Albany, NY -- (SBWIRE) -- 11/05/2018 -- The excellent pace of development of the global sun care market and the presence of a vast set of growth opportunities has encouraged the entry of a large number of domestic and small-scale product manufacturers, observes Transparency Market Research in a recent report. This has significantly intensified competition in the market, which has traditionally featured a concentrated competitive landscape with few international players commanding prominent positions. Nevertheless, notable names in the sun care sector such as Unilever, Beiersdorf AG, Johnson and Johnson, Shiseido Company Ltd., Groupe Clarins, Bioderma Laboratories, Coty Inc., Burt's Bees, L'Oreal, and Estee Lauder hold sway due to their brand value and the steady inclusion of innovative products in their portfolios, thus continuing to account for a significant share in the global market.
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In the report, Transparency Market Research estimates that the market will exhibit a 5.8% CAGR from 2016 to 2024. With such growth prospects, the market, which valued US$14.8 bn in 2015, is expected to reach US$24.9 bn by 2024.
On the basis of product type, the segment of sun protection products dominated the overall market in 2015 and is likely to rise to a revenue opportunity of nearly US$15 bn by the end of the report's forecast period. The segment of after sun products is expected to record the highest CAGR and constitute a signification share in the overall market by the end of the forecast period. Despite moderate overall growth prospects, the segment of self-tanning products is likely to survive owing to demand from Europe and North America markets.
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North America is presently the leading regional market for sun care products, accounting for over 35% of the overall revenues of the global market in 2015. The presence of some of the market's leading vendors in the region, an affluent consumer base, and considerable research and development activities observed in the U.S. sun protection products industry in the past few years will encourage steady growth of the North America sun care market in the near future as well.
Moreover, the vast rise in demand for effective sun care products has enticed market players to increase funds directed towards the research and development of novel formulations, ingredients, and easy-to-apply product varieties. The rise in research and innovation activities have thus enabled the development of multi-functional sun protection formulations and sun protection products with herbal medicines.