The lotions market, encompassing sunscreens, is witnessing significant growth. The market size surged from $50.32 billion in 2023 to $58.19 billion in 2024, reflecting a robust compound annual growth rate (CAGR) of 15.6%. This expansion is fueled by rising consumer awareness, evolving fashion and beauty trends, increased climate and environmental concerns, and heightened market competition. Looking ahead, the market is expected to reach $104.21 billion by 2028, with a CAGR of 15.7%. Key drivers of future growth include global health awareness, innovation in ingredients, personalization and customization trends, increasing disposable incomes, social media influence, and environmental sustainability. Notable trends include the use of natural and organic ingredients, advancements in sunscreen technology, a growing focus on sustainable packaging, the rise of digital marketing and e-commerce, and heightened global awareness of sun protection.
Major Driver In The Lotions Including Sunscreens Market
Rapid growth in the millennial population is expected to drive the lotion market. As of 2020, there were approximately 1.8 billion millennials worldwide. Young people tend to spend more than older people on cosmetics to improve their looks and quality of life. Millennials are the largest potential purchasing community for cosmetics in 2019, accounting for around 32% of the world's population, compared to 17 percent for those over 55 years of age. By 2025, millennials are expected to constitute nearly three-quarters of the global workforce. As millennials will represent a large part of the global workforce and play a major role in driving the current economy, their preferences and shopping habits will be an important driving factor for the lotion market. The lotion market experienced significant growth in 2023, riding on the preferences and purchasing power of the millennial demographic. With millennials projected to wield even more influence in the consumer landscape by 2024 and beyond, the lotion market is poised for sustained expansion, catering to the evolving demands and trends in skincare and personal care products.
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Lotions Including Sunscreens Market Competitive Landscape
Johnson and Johnson Services Inc., Procter & Gamble Company, Unilever plc, L'Oréal SA, Kimberly-Clark Corp., Colgate-Palmolive Company, Estée Lauder Companies Inc., Beiersdorf AG, L'Oréal USA Inc., Shiseido Co. Ltd., Coty Inc., Galderma Laboratories L.P., Avon Products Inc., Revlon Inc., The Hain Celestial Group Inc., St Ives, Crabtreeand Evelyn Ltd., Aveeno, Groupe Clarins, The Derma Co., Honasa Consumer Ltd., Jergens Inc., Murad LLC, Pharmaceutical Specialties Inc., La Roche-Posay Laboratoire Pharmaceutique, Avalon Natural Products Inc., EltaMD Inc., Hempz Pure Herbal Extracts, Laboratoires Dermatologiques Avene, Uprising Science Private Limited
Key Lotions Including Sunscreens Market Trend
The demand for multi-benefit combinations has been increasing rapidly. Products such as foundations with anti-aging serums, sunscreen lotions, nail polish with UV protection, and anti-aging claims are introduced into the market. Multi-benefit solutions are expected to continue to penetrate further into different categories, such as hair care with anti-aging or fragrance to lipsticks with lip care.
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Lotions Including Sunscreens Market Segmentation
The lotions (including sunscreens) market covered in this report is segmented –
1) By Type: Dry Skin Body Lotion, Oily Skin Body Lotion, Normal Skin Body Lotion, Other Types
2) By Channel: Direct Sales, Distributor
3) By Application: Men, Women, Baby
By Geography:The regions covered in the lotions (including sunscreens) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the lotions market in 2023.
The Lotions Including Sunscreens Global Market Report 2024 furnishes information about the global lotions including sunscreens market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
