Sunscreen Market Assessment, By Product Type [Mineral-based, Chemical-based], By Color [Tinted, Colorless], By Formulation [Cream, Liquid, Gel, Others], By Application [Face, Lips, Body], By Skin Type [Oily, Dry, Normal, Sensitive, Combination], By Skin P

Sunscreen Market Assessment, By Product Type [Mineral-based, Chemical-based], By Color [Tinted, Colorless], By Formulation [Cream, Liquid, Gel, Others], By Application [Face, Lips, Body], By Skin Type [Oily, Dry, Normal, Sensitive, Combination], By Skin Protection [Broad-spectrum, Full-spectrum], By Rating System [SPF, PA], By Finish [Matte, Dewy, Satin, Glowy], By Packaging [Stick, Tubes, Spray Bottles], By End-user [Adults, Kids], By Price Range [Mass Segment, Premium Segment, Luxury Segment], By Distribution Channel [Offline, Online], By Region, Opportunities and Forecast, 2017-2031F

Global sunscreen market is projected to witness a CAGR of 6.25% during the forecast period 2024-2031, growing from USD 7.02 billion in 2023 to USD 11.40 billion in 2031. Factors such as change in climate, rising global warming, and consumers knowledge of the harmful effects of increased sun exposure are driving growth of the sunscreen market. Moreover, the increasing cases of skin cancer are alarming the need of sun protection products, such as sunscreen, among consumers.

According to the World Health Organization (WHO), more than 1.5 million new cases of skin cancer, 330,000 new cases of melanoma were diagnosed in 2022, out of which approx. 60,000 people died from the disease. Healthcare campaigns and wellness programs by the government and public health groups and institutions is promoting the usage of sunscreen for prevention of skin cancer by increasing the awareness of the consumers regarding the importance of sun protection.

Other factors such as growing trend of tourism and increase in travel activities have further augmented the necessity of sunscreen among consumers. Nowadays, consumers demand sunscreen for themselves and their children to protect from harmful sun exposures. Consumers with sensitive skin, highly demand dermatologically-approved sunscreen products, which are developed for their specific skin concerns. Moreover, pediatrician-recommended sunscreen is on the rise as consumers instill trust in pediatricians for their children.

In May 2024, Babyganics launched a Sheer Blend Mineral Sunscreen Lotion that blocks harmful sunrays. This sunscreen for babies offers a water resistant Sun Protection Factor (SPF) 50 protection, offering tear free formulation. It is a pediatrician-approved sunscreen which blends easily without leaving any white cast on the baby’s skin.

Along with it, rising trend of beauty is inducing the consumers to demand sunscreen which offer them skincare and beauty benefits. The surging popularity of sunscreen among the consumers is fueling the demand for multi-functional sunscreen that offer skincare benefits to the consumers such as hydration, anti-aging advantages, and blurring out blemishes.

Higher SPF Protection to Drive the Market Growth

Higher SPF is generally preferred in sunscreen due to the added protection against damaging UV radiations. A higher SPF rating would then mean a more effective shield from UVA and UVB rays, hence, a reduced risk of skin damage. Dermatologists believe that a sunscreen formulated with no SPF leads to 100% sunburn due to sun exposure. 15 SPF value leads to 6.7% sunburn, SPF of 30 results in 3.3% sunburn, and a sunscreen with 50 SPF leads 2% of sunburns when exposed to the sun for 10 minutes.

Consumers are now more aware of the long-term effects of UV exposure, such as aging, hyperpigmentation, and increased risk of skin cancer. This factor drives demand toward higher SPF-based sunscreen, therefore assuring that one gets maximum protection.

Manufacturers are formulating sunscreens with higher SPF and Protection Grade of UVA (PA) level to offer better sun protection to the consumers. In June 2022, Wish Company, unveiled All-Day Airy Sunscreen. This sunscreen contains a higher SPF protection, SPF 50+ and PA++++ which offers a strong protection against the exposure of the sun without leaving any white cast.

Tinted Sun Protection to Gain Popularity Among Consumers

Tinted sunscreen products are gaining popularity among consumers as it provides sun protection and cosmetic benefits. They offer functionality by giving sun protection while acting as a light foundation or skin corrector. It caters to consumers who seek for simplifying their skincare and makeup routine, without compromising sun protection. These products appeal to the consumers as they masks flaws, redness, and discoloration, hence rendering the skin a smoother and uniform effect. Moreover, it appeals to those who have uneven skin tones or like a natural no-makeup look.

Moreover, tinted sunscreens are made with iron oxides, which increase its protection from visible and blue light, which is emitted by electronic screens, along with UV radiation. Hence, it increases the demand of the segment due to rise in awareness about the harmful effects of different light sources on the skin.

Tinted creams appear to blend more into the various skin tones and help reduce some of the white cast common to traditional sunscreens, which could potentially be found in people with darker skin tones. This advantage makes tinted sunscreens more appealing and inclusive, leading to higher market demand.

In May 2024, EltaMD launched Deep Tint sunscreen protection for darker skin which offers UV protection. To cater to the increasing demand, the brand launched a wide range of medium-deep to deep shades for its consumers.

Broad Spectrum Sunscreens to Dominate the Market

One of the main reasons for the preference of broad-spectrum sunscreen among consumers is that it allows for maximum protection against UVA and UVB radiation, thus addressing to many skin health concerns. UVA rays highly penetrate into the skin, and are responsible for premature aging, wrinkles, and long-lasting skin damage. UVB rays are the main cause of sunburns and significantly affect the development of skin cancer. Broad-spectrum offers sun protection against both types of rays, ensuring more complete skin defense.

In August 2023, Agency by Curology, introduced SilkScreen Sheer Tint Mineral Sunscreen Broad Spectrum SPF 50. This tinted sunscreen offers SPF 50 UVA and UVB protection with mineral UV filters such as zinc-oxide and titanium-dioxide. It offers protection against blue light and environmental stressors such as pollution.

Rising awareness about the effects of skin damage from sun exposure has pushed consumers toward demand for products with high protection levels. Public health campaigns and dermatological advice describe the importance of broad-spectrum sunscreens in protection against sunburn and long-lasting skin damage, reducing the risk of skin cancer.

Asia-Pacific to Contribute to Growth of Market

According to the Climate Council, Australia is the sunniest continent in the world, which means that Australians get the maximum exposure to the sun than people living in the other parts of the world. Moreover, as per the estimates of World Cancer Research Fund International in 2022, Australia ranked first in the rate of skin cancers in 2022 with 37% cases of skin cancer in the region. In Australia, 29.1% women were diagnosed skin cancers, while whooping 45.9% men had skin cancer in 2022. Thus, a rising demand of sunscreen has been witnessed from Asia-Pacific as the people from Australia are highly demanding sun protecting products to reduce skin damage due to sun exposures.

Moreover the surging trends of K-beauty and skincare products in the region are augmenting the growth of K-beauty-based products incorporating skincare ingredients. This multi-functionality of Korean products is appealing to the consumers, driving the Asia-Pacific sunscreen market growth.

In December 2022, PURITO, a K-beauty brand of HINATURE Inc. launched its latest sunscreen. The sunscreen has been tested in Korea and overseas for SPF of more than 50 and UVAPF with PA++++, offering a high UV level protection. It contains five distinct ceramides that help in strengthening the skin barrier and provide protection from environmental stressors.

Key Players Landscape and Outlook

Key players in the market are pushing the growth by focusing on continuous product innovation, retail expansions, and strategic marketing. The manufacturers are actively expanding their product portfolio, increasing their consumer base, and catering to their evolving needs.

The key players are responding to the consumer demand and launching sunscreens which are cast free and hydrating to the skin. For instance, in April 2024, COSRX Inc. launched Ultra-Light Invisible Sunscreen SPF50 PA++++ which has a sheer and transparent formula which is developed to absorb quickly without leaving any white cast. The sun protection product is formulated with a blend of 66.4% of aloe barbadensis leaf water and hamamelis virginiana leaf water which helps in offering hydration to the skin.