The global sun protection products market is prophesied to take advantage of the growing need to protect the skin from UV radiation, considering the recent changes in climatic conditions. Various benefits associated with the use of sun protection products apart from sunburn could create a whole lot of demand in the global market. Launch of multipurpose sun protection products in the global market is anticipated to provide a robust platform for manufacturers to increase their sales. As consumers continue to have the desire to look young and beautiful, the demand in the global sun protection products market is expected to magnify in the coming years.
Fact.MR projects the global sun protection products market to rise at a 5.6% CAGR during the forecast period 2017-2022. By the end of 2022, the global sun protection products market could be worth a US$13.4 bn. According to the authors of the Fact.MR report, the global sun protection products market can be classified into self-tanning care, after-sun, and sun protection products as per type. Amongst these, sun protection products are foreseen to take the lead in the global market. By the end of 2022, the sun protection products segment could be valued at a US$5.6 bn in the global market.
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Over a third of the global sun protection products market is currently secured by sun protection products on the basis of value. Manufacturers of sun protection products are increasingly using natural and organic ingredients to expand their customer base. This could be a go-to strategy that manufacturers may adopt to secure a strong foothold in the global sun protection products market. Using this as a key branding strategy, manufacturers are expected to win the trust of customers, and thereby improve their sales.
By distribution channel, the global sun protection products market is segregated into four segments, viz. retailers, hypermarket/supermarket, online sales, and other retail formats. Amongst these segments, hypermarket/supermarket is envisaged to become highly attractive in the global sun protection products market. It could help the global sun protection products market to gain impetus in India, China, and other developing economies. It can help consumers to have easy access to latest products available in the global sun protection products market. Moreover, it can accommodate enormous stocks of sun protection products.
Since most of the younger generation prefer shopping online, the segment of online sales is envisioned to gain momentum in the foreseeable future. It could also emerge as a lucrative distribution channel for the global sun protection products market. The online sales sun protection products market could clock a 5.1% CAGR and be worth a US$2.8 bn by the end of 2022.
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On the regional front, APEJ is predicted to take command over the global sun protection products market over the course of the aforementioned forecast period. This regional sun protection products market could rise at a 6.4% CAGR. Improving disposable income in developing economies of APEJ is expected to push the growth of the regional sun protection products market. Increasing inclination toward healthy living and skin improvement amid a highly polluted environment could further increase the sales of sun protection products in the region. Furthermore, economic growth is predicted to create some demand in the regional sun protection products market.
North America and Europe could be other attractive regions of the global sun protection products market. These regions are forecast to show positive growth in the global sun protection products market. The North America sun protection products market could expand at a 5.0% CAGR. Latin America is also expected to secure a decent share of the global sun protection products market in the near future.
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