LONDON--(BUSINESS WIRE)--Technavio’s latest global sun care products market report highlights three key emerging trends predicted to impact market growth through 2020. Technavio defines an emerging trend as something that has potential for significant impact on the market and contributes to its growth or decline.
“An emerging trend in the global sun care products market is the growing popularity of multifunctional products. BB creams act as moisturizers, serums, foundation for makeup, and sunblock, and are gaining popularity because of the convenience they offer. Technavio researchers predict a higher demand for such multifunctional products in North American and Western Europe over the forecast period,” said Brijesh Kumar Choubey, one of Technavio’s lead industry analysts for cosmetics research.
“Earlier, most sun care brands had labels such as sun block and 100% protection. Vendors are also using labels such as "dermatologically tested" or "anti-oxidants present" on their products to enhance appeal. In addition, vendors are launching products in convenient and attractive packs and formats such as foams and sprays. They are also making use of digital technology to develop enhanced graphics and printed labels,” added Brijesh.
Technavio’s market research study identifies the following three emerging trends expected to propel the global sun care products market:
- Product innovations through technological advancement
- Demand for private label brands
- Use of nanotechnology in product development
Product innovations through technological advancement
Technology has enabled sun care products to become more advanced and generate better results. Vendors are trying to add extra benefits such as anti-aging, hypoallergenic, and intense repair properties to sun care products, as well as sun protection and self-tanning, by adding natural ingredients. For instance, Shiseido recently launched its UV Protection Cream SPF 50 PA+++ containing thyme and turmeric extracts to prevent wrinkles caused by DNA damage to cells, under the Clé de Peau Beauté range. The consumer business segment of Beiersdorf filed patents for 76 product innovations in FY2014, and this includes some sun care product lines.
By introducing technologically advanced formulations, sun care vendors have also been able to charge premium prices for their products. Many vendors such as L’Oréal and Elizabeth Arden have launched premium sun care products in the market. In addition, vendors are also launching products for specific target groups such as women living in regions with humid climatic conditions, children, and athletes. This helps vendors better position and promote their products in the market.
Demand for private label brands
The number of private label brands is increasing in the global sun care products market, creating competition for global vendors. These products are undercutting the retail prices of branded labels and reducing the market share of major brands. Alliance Boots, for instance, is a renowned company engaged in the manufacture of private label brands for clients, and its brands have been gaining popularity in European countries and in the US.
In many Western countries people prefer private label brands over branded ones. The entry of private labels enables consumers to purchase products at affordable rates and will therefore fuel market growth over the forecast period.
Use of nanotechnology in product development
The use of nanoparticles in sun care products is another key trend emerging in the market. Nanotechnology is the process of manipulating materials at a molecular or atomic scale. Nanoparticles are being used to enhance beauty products, especially sun care and anti-aging products. The technology makes use of small particles of titanium dioxide and zinc oxide to provide better protection from UV radiation and to give a smoother texture to the skin as compared to regular products. Many vendors such as L’Oréal and Shiseido are using nanoparticles in their sun care products to give a premium appeal.
Browse related reports:
- Global Color Cosmetics Market 2015-2019
- Global Premium Cosmetics Market 2015-2019
- Color Cosmetics Market in the US 2016-2020
- Global Cosmetic Packaging Market 2016-2020
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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