The most recent study conducted by Report Ocean, titled “Global Sun Care Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Sun Care. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Sun Care Market is valued approximately USD 13.5 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 5.8% over the forecast period 2021-2027. Sun Care products are the range of skin care products used to prevent skin from Ultraviolet (UV) rays from the sun. These products absorb or reflect the radiations from sun and protects skin from sunburn, tanning, skin cancer, etc.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The increasing awareness about the harmful effects of UV rays, urbanization, increasing popularity of skin care products and benefits of SPF has led the adoption of Sun care products across the forecast period. Sun care products provide protection against UVA I, UVA II and UVB radiations, also prevent premature aging, reduces redness and pigmentation, hydrates skin, etc. People are becoming more aware about the risks of exposure to sunlight, also recommendations from dermatologist for the use of SPF have influenced the market of sun care products. As per the report of Skin Care foundation, the past decade has witnessed an increase of 44% in the number of new invasive melanoma cases.
According to a report of iGEM 2020, more than 120 million litres of sun care products are sold every year and it is anticipated that this figure will increase by 2.5 million litres every year. However, strict product formulation rules imposed by the governments and seasonal requirement of the product impedes the growth of the market over the forecast period of 2021-2027. Also, development of mineral or organic sun care products and availability of different products with SPF is likely to boost the Sun Care Market during the forecast period.
The regional analysis of global Milling Machines market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is dominating the world in terms of market share because of the large number of people with sensitive skin and demand for better and clear skin. Whereas, Asia-Pacific is also expected to show high growth during the upcoming period 2020-2027. Factors such as rising skin problems because of exposure to the sun, increasing awareness regarding the importance of sun protection and disposable income of the people will aide in market growth for the Sun Care Market across Asia-Pacific region.
Major market player included in this report are:
Johnson and Johnson.
Shiseido Company Limited
Beiersdorf AG
L’Oreal S.A.
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The Procter & Gamble Company
Unilever
The Estee Lauder Companies Inc.
Lotus Herbal Pvt. Ltd
Kao Corporation
Avon Products, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Organic
Chemical
By Form:
Cream
Lotion
Gel
Others
By Region:
North America
U.S.
Canada
Europe
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UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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