Now a day, covering skin with a cloth to hide from sun rays is not enough to protect skin from damages which are caused by the solar radiation UVA and UVB. An Issue like global warming makes the atmosphere harsher than ever before. This extra consideration provides great growth opportunities for the sun care market. Most people are aware about global warming and ozone depletion are two big environmental issues faced by the world.
The ozone layer protects life on earth by absorbing most of the harmful ultraviolet (UV) radiation emitted by the sun. Due to the depletion of the ozone layer, harmful solar UV radiation can pass through to the earth's surface divided into UVA and UVB. UVA causes direct tanning, photo-oxidation of melanin, and premature skin aging. Whereas UVB causes sunburn and is the major cause of skin cancer. Growing awareness of hazards associated with sun rays, make people concern about taking care of skin from harmful UVA and UVB.
Most people wrap their skin to hide from sun rays whenever they are going outside in the sunlight. But as experts say, this is not enough to secure skin from harmful UV radiations. With the increased knowledge about benefits of sun care products, consumers are driven to use more sun care products. According to the report on 'India Sun Care Market Overview, 2018-2023' published by Actual Market Research, India's overall market of over-the-counter sun care products has grown with more than 15% CAGR over reviewing period from year 2011-12 to 2016-17.
As a part of the total sun care market, the over-the-counter sun care market dominates the overall sun care market with a market share of more than 75 percent. The main reason for this dominating share is sun care products in India are considered as cosmetic, so one can sell it without prescription. Furthermore, the market is segmented by sales and distribution channels into the retail market and institutional market. Among them, the retail market of sun care products dominates both market OTC sun care and prescription sun care with more than 75 percent and more than 90 percent market share.
There are wide opportunities for growth in sun care market as companies are ready to give innovative products. Today’s consumers are seeking more from less approach. This habit of people demands multi-function products, for example, sunscreen with the additional benefit of fairness cream and anti-aging cream. Players like HUL and L’Oreal have acquired more than two-third market space of the total sun care market with its multi-benefited offerings.
There is significant growth of the market in the near future as environment changes consider with rising disposable income of individuals and growing awareness about the riskiness of harmful UVA and UVB strive the market growth. Major Companies Major companies that operate in the sun care market in India are Hindustan Unilever Limited, L’Oreal India Private Limited, Lotus Herbals Private Limited, VLCC Health Care Limited, Nivea India Private Limited, Sun Pharmaceutical Industries Limited, The Himalaya Drug Company, Procter & Gamble Home Products Private Limited, Patanjali Ayurved Limited, Three-N-Products Private Limited.