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Global Sun Care Market Driven by Increasing Demand for Multifunctional Products

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Sun care products are a broad range of products designed to prevent or minimize the effects of solar radiation on the skin. Sun care products can be formulated as creams, gels, lotions, sprays, etc. and can be targeted on specific aspects of solar radiation: some sun care products reverse the skin darkening caused by consistent exposure to solar radiation, some impart protective qualities against skin cancer caused by solar radiation, while many also have a significant beneficial effect on the appearance of aging, as they enhance the strength and vitality of the skin.

Browse the full Global Sun Care Market Report: http://www.mrrse.com/sun-care-market

According to a new report from Transparency Market Research, the global sun care market is driven primarily by the rising awareness about the risk of skin cancer due to solar radiation and is likely to exhibit a solid 5.8% CAGR from 2016 to 2024. The annual revenue of the sun care market is expected to rise from its 2015 valuation of US$15.8 bn to US$24.9 bn by the end of 2024.

Sun Protection Products to Dominate Sun Care Market despite Rising Demand for After-sun Products

By type, the global sun care market is segmented into sun protection products, self-tanning products, and after-sun products. Of these, the sun protection products segment held the leading share in the global sun care market in 2015 and is likely to remain dominant throughout the 2016-2024 forecast period due to the rising threat of solar radiation due to the depletion of the ozone layer. The sun protection products segment is expected to reach an annual revenue figure of US$15.8 bn by the end of 2024. Nevertheless, the demand for after-sun products is likely to exhibit the highest CAGR of all product segments of the global sun care market in the 2016-2024 forecast period.

Within sun protection products, the SPF 30-50 segment is the dominant contributor due to it being a practically viable compromise between the lower efficacy of SPF 15-30 and SPF 6-14 products and the higher prices of SPF 50+ products. SPF 30-50 products accounted for more than a third of the sun care market in 2015 and are expected to remain similarly dominant over the forecast period, with the segment’s market share expected to be around 40% by the end of 2024.

Rising Availability of Multifunctional Sun Care Products Drives Demand in Developed Regions

The demand for sun care products in developed regions such as North America and Europe is driven by the rising awareness among the population about the risk of solar radiation and the widespread prevalence of a fair skin tone, which is more intensely affected by solar radiation. Self-tanning has also gained popularity in these regions in recent years, resulting in a steadily rising demand from the sun care market. As a result, North America and Europe are likely to remain the leading contributors to the global sun care market in the coming years, with the North America sun care market expected to reach an annual revenue figure of US$8.7 bn by the end of 2024.

Browse the full Press Release of Global Sun Care Market at :http://www.mrrse.com/global-sun-care-market

The increasing diversity of functions in sun care products is another key driver for the sun care market in developed regions. Due to the steady incorporation of scientific and technological advances in the sun care industry, innovating formulations to combat multiple effects of solar radiation has become much easier. This is likely to remain a determinant factor in the growth of the global sun care market in the coming years, as the convenience of multifunctional formulations is likely to keep them popular.