TAGS: Sun Care
According to Fact.MR, the forecasted growth for sun protection products is pegged at a stellar CAGR of nearly 7 percent from 2020 to 2030 due to impact of COVID-19 on demand of the products.
Decline in Growth of Sun Care Products
The impact of COVID-19 has shrunk the growth of the sun care products market in several regions. North America and some countries of Europe have witnessed a sluggish demand for sun protection products. The impact is expected to remain for the first two quarters and is expected to recover by the end of the third quarter. In countries like Indonesia, China, Japan, and in other Asian countries, demand has remained intact.
“
The South Asian market is expected to be more lucrative owing to the investments made by leading players in innovations. Moreover, tourist spending is anticipated to increase on sun protection products owing to humidity in the region,” commented a Fact.MR analyst.
Female Consumers to Dominate the Market
Female consumers are frequent users of sun protection products and are highly conscious of physical changes in their bodies. As per consumer orientation, the female sun protection product consumption is expected to dominate the market, expected to grow at a CAGR of nearly 7 percent during 2020-2030. In the recent past, the manufacturers are equally focusing on men’s sun protection products owing to growing demand from this category.
The market of sun protection products is highly consolidated with Tier 1 players holding nearly 70 percent of the market share with active participation in research and development. However, tier 2 and emerging players are continuously working on new technologies and innovations to satisfy consumer demand. Players are focusing on new product launches to gain market share and spur the growth of the market.
Fact.MR provides an unbiased analysis of the global market for sun protection products, with historical data on demand (2015-2019) and expected projections for the period (2020-2030).
Source: Fact.MR