Sunscreen Market - Forecasts from 2024 to 2029

The global sunscreen market is projected to grow at a CAGR of 5.28% to reach US$16.204 billion in 2029 from US$11.372 billion in 2022.

Sunscreen or sunblock is a photoprotective product that protects the skin from getting damaged from ultraviolet radiation. Their ability to prevent sunburn, premature aging and other skin infections has made such products an integral part of daily life routine. The increasing focus on personal care coupled with the increasing consumer awareness about the benefits of sunscreen is anticipated to be one of the primary driving factors for the global sunscreen market in the projected period.  Furthermore, the rising cases of skin cancer, skin disorders, and ageing caused due to high exposure to the sun and not having any barrier to protect the skin is also increasing the demand for sunscreen products. Additionally, sunscreen products are also gaining popularity in the market as they have multi-functional sun protection which helps in the prevention of wrinkles.

Market Drivers

Rising skin disease prevalence has accelerated sunscreen demand thereby driving their market.

The ultraviolet rays from the sun are causing various diseases such as melanoma, and skin cancer among others. Moreover, these UV rays are one of the primary reasons for premature aging of the skin, increasing fine lines, age spots, and the development of wrinkles. The increasing focus of people on looking good and maintaining their youthful skin apart from protecting themselves from the disease is expected to be one of the major global sunscreen market driving factors. Additionally, the increase in outdoor activities and increase in programs related to the importance of sunscreen are providing the reasons for the global sunscreen market growth. According to the American Cancer Society, melanoma prevalence of the disease is increasing in the United States. As per the estimates in 2023, 39,490 women and 58,120 men are anticipated to be affected by this disease. The increasing prevalence of such diseases across the globe is considered one of the primary driving factors for increasing demand for sunscreen in the projected period. 

Increasing skin cancer prevalence in major economies bolsters market growth.

According to the American Academy of Dermatology Association, a dominant share of skin cancer deaths is caused due to melanoma. In the year 2022, it is estimated that 7,650 deaths in total are caused by melanoma which includes 2,570 women cases and 5,080 cases of men respectively. Moreover, around 20 deaths every day in the country are from melanoma. This indicates the rising demand for the adoption of sunscreens with increasing awareness levels among the population for protection against skin cancer. Hence, in the projected period, the sales of sunscreens and other skincare items will witness an upward trend supporting the sunscreen market growth.

The booming old age population has propelled the overall market growth.

The ability of sunscreen products to block harmful ultraviolet radiation and prevent major skin burns and infections has made such products an integral part of people's lives, especially the old age who are more prone to such skin infections as with time their immune system becomes and their skin losses it elasticity, thickness. With the booming old age population globally, the demand for sunscreen products for such elderly is anticipated to show an upward trajectory. According to the World Bank’s data, in 2022, the population aged 65 years and above accounted for 10% of the global population which showcased a 2% increase over 2015’s percentage share.

North America is expected to account for a considerable market share.

The North American region is anticipated to constitute a significant share of the global sunscreen market which is attributable to the increased demand for sunscreen and skincare items coupled with the growing self-consciousness in major regional economies namely the United States, and Canada. Moreover, apart from domestic products, the sales of foreign skincare products are expected to witness a rise in upcoming years. For instance- Korean skincare brands such as Innisfree, Laniege, Cosrx, and Glow Recipe as well as Japanese companies like Hado Labo will continue to occupy a substantial share of the US market. In addition to this, the increasing awareness among the population about harmful sun rays and skincare prevention products such as sunscreens will drive the sunscreen market growth till the forecast period.

Market Key Developments

• In January 2023, Beiersdorf AG brand Nivea launched an innovative cosmetic sunscreen for a young girl suffering from a condition called EPP (Erythropoietic Protoporphyria), the people affected by the disease are often referred to as “Shadow Jumpers” as they can be exposed to sunlight. The company has a very strong research and development team especially developed for EPP patients.
• In May 2022, Eucerin announced the launch of its sunscreen product line for basic sun protection and skincare-related concerns. The product is formulated with 5 AOX Shield that guards against free radicals and supports the maintenance of healthy skin.
• In May 2022: L’oréal Paris introduced its “UVMune 400” which consists of Mexoryl 400 and protects skin from ultra-long UVA radiations. The new product is a breakthrough in the company’s suncare products and is able in L’oréal’s “La Roche-Posay Anthelios” brand.

Segmentation:

By Type

• Mineral
• Chemical

By Product Type

• Creams and Lotions
• Gels
• Sticks
• Sprays
• Powders

By Application

• Face
• Body

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• South Korea
• Japan
• India
• China
• Australia
• Others