According to a report on the Sun Care Products Market by Future Market Insights, organic ingredients are making a mark in the suncare products landscape, with many consumers diligently checking labeling to know the ingredients. In addition, the market has witnessed steady growth in the past few years, likely due in part to the development of multifunctional formulations, which not only protect the user from the sun, but also provide skin lightening and anti-aging characteristics.
Other important findings include:
- Market valued at $11 billion, with demand slowing down during the coronavirus pandemic.
- Suncare creams are expected to remain highly sought-after.
- Sales of suncare products higher in women as compared to men.
- The global personal care and cosmetic industry has felt a substantial impact of the coronavirus crisis. Sales in the first half of 2020 have been largely weak. In addition, the large number of retail store closures have also affected the market.
- Consumer priorities to spend discretionary income on essential commodities, coupled with the reduction in travel and outdoor recreational activities during the crisis are likely to hold back sales.
- Online sales of suncare products will witness strong growth, partially offsetting losses incurred by in-store sales.
- Recovery of conventional sales and distribution is likely to be gradual. Market players are pushing for changes in promotion including significant discounts to move unsold seasonal inventory in the near term.