Asia-Pacific is projected to exhibit exponential growth throughout 2026, registering the highest of CAGR 4.8%.
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATE, October 4, 2023 /EINPresswire.com/ — Global brands such as L’Oréal and Shiseido are using nanoparticles in their sun care products to provide extra protection from UV rays. Innovative product offerings by private labels as well as global brands for specific target group such as ethnic population, working population, athletes, and children is increasing the regional demand for after sun care products. In addition, commercialization of multifunctional sun care products in the global; market is anticipated to provide revenue growth for the after sun care product market during the forecast period. quote
According to a new report published by Allied Market Research titled, “After Sun Care Products Market by Price Point, Form, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the global after sun care products market size was valued at $2.1 billion in 2018, and is expected to reach $2.9 billion by 2026, registering a CAGR of 3.7% from 2019 to 2026. North America dominated the market in 2018, accounting for 30.6% of the total after sun care products market share. The after sun care products market exhibits an incremental revenue opportunity of $ 0.7 billion from 2018-2026.
Growing incidences of melanoma and other chronic skin diseases caused due to over exposure to sun rays has significantly increased the penetration of after sun care products. Population living in countries like Australia, the U.S., the Philippines, and the Caribbean are more prone toward sun burns. The rise in the population suffering from skin diseases due to sun exposure increases the overall demand for after sun care products. Consumers are purchasing after sun care products as a part of their daily skin care routines and are more inclined toward skin friendly and chemical free products. As a result, leading cosmetic manufacturers are offering novel products with unique attributes such as nanoparticles.
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The after sun care products market is segmented on the basis of price point, form, distribution channel, and region. By price point, it is categorized into mass after sun and premium after sun. Private label brands are largely sold under the mass after sun segment and are one of the prime products influencing the overall after sun care products market demand. The mass after sun care products segment was valued at $1.2 billion and is expected to growth with a CAGR of 3.3% (2019-2026) to reach $1.5 billion by 2026. The premium after sun care products segment is expected to be the fastest growing segment with a CAGR of 4.1% during the forecast period. The fastest growth of the premium after sun care products segment is attributed to the increased spending of people on premium cosmetic products and growth in penetration of e-commerce shopping for branded sun care products.
By form, it is segmented into cream, gel, lotion, essential oil, and others. The gel segment was valued at $0.6 Billion and is expected to growth with a CAGR of 3.2% during the forecast period. The segment is expected to reach $1.5 Billion by 2026. The essential oil segment is expected to be the fastest growing segment with a CAGR of 4.3% during the forecast period.
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By distribution channel, it is categorized into retail pharmacies, convenience stores, supermarket/hypermarket and e-commerce. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South-East Asia, and Rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa). Countries like Australia, the U.S., the UK, NORDIC countries, India, China, and ASEAN countries are the largest spenders on sun care products due their location and climatic conditions. In addition, factors such as product availability, socio-economic status, per capita expenditure, and consumer purchasing power are responsible for the growth of after sun care products market in these regions.
Key Findings of the After Sun Care Products Market :
The premium after sun care products segment is expected to grow at a CAGR of 4.1% during the forecast period.
North America is anticipated to dominate the after sun care products market growth, registering a CAGR of 2.5%.
Asia-Pacific is projected to exhibit exponential growth throughout 2026, registering the highest of CAGR 4.8%. Introduction of value-added sun care products and rise in disposable income of consumers are expected to drive the growth of the Asia-Pacific market.
The supermarket/hypermarket distribution segment is anticipated to dominate the global after sun care products market analysis, with a CAGR of 4.3% during the forecast period.
The gel based after sun care products segment is estimated to grow at a CAGR of 3.2% during the forecast period.
The global market is fragmented with the presence of several market participants across various regions. The strong presence private label brands is giving tough competition to global players. The key players operating in after sun care products industry include L’Oréal SAS, Beiersdorf AG, Clarins Group, Lancaster Group, Unilver Plc, Estee Lauder Companies, Bioderma Laboratories, Johnson and Johnson, Coty Inc. and Shiseido.
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