Market Insights: Surge in Demand of Specialized Skin Care Products Upholds Demand for Sun Protection Products
Prior to Covid-19 outbreak, the demand for specialized skin care products had been witnessing significant growth. The forecasted demand for sun protection products is expected to grow at a CAGR of nearly 7% from 2020-2030. The market of sun protection products highly depends on China who is a significant supplier of active ingredients used in products. However, due to COVID-19 impact, existing demand for sun protection products has experienced a minimal change in . In the United States, sales declined by nearly 20% by the end of March 2020 owing to negligence of using sun protection products due work from home conditions. The continuous efforts of producers in the market to encourage people for using sun protection products during quarantine have formed a potential market during COVID-19. Some of the players like Caroline Goldstein, Shiseido and some other players are still focusing on launching a wide range of products amid COVID-19 to maintain their product presence in the market.
Natural Oil ingredients emerging out as new Market Opportunity
In recent years, players of the sun protection products market have shifted to natural oil ingredients as a solution with an interest to attract emerging consumer markets that prefer organic products. Moreover, the availability of the natural oils commonly extracted from carrot seeds, coconut oil, raspberry seeds, and several other natural products provides cheaper raw material solutions and better margin. With the rising inclination of millennials and generation Z towards natural sun protection products, the market has an absolute $ opportunity of nearly US $ 1.3 Bn during 2020-2030.
Global Sun Protection Product Market: Competition Structure:
The rising demand for sun protection creams with anti-aging effects has bolstered the market growth of sun protection products. The market of sun protection products is not limited to application on sun-exposed areas of the bodies as presently companies have been working on sun protection supplements. Asia is a significant market for oral or edible sunscreen products.
Moreover, players in the market are focusing on the use of antioxidants to prevent DNA damage by stopping free radicals that lead to aging and wrinkles. The use of probiotics and prebiotic products has sustained the market of organic sun protection products. In 2020 companies like DSM have been collaborating with startups to make probiotic products based on microbiome technology under the Gut-brain axis approach.
Global Sun Protection Market Regional Insights: Emerging regions have dominated the market demand for the Sun Protection Product market.
North America and Europe presently account for nearly 1/3rd of the global sun protection product consumption, owing to a large number of people suffering from sensitive skin issues and rising demand for clean beauty trends. However, East Asia and South Asian markets are among the most lucrative region in the market and are expected to grow at a CAGR of nearly 8% during 2020-2030, owing to rising pollution concerns in the region as nearly 85% of the population faces this problem. Moreover, per capita spending in this region is expected to increase in markets like China, India, Japan and Indonesia owing to high disposable income spending on skincare products.
COVID-19’s impact on Sun Protection Market
North America has seen a significant drop in demand for sun protection products as customers are maintaining social distancing, thus reducing the number of visits to cosmetic shops. However, some of the segments like baby care, oral care, and skin care creams are expected to grow. Company efforts to maintain the demand for the products through teledermatology has been emerging as a short term solution for the market.
Under an optimistic scenario, the impact of COVID-19 will reduce by the end of the second quarter, thus stimulating positive growth in the market. Under the probabilistic approach, the market is expected to witness minimal to moderate amount of negative of COVID-19 by the end of third-quarter under the extension of the lockdown period in many regions. However, under the pessimistic approach, the demand will significantly drop, owing to decreased per capita spending in established as well as emerging markets.
Analyst viewpoint:
“The ease in availability of sun protection products containing, different active physical-chemical and biological ingredients for different skin requirements is likely to fuel the sun protection product market.”
Global Sun Protection Product Market: Scope of the Report:
The recent global sun protection product market report by Fact.MR offers a 5-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global sun protection product market. A detailed segmental analysis, based on product type, form, ingredient, packaging, consumer orientation, distribution channel and regions, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global sun protection product market. In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the sun protection product market.
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