Revenues within the global sun care market have been forecast to increase at a compound annual growth rate (CAGR) of 6.1% over the next five years, rising from $7,987.3m in 2012, to reach industry revenues of $10,748.4m by the end of 2017.
Market consumption volumes increased with a CAGR of 4.1% between 2008-2012, to reach a total of 803.3 million units in 2012.
Sunbathing is a very recent phenomenon. Before the 20th century, it was fashionable to be pale. This trend did not start to change until the mid-1920s and it was not until the 1940s that women's magazines started using advertisements that encouraged sunbathing.
Our love of the sun has not diminished, but our recognition of the dangers of lying in the sun has increased as cancer levels have risen. According to the World Health Organization (WHO), around 3 million cases of skin cancer occur globally each year. However, the organisation says four out of five cases of skin cancer could be prevented by people avoiding UV damage, including "applying a broad-spectrum sunscreen of SPF 15+ liberally every two hours."
Sun care protection has become a common feature in the personal care products industry, owing to the growing consumer awareness regarding skin health. Rising consumer expectations in terms of product characteristics such as durability, self-tanning, absorption, and water resistance are boosting innovation in the sun care market.
Manufacturers across the world are launching products with additional benefits such as anti-ageing components, fragrances, vitamins, glittery effects and rapid-drying effects. The sun care market is also witnessing a trend towards products that offer multiple benefits.
For instance, sunless tanners with sunscreen and insect repellent features, and broad-spectrum sun care products offering protection from a broad range of UV rays are boosting sales in the industry.
In the race to compete against other categories and brands, a common tactic for manufacturers is to launch products that offer as many different functions as possible. In consumers' eyes, having an SPF is no longer enough.
Competition in the sun care market is intensifying, as manufacturers compete to offer consumers the best possible protection from UV radiation.
For more information on the sun care market, see the latest research: Sun Care Market
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