Sun Care Product Market to Reach $25.3 Billion by 2033

It is estimated that by 2033, China will account for 42.6% of the global sun care product market.

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According to Future Market Insights, the sun care product market is expected to continue its growth trend over the next decade. The market valuation is predicted to increase from $13.6 billion in 2023 to $25.3 billion in 2033, representing a doubling of the market size.

This growth trend is driven by the increasing awareness among consumers about skin care and protection against UV radiation, which is driving the demand for sun care products. It is foreseeable that this trend will continue over time.

Ten-Year Forecast

According to Future Market Insights, the global sun care products market is expected to have a compound annual growth rate of 6.4% during the forecast period. This is compared to a compound annual growth rate of 4.3% for the historical data from 2018 to 2022.

Future Market Insights has divided the market forecast into short-term, medium-term, and long-term.

From 2023 to 2026, as urbanization accelerates and lifestyles change, more and more people will begin to use sun care products. Developed countries such as the UK and the US will widely use organic materials to produce sun care products.

From 2026 to 2029, consumers will increasingly pay attention to the impact of skin damage and dullness, which will drive market growth. In addition, upgrades and innovations in SPF and UV protection sun care products could become the market growth engines during this period.

In the long term, from 2029 to 2033, increased research and development investment, more markets being developed, and capital driving will drive the growth of the sun care products market. Manufacturers will extend the shelf life of products by adding green ingredients, which will also enhance brand value.

Future Market Insights predicts that the market will reach a valuation of $25.3 billion in ten years. In contrast, the market valuation for the period from 2018 to 2022 was $12.9 billion.

Online Retail to Become the Primary Sales Channel

Sun care has always been one of the key categories for cosmetics companies.

In terms of age, by 2033, adults may account for 79.2% and become the primary consumer group in the sun care market. The increasing number of skin problems, including premature aging, wrinkles, and sunburn, are gradually increasing the demand for sun care products among adults. Sun care products with the benefits of reducing skin cancer, leathery skin, and inflammation will be more favored.

In terms of packaging, cosmetics manufacturers prefer to use tube-style packaging to provide products to customers. Currently, tubes packaging for sun care products is leading the global market and is expected to reach a market share of 42.8% by 2033. This is because tubes packaging is easy to store and reliable, convenient for storing cosmetics such as creams, lotions, foundations, and face wash. Additionally, this packaging material also helps improve product quality and prolongs shelf life.

Based on sales channels, online retail will occupy a significant share and dominate the global market by 2033. Customers prefer to purchase products through online platforms. Top companies sell products online to gain maximum profits.

Demand for Organic and Natural Products Drives Growth in China's Sun Care Market

According to data from CHAILEEDO INTELLIGENCE, the size of the sun care market in China was 9.3 billion yuan ($1.323 billion) in 2022 and is expected to grow to 11 billion yuan ($1.565 billion) in 2023, a year-on-year growth of 8.9%.

From the perspective of market sales, the top 10 brands on the Tmall platform in the first quarter of this year are Mistine, Anessa, L’Oréal, Shiseido, Lancôme, Winona, RE: CIPE, Naris, COGI, Lancer King.

(Source: CHAILEEDO INTELLIGENCE)

It can be seen that among the top-selling brands, the top positions are still dominated by international brands.

According to data from Jingcanmou, in the first quarter of 2023, the sales volume of sun care products on Taobao and Tmall exceeded 12 million units, an increase of approximately 100% compared to the previous quarter, with sales revenue of nearly 1.5 billion yuan ($213 million), a quarter-on-quarter increase of approximately 74%. The sales volume of stores and the number of products sold related to sun care products have also increased.

Future Market Insights predicts that by 2033, China will account for 42.6% of the global sun care products market. The growing demand for organic sun care products among consumers is driving the development of the Chinese market. Cosmetic manufacturers will lean towards using organic ingredients to maintain the skin's pH value, which will better align with Chinese consumer preferences for organic sun care products. Additionally, Chinese consumers prefer the label CLEAN BEAUTY, so synthetic products may be more popular.

The Chinese market is promoting sun care products to consumers through expanding social media online marketing, including promoting the use of sun care products for improving skin tone, appearance, and texture. In addition, vegan products are popular among consumers due to their natural characteristics, which is also driving the development of China's sun care products market.

With the pandemic receding and the increase in demand for travel after the full reopening, many industry insiders are optimistic about the growth of the sun care market. "This year's tourism economy has ushered in a good start, and we believe that the demand for sun care products will increase in the spring and summer seasons."

Source: FMI