Introduction of value-added sun care products, rise in incidence of chronic diseases such as skin cancer, and penetration of organic products fuel the growth of the global after sun care products market
PORTLAND, Ore., Aug. 10, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "After Sun Care Products Market by Price Point (Mass After Sun and Premium After Sun), Form (Cream, Gel, Lotion, Essential Oils, and Others), and Distribution Channel (Retail Pharmacies, Convenience stores, Supermarket/Hypermarket, E-Commerce): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global after sun care products industry was estimated at $2.1 billion in 2018, and is anticipated to hit $2.9 billion by 2026, registering a CAGR of 3.7% from 2019 to 2026.
Drivers, restraints, and opportunities-
Introduction of value-added sun care products, rise in incidence of chronic diseases such as skin cancer, and penetration of organic products fuel the growth of the global after sun care products market. On the other hand,rise of counterfeit cosmetics and premium cost of products impede the growth to some extent. Nevertheless, revenue opportunities in establishing direct distribution network and increase in demand for luxury skin care products are expected to create lucrative opportunities for the key players in the industry.
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The mass after-sun segment to dominate by 2026-
Based on price point, the mass after-sun segment contributed to nearly three-fifths of the global after sun care products market share in 2018, and is projected to rule the roost during the study period. Increase in demand for such multi-function product has created novel opportunities for new entrants in the market. This factor has boosted the segment growth. At the same time, the premium after-sun segment would portray the fastest CAGR of 4.1% till 2026. This is due to demand for premium brands in the travel retail section is increasing as the store chain is also growing and majority of the people traveling from international airports can afford premium products of after sun care category.
The Gel segment to maintain the dominant share-
Based on form, the gel segment accounted for more than one-fourth of the global after sun care products market revenue in 2018 and is anticipated to lead the trail by the end of 2026. This is because consumers with oily skins tend to prefer applying gel over essential oils as the gels come with the cooling feature and they keep the skin temperature to minimum as well. Simultaneously, the essential oils segment would cite the fastest CAGR of 4.3% till 2026. The fact that the organic after sun care products including essential oil-based products, organics and natural products and home-made sun care products have been widely preferred among local consumers drives the growth of the segment.
North America garnered the major share in 2018-
Based on geography, North America garnered the highest share in 2018, generating nearly one-third of the global after sun care products market. This is because consumers in the region are more knowledgeable than before and have an increased preference toward skin care products manufactured using organic ingredients. Asia-Pacific, on the other hand, would cite the fastest CAGR of 4.8% throughout the forecast period. The cosmetic industry has been largely penetrated by SMEs operating in the region which, in turn, has boosted the market growth.
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Key players in the industry-
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