Global Sun Care Products Market Size, Share, Growth Analysis, By Distribution Channels(Hypermarket, Drug Store), By Form(Spray, Lotion) - Industry Forecast 2024-2031

Global Sun Care Products Market size was valued at USD 11.66 billion in 2022 and is poised to grow from USD 12.17 billion in 2023 to USD 17.18 billion by 2031, growing at a CAGR of 4.40% during the forecast period (2024-2031).

The skincare market for sun protection is experiencing rapid growth driven by increased awareness of the harmful effects of ultraviolet rays on the skin. Sun protection products, available in various forms such as gel, lotion, cream, oil, and spray, contain ingredients designed to absorb, reflect, or scatter UV light. Originating with L'Oreal's creation of the first sunscreen in 1936 followed by Coppertone's sun protection lotion in 1944, the U.S. Food and Drug Administration's regulation of suncare products in the early 1970s further propelled their popularity. As consumers increasingly seek comprehensive solutions across cosmetic companies, it's expected that sun care products will incorporate a blend of anti-aging compounds and potent moisturizers. For example, La Roche-Posay introduced Anthelios UV Correct SPF 70 Daily Anti-Aging Face Sunscreen in February 2022, formulated with Cellox-B3 Shield technology to protect against sun damage. With the growing global awareness of skin cancer and other skin conditions, the demand for sun care products, valued for their multifunctional sun protection and wrinkle prevention benefits, is anticipated to continue expanding in the foreseeable future.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Sun Care Products Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Sun Care Products Market Segmental Analysis

Global Sun care Products Market is segmented on the basis of product, distribution channels, form and region. By product, the market is segmented into sun protection, after sun, self tan, tanning. By distribution channels, market is segmented into hypermarket, drug store, specialty store, online. By form, the market is segmented into spray, lotion, stick. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Sun Care Products Market

The surging demand for suncare products among adults and millennials is propelled by mounting health and beauty apprehensions, particularly concerning skin cancer. This trend is significantly fueled by urbanization, evolving consumer lifestyles, and increasing disposable incomes, particularly in emerging economies where even in economically disadvantaged regions, individuals are willing to allocate funds towards personal care and cosmetic items. Heightened awareness regarding skin cancer, exemplified by statistics from "The Skin Care Foundation" indicating over 9,500 daily diagnoses and more than two fatalities per hour in the United States, underscores the urgency driving this market. The annual expenditure of approximately USD 8.1 billion on skin cancer treatment in the US further amplifies concerns, extending beyond North America to spark a global need for suncare solutions.

Restraints in the Global Sun Care Products Market

The growing understanding of the environmental consequences associated with various chemicals, such as oxybenzone and octinoxate, is prompting action. Hawaii has implemented a ban on the over-the-counter sale of sunscreen containing these ingredients, requiring a prescription instead. Additionally, the U.S. FDA has imposed restrictions on chemical usage in sun protection products, posing a challenge for producers aiming to balance affordability with innovative formulations. Consequently, stringent formulation regulations are anticipated to constrain the expansion of the sun care market.

Market Trends of the Global Sun Care Products Market

Sun care product manufacturers are dedicating resources to advancing research and development, aiming to unveil ground breaking formulations featuring enhanced sun protection factors (SPF), increased water resistance, and extended durability. Additionally, companies are prioritizing the creation of broad-spectrum sunscreens capable of shielding against both UVA and UVB rays.