand slowing down during the coronavirus pandemic
- Sun care creams expected to remain highly sought-after on the back of easier application, and potential for optimized skin nutrition profiles
- Sales of sun care products higher in women as compared to men
- US and EU4 key to growth. However, many countries in Asia Pacific are displaying highly lucrative opportunities for manufacturers for geographical expansion.
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Covid-19 Impact on Sun Care Products Market
The global personal care and cosmetic industry has felt a substantial impact of the coronavirus crisis. Sales in the first half of 2020 have been largely weak. In addition, the large number of retail store closures have also affected the market.
Consumer priorities to spend discretionary income on essential commodities, coupled with the reduction in travel and outdoor recreational activities during the crisis are likely to hold back sales.
On the other hand, online sales of sun care products will witness strong growth, partially offsetting losses incurred by in-store sales.
Recovery of conventional sales and distribution is likely to be gradual. Market players are pushing for changes in promotion including significant discounts to move unsold seasonal inventory in the near term.
Who is Winning?
In its study, FMI has scrutinized the different strategies deployed my major companies participating in the sun care products market. Leading market players are focused on the development of novel formulations and strategic geographical and capacity expansion with acquisitions being a major area of focus.
Some of the key players in the market include Johnson & Johnson, Shiseido Company Limited, Beiersdorf AG, Loreal SA, The Procter & Gamble Company, Unilever, The Estee Lauder Companies Inc., Lotus Herbal Pvt. Ltd., Avon Products Inc., and Bayer AG, among others.