THE SCORCHING HEAT OF THE Indian summer has become a major market driver for the suncare segment. As per Statista Market Insights, the revenue in the sun protection segment is pegged at $0.68 billion in 2023. The market is expected to grow annually by 8.58 per cent (CAGR 2023-2027).
According to industry estimates, while pharma companies manufactured medicated or prescription-based sunscreens continue to enjoy around 37 per cent of the total market share, the potential for growth and high consumer demand has made the over-the-counter (OTC) sunscreens rule the market with a whopping 63 per cent share. The Indian sunscreen market is one of the highest and fastest-growing in the skincare segment in India.
All-round Growth
The prescription-based suncare market’s growth rate is at 25 per cent, while the OTC sunscreen market is at 22 per cent. The market size can be understood by the fact that while pharma companies like Glenmark have launched OTC variants of their sunscreens, Hindustan Unilever’s skincare brand Pond too jumped on the bandwagon and added sunscreens to its portfolio this summer. The Indian suncare market has space for all. Luxury brands such as Kiels, Estee Lauder, Clinique, Laneige and Paula’s Choice enjoy a good market share, along with names such as Lotus Herbals, Aroma Magic and younger players including the likes of Ayouthveda, Minimalist and Deconstruct, among others.
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