SUN CARE 11
manufacturers operating in the region. South Korean sun care product
manufacturers are benefiting from lax regulations on product formulations in comparison to western markets, aiding manufacturers to use a wider range of ingredients in their product offerings. This has also led to faster product approvals and launches in the industry, aiding faster growth of the sector in the long term. The demand for sun care products in the
region is driven by the female population with improvements in overall living standards and the adoption of urban lifestyles in the region, and the resultant demand for products to prevent photo-ageing, and tanning, which drives industry demand.
Demand for creams remains high Sun care products are primarily available in the form of creams, lotions, gels, and oils. The demand for creams is higher than other options, accounting for more than 50% of the overall market share. This trend is unlikely to change during the projection period. The demand for cream formulations can
be largely attributed to the benefits of skin nutrients and active ingredients used in product formulations, and higher demand in North America and Europe.
Conventional reigns supreme, but organic also growing Conventional sun care products account for bulk of demand, which can be attributed to widespread availability and cost benefits which appeal to a wider range of demographics. This trend is likely to remain unchanged throughout the forecast period. On the other hand, growing consumer
awareness about the health risks and side effects associated with synthetic chemical ingredients, is expected to provide natural organic sun care products with impetus, enabling the segment to gradually eat into the market share of conventional counterparts.
Brands launching products targeted toward men Sun care products such as sun protection face masks are primarily used by female demographics in most parts of the world, owing to cultural influences in terms of appearance and physical aesthetics. However, market players are now
focusing on changes in consumer bias, to develop products that are also targeted towards men. This is particularly true in terms of millennial consumers, who have displayed greater willingness towards working with personal care and cosmetic products.
Sales through online channels growing Around the world, sun care products are
November 2020
distributed through wholesalers, online retailers, hypermarkets & supermarkets, pharmacy stores, specialty stores, convenience stores and others. Of these, pharmacy stores, closely
followed by convenience stores account for significant sales and revenue shares, owing to higher penetration, robust distribution networks, and easier access to consumers. On the other hand, online sales channels
are likely to reflect faster growth, with improvements to product choice, cost benefits and ease of purchase for consumers.
Competitive landscape Personal care and cosmetic producers around the world are focusing on research and development efforts towards improvements in their offerings in addition to strategies to improve sales for sun care products which are highly reliant on seasonal sales. With the coronavirus pandemic affecting
outdoor recreational activities and travel, the demand for sun care products have fallen, market players have to consider the potential short- and long-term ramifications of the pandemic on the industry. Acquisitions, divestments, and changes in product promotion will remain key to leading players. Shiseido Company Ltd. has been
extensively engaged in sun care product innovations. The company has announced the upcoming release of a sun care product range, which will incorporate its novel technology, which uses heat from sunlight to even out and provide superior, uniform application of sun protection cream to users, as the surface temperature of the skin surpasses 37 degrees Celsius. Loreal S.A. unveiled plans to acquire
personal care and cosmetic brands from Valeant including Cera Ve, and Ambi. Also, the company has entered into a research collaboration with the Melanoma Research Alliance, aimed towards skin cancer- prevention products afor women with varying skin tones. Beiersdorf AG has invested in
acquisition strategies, with the CEO announcing an approach towards potential purchases during the coronavirus pandemic. The company has already acquired the Coppertone sun care products brands from Bayer AG for US$ 550 million in 2019.
Learn more The full report - 2020 Analysis and Review: Sun Care Products Market by Nature – Conventional & Organic for 2020 – 2030 – is available from Future Market Insights.
PC PERSONAL CARE ASIA PACIFIC
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