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.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Is Leadership Without Hierarchies Possible?
LEADERSHIP IN THE current era is more challenging than ever before.
The Rise and Evolution of Coffee Culture in India
AS A BANGALORE native, South Indian filter ‘Kaapi’ has always been a significant part of our tradition.
The Daily Ground Goes Desi
Success in Tier-2 and Tier-3 cities hinges on several key factors, with one of the most important being the ability to offer high-quality products at an accessible price point
Cracking The Indian Code
TARUN JAIN, CEO of Tim Hortons India believes in creating an experience at cafes by blending global quality, local flavours and affordability
Making Coffee the New Chai in India
Affordable, great-tasting coffee made fast-abCoffee is reshaping how India drinks coffee
Scripting A New Era Of Coffee In India
From a bootstrapped startup to international expansion, NOTHING BEFORE COFFEE is brewing its way to the top by challenging the giants of the coffee industry with innovation, personalisation, and sustainability
"Driven By A Younger Demographic, Coffee Culture Is On The Upswing"
SUNIL D'SOUZA, Managing Director and CEO of Tata Consumer Products, discusses the company's strategic growth in India's booming coffee market, focusing on premiumisation, innovation, and expanding consumer experiences both at home and in cafés, in this exclusive conversation with BW Businessworld's Tarannum Manjul
Fresh Brew, Big Ambitions
From startups to stores, Beanly's Samayesh Khanna and Rahul Jain elevate India's coffee culture by making freshly brewed coffee a daily delight
"On Track To Become India's Top Café Chain"
In an exclusive interview, RAJAT AGRAWAL, CEO of Barista Coffee, shared insights on the company's current market position, expansion strategies, and its response to growing competition
"Ensuring A Seamless Coffee Experience Outside The Cafe Is The Next Big Thing To Watch Out For"
In an exclusive conversation with BW Businessworld's Resham Suhail, Third Wave Coffee CEO RAJAT LUTHRA and its Co-founder AYUSH BATHWAL delve on how they are navigating the competitive landscape, going beyond retail and tapping changing consumer preferences