The market for sun protection products is experiencing a dynamic growth period, driven by changing consumer needs and the innovation within the cosmetics industry. The global market value of sun protection products was estimated at $13.97 billion in 2022, and it is expected to increase from $14.40 billion in 2023 to $19.65 billion by 2030. The growth of the sun care product market during the period of 2023-2030 is forecasted at a 4.5% CAGR (Compound Annual Growth Rate) (data from the Fortune Business Insights report).
Rising Consumer Awareness
The increasing awareness regarding skincare and the dangers associated with UV exposure is a key factor driving the demand for sun protection products. Nowadays, basic creams or fluids for daily use must contain sunscreen ingredients. Sun protection is no longer associated solely with vacations but has become a daily skincare routine for many consumers. Furthermore, there is a growing awareness among consumers regarding other fractions of radiation, including blue light (HEV) and infrared radiation (IR). The increasing occurrence of skin problems such as burns, rashes, or even skin cancers further directs consumers’ attention to the quality and effectiveness of the products they use.
Multitasking Boom
There is also a noticeable increase in interest in protective products containing innovative ingredients. Consumers seek products that not only protect against UV radiation but also leave the skin healthy and radiant, act as antioxidants, anti-aging, anti-acne, etc. In response to these needs, manufacturers are increasingly turning to advanced ingredients and formulas to continually meet and surprise the customer. This trend is particularly evident in developed countries, where consumers are increasingly aware of the impact of cosmetic products on health and the environment.
Future Forecast
Rapid urbanization and changing lifestyles will contribute to further increasing the popularity of protective products. In the coming years, one can expect an increase in consumer awareness and further improvement in the quality of available products. In the longer term, the development of research and innovation in sun protection, the entry of new players into the market, and increasing investments will contribute to the further development of this dynamic sector.
In summary, the market for sun protection products holds a promising future, driven by growing consumer awareness and the innovation within the cosmetics industry. For manufacturers, the key to success will be understanding their customers’ needs and continually striving to create products that not only protect the skin but also promote its health and natural appearance.
